Citi shipping head Michael Parker hands over Poseidon Principles chair

Poseidon Principles chairman Michael Parker has left the role but will remain on the organisation’s steering committee, handing over chairmanship to Societe Generale’s Paul Taylor.

Mr Parker cited the uptake by a heavy majority of shipping lenders and improved levels of alignment with climate-related goals, as well as transparency on disclosures, among the positive impacts of the Poseidon Principles.

“The Association has gone from strength to strength since its founding, inspiring other industries like steel, aviation, and aluminium to follow suit. It has been an honour to serve as the chair of the Poseidon Principles over the last six years, and I look forward to watching signatories continue to lead the way on shipping finance disclosure,” Mr Parker said. 

Paul Taylor, global head of maritime industries at Societe Generale and current vice chair of the Poseidon Principles, will serve as chair until the next annual meeting in May, at which point a formal election will take place. Mr Taylor has indicated his desire to continue in the role of chair pending formal election by the new Steering Committee. 

“It’s a privilege to step into Michael Parker’s shoes as chair,” Mr Taylor said. “His leadership, vision, dedication, and resilience have been critical factors in the Poseidon Principles being the benchmark of climate finance stewardship for the maritime sector that they are today. I will do my best to continue Michael’s excellent work, particularly in this next phase as we introduce associate membership for a broader range of financial institutions to increase the positive impact of the Poseidon Principles.” 

Stephen Fewster, global head of shipping finance at ING Bank NV and treasurer of the Poseidon Principles, will serve as both vice chair and treasurer until the elections in May. 

The change in leadership took effect on 1 January 2026.

In mid-December 2025, aiming for further climate transparency, the Poseidon Principles announced it would be expanding in 2026 to include private equity, hedge funds, capital markets underwriters and others.

These private lenders will be offered associate memberships without initially being under the same reporting obligations as other signatory members. 

Calling the Poseidon Principles’ annual disclosure of the climate performance of shipping’s largest financial portfolios “a vital pulse check for the industry," Mr Parker said the framework’s "consistent transparency gives us a clear view of progress across approximately three-quarters of global ship finance".

"Without it, we would have no meaningful way to understand how far we and the industry have come, or how far we still need to go," he said.

The decision to expand membership to private finance came at the same time the Poseidon Principles released its annual performance figures, which showed a significant improvement in adhering to IMO’s emissions trajectories for shipping to reach net-zero emissions levels around 2050. 

The improvements in emissions came despite IMO tightening emissions standards in 2023.