The Australian Sustainable Finance Institute (ASFI), the peak body for sustainable finance in Australia, has appointed William McDonnell, Chief Financial Officer at IAG, as Chair of the ASFI Board.

Mr McDonnell succeeds Kristian Fok, Chief Executive Officer of Cbus Super, who has served as Chair since the organisation was established in 2021. During this period, Mr Fok provided significant leadership as ASFI brought together expertise across the financial system and progressed practical initiatives to mobilise capital toward climate, nature and social outcomes.

Mr McDonnell’s deep climate risk credentials will support ASFI’s work to strengthen system wide responses to climate risk and resilience across finance, policy and industry.

Before joining IAG, he was a founding member of the Bank of England’s Climate Financial Risk Forum, Chair of general insurer Royal & Sun Alliance’s ESG Committee, member of the University of Cambridge ClimateWise Council, and Chair of the CRO Forum’s Emerging Risk Initiative, as well as establishing and leading the Integrity Council for the Voluntary Carbon Market.

ASFI Chief Executive Officer Kristy Graham welcomed Mr McDonnell’s appointment.

“William brings extensive experience in financial services including insurance, banking and regulation, as well as an international perspective on the role finance plays in supporting the transition to a resilient and sustainable economy.”

“Australia is placing greater emphasis on climate adaptation and resilience, and William’s background in the insurance sector will strengthen ASFI’s work, as we continue to advance cross-sector responses to climate risk and build long-term resilience.

Mr McDonnell said he was honoured to take on the role at a critical time for sustainable finance in Australia.

“Australia is facing growing climate risk, and the financial system has a critical role to play in supporting communities and the economy to adapt.”

“ASFI plays an important part as an independent institution working closely across the financial system and policy community to help translate emerging risks and opportunities into practical, coordinated action.”  

“I look forward to working with the Board, members and stakeholders to build on the strong foundations already in place.”

ASFI also extended its sincere thanks to outgoing Chair Kristian Fok for his leadership and guidance during the organisation’s first four and a half years of operation.

“Kristian has provided outstanding leadership to ASFI, establishing strong governance and strategic foundations that have enabled the organisation’s growth and impact in advancing Australia’s sustainable finance agenda,” Ms Graham said.

“On behalf of the Board and ASFI members, we thank Kristian for his significant contribution and ongoing commitment to sustainable finance in Australia.”

Mr McDonnell’s appointment takes effect from 16 March 2026.