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A review of the UK StewardshipCode 2020 should prompt evolution rather than revolution, according to industry experts, who want to see refinement aimed at further improving outcomes. But some have queried the extent of the code’s effectiveness so far.
PLSA) digital ESG Conference 2022. These new requirements are part of a bigger push right across the economy for new standards on environmental reporting to weed out greenwashing and support our transition to a netzero financial system – for example, through our new Sustainability Disclosure Requirements ,” she said.
Asset owner makes progress on climate and asset manager information-sharing in first year as StewardshipCode signatory. Last year, Phoenix also became a signatory of the Financial Reporting Council’s UK StewardshipCode. Piani described the code as being “pivotal” to the development of the firm’s engagement strategy. “It
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.
Green Finance Strategy outlines the government’s plans to align the finance sector with its netzero commitments. A commitment to review pension trustees’ fiduciary duties and stewardship activities in the UK’s updated Green Finance Strategy has been welcomed by industry experts.
Hodge told ESG Investor a vote of 20% or more against a resolution relating to director elections or remuneration occurred in only half of the cases where one or both of ISS or Glass Lewis had made such a recommendation in 2022, although this increased to 77% of cases when both did so.
The pace has quickened further in 2022 in response to then Prime Minister Yoshihide Suga’s April 2021 announcement that by 2030 the country’s emissions would reduce by 46% relative to 2013 levels. Such high levels volumes in the ESG investment space partly reflect the lead taken by the country’s policymakers and financial regulators.
At a glance, the rising number of ESG-related shareholder proposals filed and backed by investors shows a growing appetite amongst asset owners to push systemic stewardship further and secure positive environmental and social outcomes. Transparency is improving, but slowly.
According to Morningstar data on US proxy voting, the number of shareholder resolutions on environmental and social topics opposed by management almost doubled to more than 250 in 2022, but barely 10% (27) gained majority support. Digging into the data.
A letter to insurers from US state attorneys-general could have broad implications for the finance sector’s coordinated efforts to support netzero goals. None explained their actions (unlike Munich Re , which left in March); all committed to pursuing netzero goals individually. End of the line? –
After a pension fund-led coalition laid out new expectations for managers on climate related-stewardship, there were signs of consensus among customer and supplier over the name of the game. Rival Rio Tinto has also been mulling a move , launching a review of its listing options under pressure from Palliser Capital.
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.
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