On 13 November 2017, the European Commission launched a public consultation on . Running until 22 January 2018, the consultation seeks evidence on:
- How clarifications or amendments to investor duties can contribute to more efficient allocation of capital and to more sustainable and inclusive growth;
- How to ensure that end investors and beneficiaries have the right information to help them make sustainable choices; and
- Evidence from leading responsible investors on their strategies for considering environmental, social and governance (ESG) issues.
This builds on the of the European Union High-Level Expert Group (HLEG) on Sustainable Finance, which recommended the European Union to provide clarification in this area. The Commission’s press release can be found
UNEP FI strongly welcomes this consultation. UNEP FI has been calling for EU clarification of investor duties since the launch of Fiduciary Duty in the 21st Century, and more specifically through the signed by 122 investors from 22 countries.
This consultation is an important step towards EU-wide clarification of investor duties. Action at EU level will provide consistency across EU member states by clarifying that duties require investors to consider financially material ESG factors in their investment decision-making.
Respond to the consultation .
Learn more about the modern interpretation of fiduciary duty and the positive duties to integrate ESG factors in investment processes here.