FOR IMMEDIATE RELEASE
Ceres Announces Leading Investment, Insurance Experts as New Board Members
Ceres today announced it has added two new members to its Board of Directors: New York State Comptroller Thomas P. DiNapoli and Managing Partner Barney Schauble of Nephila Advisors LLC in San Francisco.
DiNapoli is the sole trustee of New York’s $132.8 billion state pension fund and is among a half-dozen major institutional investors on Ceres’ Board. Schauble brings strong insurance industry experience to the Ceres Board. Nephila, which Barney joined in 2004, specializes in reinsurance risk and offers a broad range of products focused on weather and reinsurance, including insurance-linked securities, catastrophe bonds, insurance swaps and weather derivatives.
“Thomas DiNapoli and Barney Schauble will bring significant additional strength and expertise to our Board,” said Mindy Lubber, president of Ceres. “With their unique areas of expertise, each of them will help to grow both our investment and insurance programs as we move forward in building a sustainable economy.”
“I am honored to join the Board of Directors of Ceres,” said DiNapoli in a statement. “Its emphasis on corporate responsibility and sustainability initiatives is something that I have worked hard to promote among companies in which the New York State Common Retirement Fund invests. I am looking forward to working with this Board on their important work in the coming years.”
“Ceres’ mission has always resonated with me and the work I do everyday,” Schauble said. “I look forward to helping the organization meet its goals and to build momentum and support within its insurance program.”
Ceres leads a national coalition of investors, environmental groups and other public interest organizations working with companies to address sustainability challenges such as global climate change and water scarcity. It has achieved dramatic results in recent years, including persuading the Securities and Exchange Commission (SEC) to issue formal guidance on climate change-related disclosure that companies must provide to investors in their financial filings, and releasing The 21st Century Corporation: The Ceres Roadmap for Sustainability, a vision and practical guide for integrating sustainability into the DNA of business.
DiNapoli was elected to a four-year term as New York State Comptroller in November 2010. Since first taking the position as comptroller in February 2007, he has instilled reforms to make government more effective, efficient and ethical. He has pushed for increased transparency and accountability, and identified billions of dollars in waste, fraud, abuse and mismanagement. He has also undertaken an ambitious green initiative to promote cost-effective, environmentally sustainable practices.
DiNapoli’s appointment to the Board continues after a relationship he has had with Ceres dating back to 2007, when he became a member of Ceres’ $10 trillion Investor Network on Climate Risk (INCR), a network of 100 institutional investors focused on addressing the financial risks and investment opportunities posed by climate change. He has worked with Ceres on corporate governance initiatives involving energy companies addressing the risks posed by climate change. In 2010, DiNapoli and Ceres joined forces again when they sent a joint letter to 27 major oil and gas companies that asked for a review of the safety of their respective offshore oil drilling operations.
Schauble joined Nephila in 2004 as a managing principal. His primary responsibilities at Nephila include investor relations, strategic and business development projects. He will be a key advisor to Ceres’ Insurance Program and will provide valuable insight into Ceres' engagement strategy with the financial services sector, including how insurers, re-insurers and rating agencies incorporate climate risk into modeling and decision-making. He and wife, Temple, have been longtime champions and supporters of Ceres' work.
Ceres leads a national coalition of major investors, environmental organizations and other public interest groups working with companies to address sustainability challenges such as global climate change and water scarcity. Its mission is integrating sustainability into day-to-day business practices for the health of the planet and its people.