The Annual General Meeting of the Luxembourg Fund Labelling Agency (LuxFLAG) was held on 29th June 2012, following which LuxFLAG announced the election of the new Chairman and Board of Directors. The newly elected Board comprises:

Mr Nima Ahmadzadeh (Ministry of Finance)
Mr Marc Bichler (Ministry of Foreign Affairs)
Mr Edvardas Bumsteinas (European Investment Bank)
Mr Fernand Grulms (Luxembourg for Finance)
Mrs Isabelle Goubin (ATTF)
Mrs Marguy Kohnen (Ministry of Sustainable Development and Infrastructure)
Mr Philippe-Fitzpatrick Onimus (ADA)
Mr Jean-Jacques Rommes (ABBL)
Mr Thomas Seale (ALFI)
Mr Robert Scharfe (Luxembourg Stock Exchange)

HRH Grand Duchess Maria Teresa continues her role as Honorary President of LuxFLAG.

Mr Thomas Seale was elected as the Chairman of the Board of Directors. He takes up the Chairmanship, which will run for three years, with immediate effect. Mr Seale previously represented the Associate Members of LuxFLAG at meetings of the Board in an Observer capacity. Mrs. Anne Contreras (Arendt & Medernach) has been nominated to take up the role of Observer to the Board.

Mr Thomas Seale is CEO of European Fund Administration (EFA) in Luxembourg. He is a Member of the CSSF OPC Committee, Member of the Board of ALFI (Association of the Luxembourg Fund Industry), Chairman of ALFI's Technical Committee on Responsible Investing and also served as Chairman of ALFI from 2003-2007, and Vice-Chairman from 2007-2011.

The outgoing Chairman of LuxFLAG, Mr Kenneth Hay said "LuxFLAG is at an exciting phase of its development. Our early focus was on the creation of a solid reputation and image for LuxFLAG, based upon a conservative approach and robust processes. Stability and credibility were important objectives for us in the relatively young, diversified and rapidly changing field of Sustainable and Responsible Investment. Based on the now established position of the LuxFLAG labels and increasing investor interest in the sector, the opportunity is there for LuxFLAG to move towards a focus on growth. I take this opportunity, as my mandate as Chairman ends, to thank all of the directors and the many others who have contributed towards the establishment and growth of LuxFLAG up to now, and I wish the new Chairman and Board of Directors every success for the future. "

The newly elected Chairman Mr Thomas Seale said, "Kenneth Hay has done a great job in chairing LuxFLAG over these past 6 years and I wish to thank him for his efforts. LuxFLAG is well positioned to support the current trend in « Responsible Investing ». In this regard, I am pleased that both the Luxembourg Government and the Financial Center are aligned around a strategy to foster the development of Responsible Investing here in the Grand Duchy. LuxFLAG, through the work of the Charter Members, Associate Members and Secretariat, will work strongly over the coming months and years to advance this strategy. "