ECON rapporteur sets out stall on investor ESG duties proposal (IPE)

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Pension funds would have to carry out “due diligence” in relation to environmental, social and corporate governance (ESG) factors under amendments to a European Commission proposal that have been tabled by the politician leading the European Parliament’s response.

According to Paul Tang, a Dutch national in the parliament’s socialists and democrats group, due diligence means “an ongoing process through which investors identify, avoid, mitigate, account for and communicate about how actual or potential adverse ESG factors and risks are integrated in investment decision-making and risk management systems”.

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Tang is the “rapporteur” on the Commission’s proposal for a regulation “on disclosures relating to sustainable investments and sustainability risks”, which is part of the implementation of its sustainable finance action plan. He is responsible for leading on the development of the parliament’s position on the Commission’s proposal within the committee on economic and monetary affairs (ECON).

 

 

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