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Proposals to bolster sustainable finance in Europe include recommendations for a new region-wide stewardshipcode. According to a report from five UN agencies, one in eleven people – 733 million – faced hunger in 2023, a stubbornly high level initially reached in 2020, comparable to levels of nourishment seen in 2008-2009.
It emphasised the importance of trustees raising their climate stewardship ambitions by using Paris-alignment metrics to inform their engagement efforts to ensure they are truly contributing to the goals of the ParisAgreement. .
While 88% of asset managers disclosed their votes publicly (up from 55% in 2020), 42% failed to publish their rationale for votes against shareholder resolutions, the report said. Transparency is improving, but slowly.
Institutional investors in the UK and beyond have been near-universal in their praise for the role of the 2020StewardshipCode in improving the quality of stewardship and engagement by asset owner and manager signatories, supporting short- and long-term investment objectives.
The country is also upping its game on stewardship, with New Zealand’s inaugural StewardshipCode launching last year with 17 signatories, says Simon O’Connor outgoing CEO of RIAA. “The Code was developed collaboratively by the industry and responds to our unique context in New Zealand,” he says. “I’d
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