Pensions & Investment Research Consultants Ltd (PIRC), the UK-based corporate governance and proxy voting consultancy, has announced big changes to its leadership team.

The changes will see its current director of policy Paul Hunter become CEO on November 1 and in April 2025, Gavin Grant, head of governance at Baillie Gifford, become its new chair.

PIRC is Europe’s largest independent corporate governance and shareholder advisory consultancy with over 30 years’ experience in providing stewardship and proxy research services to institutional investors on environmental, social and governance issues.

PIRC said its founder Alan MacDougall plans to step back from his role as managing director next month.

MacDougall founded the company in 1986 and led PIRC to create the first UK-based proxy advice service in the 1990s.

“Over his tenure as managing director, he secured major progress on behalf of investors at individual companies while supporting significant improvements in corporate governance standards across the market,” said PIRC.

“Alan was also instrumental in founding the Local Authority Pension Fund Forum. Alan will remain at PIRC as a director supporting the CEO in his new role.”

PIRC’s client services director, Janice Hayward, who has worked at PIRC for over 30 years, will remain in post.

Incoming CEO Hunter has worked with PIRC for the past seven years most recently as director of policy.

MacDougall said: “It’s been a real honour to have founded and then led PIRC over the past 38 years. Over that period, I have been lucky to work with many great colleagues and clients and I am proud of the progress that those of us involved in responsible investment at its early stages have achieved.

“I am delighted that Paul will become PIRC’s new chief executive. He is a first-class leader and marries a passion for stewardship with a focus on delivering for clients and a collaborative approach to working with colleagues, clients and stakeholders. I look forward to seeing the successes he achieves and the leadership he brings to PIRC’s next stage of development.”

Hunter said: “It is a genuine privilege to be trusted to lead such an essential organisation and carry forward PIRC’s and Alan’s mission of driving improved corporate governance and sustainability practices.

“Given the current pushback against ESG, PIRC’s work and the changes we affect for responsible investors are needed now more than ever. That is why working with colleagues, I am relishing the opportunity of supporting our clients and delivering exceptional value by reducing the material ESG risks they face.”

Current chair Brian Bailey will step down after eight years in the post.

Bailey said: “I would like to thank Alan for his service to responsible investment. Many will agree that he has been a true pioneer and helped move corporate governance and environmental and social issues from the margins to the investment mainstream.

“It has been a true pleasure to chair PIRC, to steer the company through the challenges of Covid and to oversee the leadership succession. With Paul and Gavin in place, PIRC is set to go from strength to strength.”

Grant said: “PIRC is a leading voice on responsible investment and an organisation I have been fortunate enough to have worked with over my career.

“It is therefore a great privilege to be PIRC’s next chair and to support the organisation both through its next stage of evolution and during a period where its work has never been more important.

“I would like to thank Alan and Brian for their unstinting and continuing commitment to PIRC and responsible investment. I am looking forward to working with Paul as we seek to develop the services we provide to our clients, grow the organisation and enhance the impact PIRC has.”