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Asset owner makes progress on climate and asset manager information-sharing in first year as StewardshipCode signatory. As reflected in the asset owner’s most recent stewardship report , last year marked the first phase of its investment portfolio due diligence to identify salient human rights impacts and act on any findings.
In 2021 the FSA updated the Corporate Governance Code , asking listed companies – on a comply-or-explain basis – to address sustainability issues, including climatechange and other global environmental priorities, “positively and proactively”. Mandatory disclosure.
According to Manning, the FCA is keen to identify regulatory constraints on collaborative engagement, which has been used increasingly by asset owners and managers in recent years, particularly to address systemic environmental risks, such as climatechange and accelerating biodiversity loss.
Further clarification may be on the way as the UK government’s updated Green Finance Strategy 2023 includes a commitment to review pension trustees’ fiduciary duties and stewardship activities. Today, says Lee, it is “undeniable” that climatechange is having an impact in the real world and in the financial world.
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. . “ The DWP will assess whether further guidance is needed in H2 2023. . Plotting a path to Paris .
A recent Financial Conduct Authority (FCA) discussion paper asked for feedback on possible regulatory change needed to support collaborative engagement and systemic stewardship, while the Financial Reporting Council is due to lead a review of its StewardshipCode. Also speaking at the Stewardship Summit, Mark Manning , Strategic Policy Advisor on (..)
The FCA is an observer and provides the secretariat. The FCA’s Vote Reporting Group is asking for comments on its consultation paper by 21 September 2023. The post Make Vote Reporting Template Mandatory, FCA Told appeared first on ESG Investor.
Story time – The halfway point of the calendar year brings forth a stream of impact and sustainability reports from asset managers and owners, particularly in the UK, as signatories also comply with their obligations under the StewardshipCode. The post Take Five: Policy and Power appeared first on ESG Investor.
Proposals to bolster sustainable finance in Europe include recommendations for a new region-wide stewardshipcode. Hungry for change – With six years to go, UN Sustainable Development Goal (SDG) 2 – which aims to end hunger, achieve food security and improve nutrition – is back to square one, at best. Finance is an issue.
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.
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.
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. “By By working together we can achieve more. “By working together we can achieve more.
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