City Hive announces chair appointments for ACT Stewardship and Global Leadership Councils
Monday 24th February 2025: For immediate release
City Hive has appointed Emma Wall and David Coombs as chairs of the ACT Stewardship Council and Global Leadership Council respectively, amid growing momentum among investment managers to commit to transparency and become Signatories to the ACT Framework.
The ACT Stewardship Council is an expert panel of cross-industry investment management stakeholders, including fund gatekeepers, that are responsible for driving the philosophical direction of ACT and how it is aligned with industry practice. They also consider the evolution of the ACT Framework and how it can continue to drive firms’ progress over time.
Emma Wall, head of platform investments at Hargreaves Lansdown, has been a member of the ACT Stewardship Council since its launch in May 2022. HL was the first firm to introduce the ACT Framework into fund due diligence for its HLFM funds, the Wealth Shortlist, model portfolios and Pathways solutions.
Click here for the full ACT Stewardship Council members.
The ACT Global Leadership Council consists of representatives from ACT Signatory firms and other leaders from across the investment management space providing strategic insight and support to embed and grow the ACT Standard globally.
David Coombs, head of multi-asset investments at Rathbones Asset Management, has been a member of the ACT Global Leadership Council and ACT Stewardship Council since 2023 when the group became a Signatory. He manages in excess of £8.2bn as manager of the Rathbones Multi Asset Portfolio Funds. David has been instrumental in ensuring the ACT Framework is a collaborative tool at Rathbones where all departments and different levels of seniority are feeding into driving cultural change - there are currently six working groups linked to the three pillars of ACT (Action, Challenge, Transparency) at the firm.
Click here for the full ACT Global Leadership members.
Growing momentum
The chair appointments come at an exciting time in the evolution of the ACT Framework. City Hive recently announced The ACT List of Signatory Firms showing an increase in adoption of over 60% over the past year. Most recently, AXA Investment Managers and PGIM have also signed up to the ACT Framework.
Manager research and fund analysis teams are increasingly using the questionnaires completed by asset managers in line with the ACT Framework in their investment due diligence, and City Hive is also in talks with several data providers around the world regarding the inclusion of ACT in fund and house ratings.
Bev Shah and Mandy Kirby, co-CEOs of City Hive, commented on the chair appointments: “We are strengthening the leadership of the Councils that govern ACT with the appointment of new chairs, both of whom bring firsthand experience in using ACT. This reinforces our commitment to rigorous governance and meaningful industry oversight. Their expertise will be instrumental in driving ACT’s mission to enhance transparency, accountability, and strategic direction across the investment landscape.”
Emma Wall, head of platform investments at Hargreaves Lansdown, said:
“I am thrilled to accept the invitation to chair the ACT Stewardship Council. Good corporate culture results in better decision making, better talent retention, and better commercial and client outcomes. The work of Bev, Mandy, and ACT Stewardship members has driven transparency and better reporting on culture-related data points across the investment industry.
“Thanks to ACT, professional investors can use the framework to make better informed investment decisions – placing their clients’ money with firms which prioritise upholding and improving corporate culture. Businesses can also use the same ACT framework to audit their culture and drive change where necessary. In this next phase for the Stewardship Council, expect greater reach and implementation of the framework as we seek standardised cultural due diligence reporting across the industry.”
Click here for Emma Wall’s bio.
David Coombs, head of multi-asset investments at Rathbones Asset Management, said:
“I’m delighted to accept the position as chair of the ACT Global Leadership Council, with the aim of growing the adoption of the ACT Framework across the investment industry. While it’s reasonably straightforward to analyse the investment risks of a fund, it’s much more difficult to analyse the cultural or governance risks. The latter has rightly become a focus in recent times.
“The ACT Framework is an important innovation in that respect, because it enables fund buyers to assess risks which at first seem unquantifiable and brings in that all-important accountability. I’d urge all asset management companies to sign up.“
Click here for David Coombs bio.
ENDS
Notes:
For more information on ACT, interview opportunities and photos please email: nataliekenway@cityhive.co.uk or visit the new City Hive Press Centre.
For more information on ACT: https://www.investorsact.com/
For more information on City Hive: https://www.cityhive.co.uk/
The ACT Framework is comprised of three key pillars, each with three components: