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Net Zero Business Models

Understanding the Risks and Opportunities of the Net Zero Transition

Part 1: Monday, October 4, 2021

Christopher Ailman

Christopher Ailman


Christopher Ailman has been the chief investment officer of CalSTRS since October 2000. He leads an investment staff of over 200 and oversees a portfolio valued at $310.9 billion as of July 31, 2021​​​​​​​​​. He has over 36 years of institutional investment experience.
He has served on several boards and advisory boards in the U.S. and U.K. He represents institutional investors on the MSCI Index Editorial Advisory Board, EDHEC Risk Institute, PRI Asset Owners Advisory Committee, and the Toigo Foundation. He is the Co-Chair of the North American 300 Club and the Milken Global Capital Markets Committee. In 2016, he was part of the first cohort to achieve a Fundamentals of Sustainable Accounting (FSA) credential.
Each year, he is recognized as one of the top CIOs both in the U.S. and globally. He has received numerous awards and recognitions: CIO of the Year in 2000, recipient of the 2003 Richard Stoddard Award for service in the investment of pubic pensions, 2006 he received the Distinguished Service Award for Advancement of Latinos in Business from the New American Alliance, 2011 he received the Institutional Investor’s Large Public Fund Manager of the Year Award and in 2013 he was named the number three CIO in the world and Investment Innovator of the Year. In November 2017, Ailman received Institutional Investor magazine’s first Lifetime Achievement Award. He is a regular guest on the TV and radio and is frequently quoted in in major financial publications.
Ailman has a Bachelor of Arts in business economics from the University of California, Santa Barbara. He received his certified financial planner designation from the University of Southern California. He is married with three daughters and is a committed Promise Keeper.
Kingsmill Bond

Kingsmill Bond, CFA

Carbon Tracker Initiative

Kingsmill Bond, CFA is the Energy Strategist for Carbon Tracker.
Kingsmill has worked as a sell-side City equity analyst and strategist for 25 years, including for Deutsche Bank, Sberbank and Citibank in London, Hong Kong and Moscow. He believes that the energy transition is the most important driver of financial markets and geopolitics in the modern era. He joined Carbon Tracker at the end of 2017 to write analysis on the impact of the energy transition on financial markets, and has written many pieces on that theme. He is also a member of the Global Future Council on energy transition for the World Economic Forum.
He has an MA in history from Cambridge University, qualified as an accountant (CIMA), and holds the Chartered Financial Analyst (CFA) qualification.
Mark Campanale

Mark Campanale

Carbon Tracker Initiative

Mark Campanale, Founder & Executive Chair, Carbon Tracker Initiative
Mark commissioned and was editor of ‘Unburnable Carbon – Are the World’s Financial Markets Carrying a Carbon Bubble?’ in November 2011 which launched the ‘carbon bubble’ stranded assets thesis. More recently, Mark co-founded ‘Planet Tracker’ and ‘Industry Tracker’. Mark is responsible for management strategy, board matters and developing their capital markets framework analysis. Their goal is to align capital markets with natural ecological limits to growth. Mark has over thirty years’ experience in sustainable financial markets working for major institutional asset management companies. Mark is a co-founder of some of the first responsible investment funds firstly at Jupiter Asset Management in 1989 with the Ecology Funds, NPI with Global Care, the AMP Capital Sustainable Future Funds, and Henderson Global Investor’s Industries of the Future Funds.
Mark served on the World Business Council for Sustainable Development working group on capital markets leading up to the 1992 Earth Summit; was a Member of the Steering Committee of UNEP Financial Sector Initiative (1999-2003), a Founder Director of the UK Sustainable and Responsible Investment Forum (UKSIF), 1990-2006, and a member of the Advisory Board of the New Venture Philanthropy’s ‘Conservation and Markets Initiatives’ and an Advisory Council member of GFANZ, the Glasgow Finance Alliance for Net Zero, set up for COP26.
Mark is Visiting Lecturer at the Master’s Course of the University of Cambridge’s Institute for Sustainability Leadership. Mark has a BA in Politics & Economic History and an M.Sc in Agricultural Economics.
Tamara Close

Tamara Close, CFA

Close Group Consulting

Tamara is the founder of Close Group Consulting, an independent ESG advisory firm, which focusing on ESG integration across investment and risk management frameworks for asset managers, general partners, and asset owners.
She brings over 20 years of experience in the global capital markets in both risk management and Investment management roles.
She has served as Managing Director and Head of ESG Integration for KKS Advisors and recently developed an industry-leading ESG integration maturity assessment model (Sustainable Risk Assessment Framework) and tool for investment managers, providing standardized industry best practices benchmarking in a scalable technology-driven solution.
Prior to founding CGC, she was at PSP Investments in Montreal, for over 10 years, in senior management roles within the Risk Management and Public Markets Investment groups.
PSP Investments is one of Canada’s largest pension funds with over $160 billion in AUM. It invests retirement funds for the pension plans of the Canadian Public Service, the Canadian Armed Forces, the Royal Canadian Mounted Police and the Reserve Force.
PSP has more than 800 professionals that manage a diversified global investment portfolio composed of assets in the public financial markets, private equity, real estate, infrastructure, natural resources and private debt.
Prior to PSP, Tamara was head of research and risk management for a fixed income asset management firm in Montreal
In her early career, she held various front office investment management positions for the Bank of Montreal and Credit Lyonnais in the global derivatives and foreign exchange markets.
Jim Goodfellow

Jim Goodfellow, FCPA

Corporate Director

Mr. Goodfellow is a corporate director and a retired partner and Vice-Chairman of Deloitte Canada.
Mr. Goodfellow was with Deloitte Canada for over 40 years and was a Vice Chairman and board member before he retired in 2008.  He was involved in a number of the Firm’s thought leadership initiatives and engagements related to Corporate Governance, Director Education, Business Strategy, Performance Management, and Balance Scorecard Design. In this role he developed a particular interest in cash flow analysis, economic vs accounting profit, capital allocation, and using methodologies like the HOLT CFROI valuation model for assessing a company’s strategic positioning, profitability and benchmarking.
Mr. Goodfellow is a past chairman of the Canadian Accounting Standards Committee (which set accounting standards in Canada), and is a past chairman of The Canadian Performance Reporting Board (which conducts research in measuring and reporting performance beyond the traditional financial statements). He is a frequent speaker on issues related to performance measurement, financial reporting, corporate governance and audit committees.
Mr. Goodfellow has served on the audit committee of the Federal Government’s Department of Foreign Affairs and International Trade, the board of directors of Discovery Air Inc. (where he chaired the Audit Committee), the board of directors of Canadian Tire, Corporation (where he chaired the Management Resources and Compensation Committee). Mr. Goodfellow is currently on the board of Canadian Tire Bank.
John Hopkins

John Hopkins

NuScale Power, LLC

John L. Hopkins is chairman and CEO of NuScale Power, LLC, a leading U.S.-based advanced small modular reactor technology development company.
Prior to joining NuScale in 2012, Hopkins was with Fluor Corporation since 1989, one of the world’s largest publicly-traded engineering, procurement, fabrication, construction and maintenance companies. Hopkins held numerous leadership positions in both global operations and business development. John served as a corporate officer from 1999 until 2012.
Active in a variety of professional and business organizations, Hopkins currently serves on the Audit Committee and Compensation Committee of the U.S. Chamber of Commerce, Washington, D.C., he was formerly the chairman of the board. He served with the Department of Energy’s (DOE) Nuclear Energy Advisory Committee (NEAC). He is a current member of the Nuclear Energy Institute Executive Committee and Task Force Member, Atlantic Council. He was a senior energy policy advisor of I Squared Capital, New York. He has also served as the senior executive member of both the Fluor Netherlands and Fluor United Kingdom board of directors; chairman of the board for Savannah River Nuclear Solutions, LLC; and as a director of the Business Council for International Understanding.
Michael Jantzi

Michael Jantzi


Michael Jantzi is the founder and former CEO of Sustainalytics. He founded Jantzi Research and has been active in the responsible investment field since 1990. Michael is a thought leader on sustainability investment and corporate social responsibility issues and regularly appears in the global media. He is the co-author of The 50 Best Ethical Stocks for Canadians: High Value Investing, published by MacMillan Canada.
Following Morningstar’s 2020 acquisition of Sustainalytics, Michael took on the role of Managing Director, ESG Strategy, where he focuses on broadening the adoption of sustainable investing across multiple asset classes and investor segments and also creating a culture of corporate responsibility at Morningstar.
Over the years Michael and his team have been recognized for their research excellence and for being champions of sustainable and responsible investment globally. Michael was awarded the Lifetime Achievement Award by the Social Investment Organization (now the Responsible Investment Association) in recognition of his contributions to the Canadian sustainable and responsible investment market through leadership, initiative, collaboration and innovation. He was named one of Canada’s “Clean50” leaders in 2012 and again in 2020, and he was also awarded the prestigious Canada Clean16 award in the Finance and Services category for his significant contributions to the causes of sustainability and clean capitalism in Canada.
Under Michael’s leadership, Sustainalytics was recognized as one of the top two responsible investment research firms in the world by the Independent Research in Responsible Investment (IRRI) survey for the last seven consecutive years and has also won several Environmental Finance and Climate Bonds awards for its work with green bonds. RIA Canada recently recognized Sustainalytics as a Leader in ESG Integration.
For more than a decade, Michael has served as a member of the Finance and Investment Committee of the MakeWay Foundation, where he is also a Board Director.  Michael serves on the Board of Directors for the PRI (Principles for Responsible Investment) and the Value Reporting Foundation (formerly SASB Foundation), and was appointed to the Independent Review Committee on Standard Setting in Canada.  Michael holds degrees from the University of Western Ontario and Dalhousie University.
Betty Jiang

Betty Jiang, CFA

Credit Suisse

Betty Jiang is a Director in the Securities Research Division and is the Head of US ESG Research. In addition to leading thematic research efforts in the US, Betty works with sector analysts to integrate ESG considerations into their company-specific research and provide unique and relevant ESG-related insights across various sectors/industries. Prior to her current role, Betty covered the US Oil & Gas Exploration and Production sector with a focus on the small/mid-cap companies for 12 years and was a member of the #2 ranked E&P team by Institutional Investor for the majority of that time. She also spent 2 years on the buy side with primary responsibilities for investments in the US E&Ps. She was named to the list of “Rising Stars of Wall Street” in 2014 by Institutional Investor magazine. Betty holds a B.S. in Chemical Engineering from Cornell University and is a CFA charterholder.
Michel Lerner

Michel Lerner

HOLT at Credit Suisse

Karina Litvak

Karina Litvack

Eni S.p.A.

Karina serves on the boards of Italian Oil & Gas major Eni S.p.A., where she chairs the Sustainability & Scenarios Committee, and serves on the Remuneration Committee; Viridor Waste Management Limited, a KKR portfolio company, where she chairs the Board Sustainability Committee; the CFA Institute, home of the professional qualification for investment management professionals; and Business for Social Responsibility, a consultant specialising in sustainable business practice. She is an Executive Board Director of Chapter Zero, and serves on the Senior Advisory Panel of oil & mining consultant Critical Resource and the Advisory Council of Transparency International UK. Previously, Karina had a 25-year career in Finance, latterly running the Governance and Sustainable Investment activities of UK asset manager F&C Investments*.
Since the passage of the Paris Agreement at CoP21 in 2015, Karina has been working to build a global network for fellow NEDs to share experiences, engage with technical experts and stakeholders, access specialised training, and help to drive more effective climate transition strategies in the boardroom. Under the auspices of the World Economic Forum, she co-founded the Climate Governance Initiative (CGI), home of the CGI Principles for Non-Executive Directors, and with colleagues in Italy, Malaysia, France, the UK, Canada, Russia, Brazil, Switzerland and several others in the pipeline, has been working to build a global network of national Chapters for directors. Her focus in Chapter Zero, the UK Chapter of the CGI network, is on partnering with experts to develop new interdisciplinary content specifically designed for non-executive directors, and leveraging these across the global network of Chapters. * now BMO Global Asset Management, a unit of the Bank of Montreal
My quote: It wasn’t until I joined my first board that I realised the scale of the challenge facing directors when it comes to tackling Climate Change in the boardroom: we need to approach this with the same depth, rigour and professionalism as we do all other aspects of board activity, and yet despite the urgency, there is no ready how-to manual that NEDs can turn to. Enter Chapter Zero: thanks to superb support from experts across the business and scientific community, and the determination of our growing membership, we are plugging this gap.
Kevin Paul

Kevin Paul, CFA

HOLT Sustainability Specialist

Kevin joined Credit Suisse HOLT in 2015 after completing an MBA at London Business School. He previously worked in the equity markets at Goldman Sachs.  He holds an MA in Economics from the University of Cambridge and is a CFA charter holder.
Kevin works on sustainability topics, with a particular interest in capital allocation, productivity and innovation. He has built models for incorporating externalities into the valuation of companies and has developed frameworks for assessing the impact of corporate ESG ambitions through various value chains. Kevin works closely with the TCFD framework and was a member of the CFA Voluntary Working Group for Response to FCA Consultation on Climate Change Disclosures. He has presented on sustainability topics to investors in various forums including HOLT Conferences, Credit Suisse Client Events and CFA Society Sessions.
Mark Van Clieaf

Mark Van Clieaf


Mark Van Clieaf is Managing Director at FutureZero, a leading consultancy advising Global Institutional Investors, Boards, CEO’s, CFO’s on Organization Design, Enterprise Performance Measurement, CEO succession planning and selection, and Named Executive Officer Long-Term Incentive Plan design all aligned to shareholder and societal value. A core focus includes Organization Design, Executive Succession planning & selection, and LTIP design for the Net Zero Transformation to 2050.
He brings over 30 years consulting experience in Boardrooms and C-Suites on 3 continents across a broad range of industries. This includes Consumer Marketing, Marketing Services, Retail, Financial Services, Pension Funds, Technology, Healthcare, Energy, Utilities, Mining and Telecoms sectors. Over the last 30 years he has assisted in recruiting over 400 senior officers and assisted in negotiating their employment agreements at some of the largest companies in the world. This experience also includes over 20 yrs. Advisory capacity to Omnicom Inc. the worlds’ leading group in Marketing Communication, Advertising and Branding.
His research on company valuation, Carbon - Adjusted Return on Capital (CAROC), Future Value and the direct link to the Five Zones of CEO Innovation & Sustainability, management structure design, and executive talent assessment and the alignment to Net Zero transformational leadership, has been applied by number of leading companies and Institutional Investors around the world.
Management structure design, executive talent management, and LTIP design as “Organizational Capital” and the new drivers of long-term (10 year +) shareholder and societal value.
For the last 20 years he was based in Tampa, Florida, working worldwide and has recently return to Toronto, Canada full-time.
While at Price Waterhouse in his earlier career in the Executive Search and Business Strategy consulting practices, he developed the first CEO role profile for the newly formed Board of the Ontario Teachers’ Pension Plan and was part of the PWC team to recruit its first Chief Executive Officer. He has been an advisor on Organization Design, CEO Succession and Executive Incentive Design for Ontario Teachers’ and or their investee companies, and other major global Asset Owners and Asset Managers for over 30 yrs.
He was on a two-year retainer with CitiCorp Inc providing organization design and executive search in setting up their corporate banking, merchant banking, leverage finance, M&A advisory, Corporate Workout and Corporate Credit teams and P&L centers.
His began his career in account management in the advertising, graphic design, direct marketing, and marketing services industries. He has continued in an advisory capacity to Boards and Executives on Madison Ave, Wall Street, Bay Street, Canary Wharf and Silicon Valley for over 30 yrs.