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The news that shaped the week in responsible investing
Dear SRI reader,
An important initiative spearheaded by the Church of England’s National Investing Bodies, was launched this week, as thirteen leading international asset owners and five asset managers with over 2 trillion pounds, came together to launch the Transition Pathway Initiative (TPI) to ‘better understand how the transition to a low-carbon economy affects their investments". Designed to meet the requirements of the
Task Force on Climate-Related Financial Disclosures (TCFD), this initiative will help identify companies that are aligned with the transition to the low-carbon economy and those most exposed to climate transition risk. This Initiative has been applauded by the Executive Secretary of the UNFCCC, Ms Espinosa and riding the wave of shedding light on corporate performance and stimulating further transparency, it has already made some interesting data available
Also in line with corporate reporting, the International Federation of Accountants (IFAC) this week came out in favour of Integrated Reporting, as it recognised it as an ‘umbrella report for an organisation’s broad suite of reports and communications, enabling greater interconnectedness between different reports’. The view has been supported by other organisations in the field, still amid a certain degree of uncertainty though as experts remain careful to designate one initiative over the others. There is still more to be done, as further due diligence on the legislative side will have to be carried out in order to explore a level playing field in the different jurisdictions.
The recommendations launched in the report of the TCFD represent another valuable step in the right direction as the organisation is now gauging further input to guide its taskforce. Enough to keep the SRI community on the edge of its seat, while waiting for the EU guidelines on Non-Financial reporting coming up later this year.
Stay tuned and happy reading!
Flavia Micilotta
- Eurosif's Executive Director
  • EIOPA chairman calls for debate on past pensions promises: Gabriel Bernardino, chairman at European supervisor EIOPA, has called for a public debate on the issue of past pension promises becoming untenable as a result of the low-interest-rate environment.
  • Why the Momentum in Corporate Sustainability Won't Stop: "When you look closely, it turns out companies with good control of ESG risks have a lot of other things under control too," an investment banker recently said at a conference. "You begin to see a connection between the animal spirits of the markets and ESG. It's a financial opportunity."
  • Environmental concerns dominate WEF's risk report: Environmental concerns are "more prominent than ever" in the annual catalogue of risks threatening the world, according to the World Economic Forum (WEF). Extreme weather events were named the biggest risk in terms of likelihood in the forum's Global Risks Report 2017, followed by natural disasters, in third place.
  • How can Energy Union governance help put efficiency first?: Energy efficiency markets are driven by legislation. This is why a strong energy efficiency directive supported by a robust governance mechanism are key to delivering the multiple benefits of energy efficiency, argue Monica Frassoni and Harry Verhaar.
  • Industry frustrated by continuing EU retail regulation saga: An influential MEP has warned that the asset management industry could be left with little time to prepare for new rules aimed at protecting retail investors because of a wrangle among European officials.
  • Malta is a tax haven, Green MEPs say: Malta is a tax haven, according to a study by the European Parliament's Green group. "The tax system in Malta is generous to say the least, with large companies routinely paying as little as five percent tax on their profits," Green MEP Sven Giegold noted. 
  • AIC blames EU policymakers for Priips delay: The Association for Investment Companies has attacked the ineffectiveness of EU policymakers on fund regulations, such as Priips, urging the UK Government to set its own rules once out of the European Union.
"Boards need to be outward looking to learn the values they want for their corporate culture."

Peter Montagnon, Associate Director of the Institute of Business Ethics, speaking at the ecoDa/ACCA conference Aligning Corporate Governance and culture: What’s in it for the board? on Wednesday.
Environmental Finance have extended their offer of a 15% discount to all new subscribers with the code: EUROSIF15.
To sign up, simply email and mention EUROSIF15 in the subject line.
About Eurosif
Eurosif is the leading European association for the promotion and advancement of sustainable and responsible investment across Europe, for the benefit of its members.

Eurosif's purpose is to:

1. Promote best practice in Sustainable and Responsible Investment (SRI) on behalf of its members
2. Lobby for European regulation and legislation that supports the development of SRI
3. Support its members in developing their sustainable and responsible investment business
4. Promote the development of, and collaboration between SIFs across Europe
5. Provide research and analysis on the development and trends within the SRI market across Europe
6. Raise awareness of and increase demand for SRI throughout the European capital markets
Eurosif’s EU Transparency registration number with the European Commission is 70659452143-78.
Copyright © *|2016|* *|Eurosif- The European Sustainable Investment Forum|*, All rights reserved.

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