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Supervisory authority ESMA is calling for EU-wide stewardshipcode to hone and standardise investors’ engagement efforts and disclosures. There’s also the stewardshipcode introduced by the European Fund and Asset Management Association (EFAMA), which was first adopted in 2011.
According to figures published by The Global Sustainable Investment Alliance in 2021, Japan’s total sustainably invested assets stood at US$42,874 billion in 2020, representing a more than fivefold increase from 2016. These long-held principles of sustainability have filtered down to the world of investment. Mandatory disclosure.
The DWP issued a consultation last October on proposed changes to the Occupational Pension Schemes (ClimateChange Governance and Reporting) Regulations 2021 to require trustees to calculate and disclose a portfolio alignment metric to show alignment with the goal of limiting climatechange to 1.5
This was followed in 2010 by high level reporting for the Financial Reporting Council’s (FRC) original StewardshipCode. In the UK this coincided with an updating of StewardshipCode reporting requirements and TCFD reporting for pension funds becoming mandatory.” According to Jones.,
CDP was also instrumental in the creation of the Science Based Targets Initiative, We Mean Business Coalition and The Investor Agenda, which have contributed to the acceleration of private sector action on climate. “I Our work pioneering climate and environmental disclosure has truly reached the mainstream.
Stewardship is widely considered one of the most effective tools in an asset owner’s toolbox to ensure companies are prioritising ESG-related issues, such as mitigating the effects of climatechange. . “ Other initiatives have been working to improve stewardship alignment between asset owners and managers. .
The concept of assessing what effective stewardship should look like was first introduced by the FCA in 2019 in a joint effort with the Financial Reporting Council (FRC), setting the groundwork which helped define what the minimum expectations should be for financial services firms investing on behalf of clients and beneficiaries.
In October last year, the DWP sought views on proposals to amend the Occupational Pension Schemes (ClimateChange Governance and Reporting) Regulations 2021, requiring reporting on pension schemes’ alignment with the Paris Agreement’s 1.5°C C temperature pathway.
As well as Statements of Investment Principles or Implementation Statements required by the UK’s Pensions Regulator, which require reporting on fund managers’ stewardship activities, trustees must ensure their funds are managed and report in line with the recommendations of the Task Force on Climate-Related Disclosures.
Hollow Shell – Shell scored a hollow legal victory this week when a Dutch court overturned a 2021 ruling that the oil and gas major must cut its Scope 1-3 emissions by 45%. A selection of the major stories impacting ESG investors, in five easy pieces. Transition tensions were evident this week from Baku to The Hague. Back for good?
New Zealand’s Minister for ClimateChange James Shaw tells ESG Investor that Australia and New Zealand have a uniquely close relationship. “2023 is the 40 th anniversary of Closer Economic Relations,” Shaw says. “2023 is the 40 th anniversary of Closer Economic Relations,” Shaw says. “By By working together we can achieve more.
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