Sudhir Rajkumar

Chair
Independent

Sudhir Rajkumar has over 30 years of broad-based global investment experience, which includes leading global investment organizations, advising long-term investment institutions on building global investment operations, formulating and implementing investment policies, and hands-on experience with investing in global bond markets, private equity and project finance investments, and corporate finance and privatization advisory engagements. 

Most recently, Mr. Rajkumar served as head of the UN’s New York-based Office of Investment Management, responsible for the investment of a US$70+ billion global investment portfolio of the UN pension fund – 85% of which is actively managed in-house – invested in over 100 countries and 27 currencies, across public and private market asset classes including global equities, global fixed income, private equity, real estate, infrastructure, timber, and commodities. Prior to that, he served with the World Bank Treasury and International Finance Corporation in Washington, DC in various investment roles, including as a senior advisor to several large, multi-asset class, long-term investment institutions seeking to build global investment operations.

Mr. Rajkumar holds an MBA from University of Chicago, a M.Sc. in Economics from the London School of Economics, a B.Sc. in Engineering from the University of Delhi, and a CFA charter. He serves on the Advisory Investment Committees of the World Health Organization (WHO) and the Food and Agriculture Organization (FAO). He has previously served on the Investment Committees of the World Food Programme and of UNOPS. He also serves as Chair of the Board, and Chair of the Audit & Governance Committee, of the International Centre for Pension Management (ICPM) – a global, research-based network of around 40 pension organizations. Mr. Rajkumar is co-editor and an author of the book Governance and Investment of Public Pension Assets: Practitioners’ Perspectives published by the World Bank. 

Michelle Ostermann

Vice-Chair
Public Sector Pension Investment Board (PSP Investments)

Canada

Michelle Ostermann is Senior Vice President and Global Head of Capital Markets at the Public Sector Pension Investment Board (PSP Investments). 

Michelle has over 28 years of experience in the global investment industry. She has held senior positions at several leading firms, including Sun Life Global Investments, where she managed a $10 billion fund-of-funds portfolio; Manulife Investments, where she headed up a $35-billion annuity product line; and British Columbia Investment Management, where she managed the client portfolios and $150 billion total fund serving consecutively as Senior Vice President, Corporate and Investor Relations, and Senior Vice President, Investment Risk, Strategy and Research. 

Before joining PSP Investments, Michelle was Managing Director at Railpen Investments in London, where she was ultimately responsible for the $50 billion railway workers pension fund. In this capacity, she oversaw the entire investment business including investment and operational activities. 

Since June 2019, Michelle has been serving as Vice Chair of the Board of Directors at the International Centre for Pension Management (ICPM), a global research-based network of pension organizations dedicated to innovative thinking about pension design and management. Prior to that, she was the Vice Chair of the Board of Directors at the Pension Investment Association of Canada (PIAC), from 2015 to 2018. 

Michelle holds a bachelor’s degree in Economics from the University of Victoria and is a Chartered Financial Analyst. 

Marcie Frost

California Public Employees’ Retirement System (CalPERS)

United States

Marcie Frost joined CalPERS as Chief Executive Officer in October 2016. She is the ninth CEO and second woman to head the Pension Fund.

Ms. Frost brings more than 16 years of pension industry leadership, information services expertise, and executive management experience to her role. Before joining CalPERS, she served as executive director of the Washington State Department of Retirement Systems (DRS), where she demonstrated strong leadership and innovation, an emphasis on customer satisfaction, and team collaboration.
Prior to that Ms. Frost held leadership roles at DRS in human resources, information services, and operations. She was deputy director for the retirement system for four years before being appointed executive director.

Ms. Frost began her public service career as a benefits administrator with the Washington State Department of Labor & Industries.

Susan Christoffersen

Rotman School of Management

Prof. Christoffersen joined the Rotman School as a finance professor in 2010 after spending more than a decade as a faculty member at Desautels Faculty of Management at McGill University. In her role as Vice-Dean, Undergraduate & Specialized Programs at the Rotman School from 2015 to 2020, she provided the leadership and energy to both re-invent undergraduate education and build three new pre-experience specialized programs. The Master of Financial Risk Management (MFRM), Graduate Diploma in Professional Accounting (GDipPA) and Master of Management Analytics (MMA), were launched in quick succession as a key part of the Rotman School’s growth. She was also a driving force behind the redesign of the Master of Finance program (MFin) as well as the fundamental transformation of the Rotman Commerce program including a curriculum restructuring and the more than doubling of resources including space and staff dedicated to the program, in partnership with the University’s Faculty of Arts and Science.  In addition to her work as Vice-Dean, she also founded and contributed to the growth of the TD Management Data Analytics Lab, an important hub of activity for advancing the School’s research and teaching in the field of data analytics. She also served as co-academic director of the Lab.

She holds a bachelor’s degree in economics from Queen’s University and a master’s degree from the University of British Columbia and earned her PhD in finance at the Wharton School at the University of Pennsylvania.

Bernard Morency

Independent

Canada

Mr. Morency is a member of ICPM Board of Directors. He is a Senior Fellow of the CD Howe and Global Risk Institute. He is also an Adjunct Professor at HEC, Montréal where he collaborates with the Retirement and Savings Institute.

He was with La Caisse de dépôt et placement du Québec from December 2007 to June 2017 where he was Executive Vice-President, Depositors, Strategy and Chief Operations Officer. He sat on the Executive and the Investment and Risk Committees. He oversaw relations between La Caisse and its depositors, including their strategic asset allocation, and managed the development and implementation of the Institution’s three years strategic plan.

Prior to this, Mr. Morency worked at Mercer for over 30 years. He occupied a variety of leadership roles including Global Retirement Practice Leader, EVP responsible for Mercer’s Retirement, Benefits, Investment and Outsourcing businesses worldwide and President of Mercer Health & Benefits. He was a member of Mercer’s global executive teams.

Mr. Morency currently serves on the Board of Directors of Desjardins General Insurance Group. He is a Fellow of the Canadian Institute of Actuaries and chairs the Institute’s Public Statements Committee. He also served as a member of the Expert committee on the future of the Québec retirement system and was closely involved with the legislative changes that followed.

David Russell

Universities Superannuation Scheme (USS)

United Kingdom

David Russell co-heads the Responsible Investment Team of USS Investment Management, the fund manager for Universities Superannuation Scheme, where he has worked since 2001. USS is one of the largest pension funds in the United Kingdom, with assets in excess of approximately £50 billion and over 330,000 members. USS has a Responsible Investment (RI) team of six and a RI strategy which focuses on integrating extra financial factors into its investment processes across asset classes, and on engaging with public equities and other assets where these issues pose a risk to the fund’s investments.

David is a former Board member of the PRI Association and is an advisor to the Board of the Institutional Investors Group on Climate Change (IIGCC), which USS set up in 2001. He is also a member of the FTSE Environmental Markets Advisory Committee, and on the PRI Private Equity Advisory Committee. David has previously worked as an Environmental Manager for a UK retail company, and was for five years a University lecturer in Environmental Management. He has a Masters Degree in Environmental Impact Assessment.

Kenneth Corts

Rotman School of Management

Canada

Professor Kenneth S. Corts is Vice-Dean, Research, Strategy, and Resources and Academic Director of the Lee-Chin Institute for Corporate Citizenship at the Joseph L. Rotman School of Management. He also holds the Desautels Chair in Entrepreneurship and is a professor in the Economic Analysis and Policy area.

Professor Corts has previously served in a number of other academic leadership positions at the University of Toronto, including Interim Dean at Rotman; Acting Vice-President, University Operations and Acting Vice-Provost, Academic Operations at U of T; and Director of the Rotman Commerce, a role that reports to the Deans of both Rotman and the Faculty of Arts and Science. He has been a visiting professor at UCLA and INSEAD and a visiting scholar at UC-Berkeley and IESE. Before joining the Rotman School in 2003, he was an Assistant Professor and then Associate Professor in the Competition and Strategy area at Harvard Business School. He received his PhD in Economics from Princeton University in 1994.

Professor Corts is a microeconomist with research and teaching interests in industrial organization, competition policy, organizational economics, and energy policy; he has published his research in leading academic journals such as the Rand Journal of Economics, the Journal of Law, Economics, and Organization, the Journal of Industrial Economics, and the Journal of Law and Economics. Professor Corts has also published a number of Harvard Business School case studies that are used at top business schools throughout the world, served as Editor at the Journal of Industrial Economics from 2005-2010, and won grants and fellowships from the National Science Foundation, the Alfred P. Sloan Foundation, and the Social Sciences and Humanities Research Council of Canada. In addition to his academic contributions, Professor Corts has provided expert testimony in competition policy cases before the Competition Tribunal and the Ontario Superior Court, co-authored a policy analysis paper for the UK Office of Fair Trading, and consulted on antitrust matters in the U.S.

Jeroen F. J. de Munnik

PGGM

Netherlands

Jeroen de Munnik joined PGGM as Chief of Institutional Business in 2013 and is a member of PGGM’s Executive Committee. He is responsible for managing clients. In addition, he is responsible for advice with respect to investment management and with respect to pensions.

Prior to PGGM, Dr. de Munnik spent almost 20 years at Aegon (1993 to 2012) where he held various positions in asset management and operations. He ultimately became responsible for Aegon’s entire pension business.

Dr. de Munnik spoke at ICPM’s Toronto Discussion Forum in June 2018. He is a member of the Supervisory Council and Chair of the Audit Committee at Isala Clinics in Zwolle, the Netherlands.

He holds a PhD in Econometrics from Erasmus University, Rotterdam.

Chris Hitchen

Independent

United Kingdom

Chris was recently the CEO of the Railways Pension Trustee Company and its operating subsidiaries, RPMI and Railpen Investments. He sits on the Board of the Investor Forum and is a Director of the Pensions Quality Mark. From 2010-2015 Chris was a Trustee Member of NEST and was the first Chair of its Investment Committee. He is a former Chairman of the Pensions and Lifetime Savings Association and of its Investment Council. Chris is an Actuary, with 30 years’ experience in pensions and investments. In 2015, Chris was appointed an Honorary Fellow of the CFA Society of the UK (FSIP).

Fernando Larrain

Asociación de AFP (AAFP)

Chile

Fernando Larrain is currently General Manager of the Chilean trade union organization AAFP, where he is responsible for the design, implementation, and evaluation of AAFP’s strategy. Prior to this, he was a consultant for the Inter-American Development Bank, UNICEF, and the Organization of American States on issues of state modernization, corruption, public management and political economy. Mr. Larrain has a diverse government background, holding several advisory roles to various Chilean Ministers and the President.

Mr. Larrain sits on a number of boards. He was a founding member and board director for the Chilean Society of Public Policies, a scientific corporation whose mission is to improve the quality of public policies; as well as the Fundación Trabajoen la Calle, a non-governmental organization pioneering social development work for marginalized urban communities. He was named an Eisenhower Fellow in 2015 and One of Chile’s 100 Leaders in 2013. He has authored several publications.

Mr. Larrain holds a Master’s degree in Public Affairs from Princeton University, a Certificate in Policy and Governance from Duke University/Graduate Institute of International Studies, as well as a Bachelors of Economics and Business Administration from Pontificia Universidad Catolicade Chile. After eight years as a full time professor, he remains a visiting Scholar at three universities (UAI Chile, ESEN El Salvador, and IDE Ecuador).

Stewart Brentnall

New South Wales Treasury Corporation

Australia

Stewart Brentnall joined TCorp as its first Chief Investment Officer in March 2017. The position was created following a merger between TCorp and two other NSW funds (State Super and iCare, formerly NSW WorkCover). He oversees asset allocation and manager selection. In this position, Mr Brentnall is responsible for running an aggregate portfolio of $110bn, representing defined benefit pension assets, insurance reserves, an infrastructure recycling assets and an intergenerational sovereign wealth fund.  Mr Brentnall has led the evolution of TCorp’s investment model to a Total Portfolio Approach.

From 2010-2017, Mr. Brentnall was Chief Investment Officer for ANZ, one of the large Australian banks. In 2009, ANZ bought out its joint venture with ING to strengthen its position in wealth management. He was brought in to oversee the transition, and to design and implement its asset management strategy.

Mr. Brentnall was previously Head of Investment Solutions at BT Financial Group, a newly created business unit to manage external funds. He also held various leadership roles in asset management at Queensland Investment Corporation (QIC), Goldman Sachs and Schroders. He began his career as an auditor with Deloitte.

Thomas Lee

New York State Teachers’ Retirement Fund (NYSTRS)

United States

Thomas K. Lee is currently responsible for the investment of plan assets totaling $132B.
Reporting to a 10-member Board of Trustees, he oversees the work of NYSTRS’ investment staff
in managing the internally-managed investment portfolios, developing and performing due
diligence on potential external private and public investment opportunities, and monitoring and
reporting on the activities and performance of third-party investment managers in which the
System has invested. In his capacity as executive director of the Retirement System, Tom
oversees the administration of retirement benefits to more than 442,000 active members,
retirees and beneficiaries. He is also responsible for overseeing members’ service credit and
salary information as reported to the System by it 822 participating employers.
 
As of June 30, 2022, NYSTRS paid approximately $8.0 billion in annual benefit payments, over
80% of which was distributed to New York residents. The Retirement System is among the best-
funded public pension plans in the nation. Based on the market value of assets, our funded
ratio at June 30, 2022 was 97%. Using the actuarial value of assets, the funded ratio was 99%.
 
Prior to NYSTRS, Tom was Executive Director of Maryland State Retirement and Pension
System. He has various professional affiliations, such as serving as a member of the Investment
Committee of the Institute of Electrical and Electronics Engineers (IEEE), the Board of the
National Council of Real Estate Investment Fiduciaries (NCREIF), the Board of the PREA
Foundation, the Board of the International Centre for Pension Management, and the Council of
Institutional Investors’ U.S. Asset Owners Advisory Council.
Mr. Lee has a BA in Political Science and Sociology from Dickinson College, a MA in Political
Science from Temple University, and a MBA from George Washington University.

Praneel Lachman

FirstRand Retirement Fund

South Africa

Praneel Lachman is currently the Board Deputy Chair at FirstRand Retirement Fund and chair of the Funds Investment Committee. He has held various roles at FirstRand Limited such as in areas of strategic operations, portfolio management, Chief Risk Officer for group ALM risks, acting group Chief Audit Executive and now Head of Balance Sheet Management. He has contributed to the effective corporate governance across the group including prior responsibility for the group’s Asset, Liability and Capital Committee, the centre’s Audit, Risk and Compliance Committee and custodian of the group’s ALM relationship with regulators. Praneel is also a trustee of the FNB Umbrella Retirement Fund that was launched to help its small-to-medium and commercial enterprises clients provide a simple and cost effective retirement savings product to their staff. He is also a member of the Thinking Ahead Institute, which is a global think tank aimed at mobilizing capital for a sustainable future

Matilde Segarra

Rotman School of Management

United States

Matilde Segarra (re)joined APG in February 2022 as Chief Executive Officer APG US. In this role she is responsible for overseeing APG US’ investment activities and operations to ensure they produce the desired results and are consistent with the overall strategy and mission of the company and APG’s clients. In this role she serves as the Chairperson of the APG US Executive Board, the Crisis Management Team the Change Initiative Board, and the Private Equity Co-Investment Committee. She also serves as co-Lead of APG Asset Management’s Global People & Culture Strategy and is a proud Board sponsor of the APG US Women’s Forum.

From 2019-2021 Matilde worked for Fidelity International as Chief Risk Officer Asia Pacific. In this role she was responsible for the implementation and oversight of FIL’s Global Risk Management Framework for all risk types across FIL’s APAC business locations. Aside from her APAC risk oversight duties she also coordinated the build-out of Fidelity’s Global Risk monitoring and oversight framework for Sustainable Investing and Corporate Sustainability and represented Global Risk in the Sustainable Investment Oversight Committee and Corporate Sustainability Committee. During her tenure at Fidelity, she served on the Board of Fidelity’s Korean and Taiwan business entities and as the Manager in Charge for Risk Management in Hong Kong.

Between 2005 and 2018 she held various positions at APG Asset Management, starting as a Portfolio Manager on APG’s Global Tactical Asset Allocation team based in Amsterdam. In 2010 she transferred to APG Asia in Hong Kong where she was appointed to the role of Global Co-Head of Investment Risk Management in 2012. She relocated to the United States to join APG US in 2015 where she was promoted to Chief Finance and Risk Officer US in January 2018.

Prior to APG, Matilde has worked for AEGON Asset Management (The Hague) and ABN AMRO Rothschild Bank (Hong Kong) in Investment Strategist and Capital Market Analyst roles.

Matilde holds a MA degree in Economics from Utrecht University and is a CFA Charter Holder.

She speaks English, Spanish, Italian and Dutch.