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Professional Pensions: Since 1 October 2019, schemes are required to update or prepare their SIPs to set out their policies in relation to the running of their scheme's default investments, and the "financially material considerations" of the investments, as well as the extent to which "non-financial matters are taken into account".
IPE: The UK’s largest auto-enrolment provider is stress-testing using a 1.5°C scenario for its climate aware fund, while also planning to investigate in more detail risks linked to the physical impacts of climate change, according to its new responsible investment report.
Top 1000 Funds: Nearly half the assets under management in the UK are in pooled funds, and their stewardship is currently almost exclusively under the control of fund managers. The continued refusal of fund managers to accept the voting policies, even on a comply or explain basis, of their UK clients in pooled funds is an issue of enormous importance.
Bloomberg: Governments are getting set to cash in on a booming market in green bonds—debt that funds projects with environmental benefits. Fueled by the growing awareness that more radical action has to be done to combat climate change, and by the need to fund it, Europe is taking the lead.
Citywire Selector: The Danish financial regulator, the FSA, and its Norwegian counterpart Finanstilsynet have put a much greater emphasis on the pitfalls of greenwashing.
Investment Europe: The board of the Swedish Investment Fund Association (Fondbolagens förening) has adopted a pathway for reporting carbon emissions from fund investments.The pathway adheres to recommendations issued by the Task Force for Climate-related Financial Disclosures (TCFD), and also makes possible reporting carbon footprints for fixed interest and balanced funds.
HedgeWeek: Companies ranked in the bottom 50 per cent of ESG performance are significantly more likely to attract activists’ attention, according to the findings of Alvarez & Marsal’s (A&M) latest analysis and predictor of shareholder activism in Europe, the A&M Activist Alert (AAA).
Bloomberg: Norway’s $1.1 trillion sovereign wealth fund plans to expand its work on assessing climate risk, from pushing for better company reporting to expanding flood analysis for its real estate assets.
Reuters: European investors managing assets worth more than 1 trillion pounds ($1.28 trillion) are pressing top auditors to take urgent action on climate-related risks, warning that failure to do so could do more damage than the financial crisis.
Financial Times: France’s top financial regulator has urged Europe to move faster on setting common standards for environmental, social and governance investing to prevent widespread “greenwashing”. [Full article available to Financial Times subscribers.]
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