German pension body slams European Commission ESG plan (IPE)

German pension body slams European Commission ESG plan (IPE)

German pensions association aba has strongly rejected the European Commission’s proposal to introduce new rules regarding pension funds’ integration of environmental, social and corporate governance (ESG) criteria in investment decision-making.

The Berlin-based industry body said the Commission’s proposal misunderstood or ignored the nature of the EU’s law on workplace pension funds – the IORP II Directive – and apparently also misunderstood the directive’s existing ESG requirements.

Aba’s ire was targeted at the Commission’s proposal for a regulation “on disclosures relating to sustainability investments and sustainability risks”, which includes an amendment of IORP II. It is one of three draft regulations the Commission has proposed on sustainable finance.

 

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