Sachin Vankalas, the Managing Director of LuxFlag, has passed away unexpectedly. The LuxFlag Board of Directors and the LuxFlag team are deeply saddened to learn of the sudden passing of Vankalas, the organization said in a brief press release.
The general manager of LuxFlag, Luxembourg’s sustainable finance lobby group, has died of Covid-19 after battling the disease in hospital, a spokesperson confirmed. Vankalas, who worked at LuxFlag for 10 years, died at the age of 38.
“Vankalas was involved with LuxFlag for ten years. He was widely recognised and appreciated for his expertise. Sachin’s passion for promoting the development of sustainable finance shone through and had an impact on all of us. As a manager, he led by example and his dedication, perseverance and energy were a source of motivation for his team and colleagues,” the organisation wrote in a response.
“The LuxFlag team and board all mourn the passing of a wonderful man and our hearts go out to his family for the loss they are suffering. He will be greatly missed.”
Investment Officer spoke with Sachin Vankalas last year about the great success of ESG funds. This was evidenced by the 166% growth in ESG labels awarded for investment products by not-for-profit organization LuxFlag in the past 12 months, said Vankalas in an interview with Investment Officer.
“The growth in the number of label applications is a clear indication of the growing demand for sustainable finance and investments,” Vankalas said.
LuxFlag believes that the outbreak of the coronavirus is stimulating awareness among investors that it is important to put pressure on (listed) companies to pay more attention to ESG factors such as employee rights, supply chain management and preparedness for extreme situations such as pandemics.