Investment campaign group calls for changes to investment regulation so that climate change and ESG factors are included fiduciary obligations.
The UK's investment regulation should be reformed so that fiduciary duties for investors include a consideration of climate change and ESG (environmental, social and governance) issues.
The call comes from the UN Principles for Responsible Investment (PRI) group in response to an investigation by MPs into how to improve green investment.
In a written submission to the environmental audit select inquiry, the PRI said: "The Department for Work and Pensions should amend the Investment Regulations to clarify that fiduciary duty requires them to pay attention to long-term factors (including climate change and ESG factors) in their decision m
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Survey by KPMG highlights chief executives' growing concern over the impact of climate change, with 76% claiming their organisations' future growth depends on their ability to navigate the shift to a low-carbon economy.