Fair Taxation: Commission welcomes new rules to prevent tax avoidance through non-EU countries: The Commission welcomes the agreement reached on new rules to help prevent tax avoidance via non-EU countries. The aim is to prohibit multinational companies from escaping corporate tax by exploiting differences between the tax systems of Member States and those of non-EU countries (so-called 'hybrid mismatches').

Green Bond market hits record $200bn: The green bond market has raised more than $200 billion, according to data from Environmental Finance’s Green Bond Database.

European Commission calls for experts to join its Financial Services User Group: The Commission has launched a call for expression of interest for new members of the Financial Services User Group (FSUG). The Group will advise the Commission on its ongoing work on the Capital Markets Union, with a particular focus on the distribution of retail investment products.


Corporate Governance Reform must account for long-term sustainability, says IEMA: Attempts to enhance the competitiveness of UK businesses through the Corporate Governance Reform should account for long-term financial performances covering environmental and social factors, the Institute of Environmental Management and Assessment (IEMA) has claimed.

UK pensions face biggest ESG risk from climate change: Physical climate change risks caused by energy use and greenhouse gas emissions have an effect on more industries than any other environmental, social and governance (ESG) issue in a typical UK pension scheme's defined-contribution (DC) default fund portfolio, according to a new report.

France leads EU on duty of care requirements for multinationals: After four years of debate, France has finally adopted a law on duty of care by multinational companies. This paves the way for similar laws in Belgium and Spain, although the project is stalled at European level.

CDP and French Government to assess low-carbon transition readiness: CDP – formerly known as the Carbon Disclosure Project – and the French government have partnered in a new initiative to assess company readiness for the transition to a low-carbon economy. Using a future-oriented, sector specific methodology the Assessing Low-Carbon Transition (ACT) pilot project will measure how in line with a 2°C global warming scenario companies in the utilities, automotive and retail sectors are.

Businesses' responsibilities for human rights in a changing world: A small group of leading companies comprehensively commit to the respect of human rights, while one company out of five is subject to human rights allegations. Looking at more than 3,000 companies listed in 35 countries, the latest Vigeo Eiris survey on corporate behaviour regarding the respect of human rights reveals striking findings.

IIGCC urges TCFD to do more for comparable climate data: The Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD) should strengthen its recommendations relating to the standardisation and comparability of data, according to the Institutional Investors Group on Climate Change (IIGCC).
 

Legal challenges for sovereign green bonds: Issues from France and Poland have highlighted the potential for countries to tap the market. But a lack of common definition and legal framework are potential obstacles, argues Robert Follie.
European Semester Winter Package: review of Member States' progress towards economic and social priorities: The European Commission today publishes its annual analysis of the economic and social situation in the Member States, including an assessment of remaining imbalances. It also publishes a report on the implementation of the Fiscal Compact, a report analysing the debt situation in Italy and a report, together with a proposal to the Council for a fine, on a case of misrepresentation of statistics in Austria.

PLSA & Sustainalytics Publish Report Examining ESG Risk In Default Funds: On Tuesday, the Pensions and Lifetime Savings Association (PLSA) released its newly commissioned study into the environmental, social and governance (ESG) risks facing members of default funds offered by defined contribution (DC) pension schemes in the UK.


Investors with $3trn sign up to defend SEC conflict minerals rule: The group of investors campaigning to support the implementation of Section 1502 of the Dodd Frank Act have so far gathered the support of over 100 peers representing more than $3.75trn in assets under management, including international names such as Legal & General, HSBC Global Asset Management and Robeco.

Socially conscious investors are increasing their financial backing since Trump's presidency: More Americans, especially millennials, are interested in investing in sustainably minded companies that hold a tangible connection with their social values. Robert Johnson, president and CEO of American College of Financial Services in Bryn Mawr, Pennsylvania, predicts the election of President Donald Trump will be a "boon for impact and socially responsible investing."

Investors with $3trn sign up to defend SEC conflict minerals rule: The group of investors campaigning to support the implementation of Section 1502 of the Dodd Frank Act have so far gathered the support of over 100 peers representing more than $3.75trn in assets under management, including international names such as Legal & General, HSBC Global Asset Management and Robeco.

UN climate chief calls on finance sector to show sustainability leadership: The finance industry should adopt a leading role in promoting sustainable development, according to the head of the UN’s office on climate change. “We need clear leadership on sustainability by the financial industry,” Patricia Espinosa, executive secretary of the UN Framework Convention on Climate Change (UNFCCC), told a seminar at the London School of Economics. “Those who control capital must develop a firm grasp of the connection between sustainability and long-term economic growth potential”.

Government pension scheme begins ditching oil and gas investments: A giant pension scheme with more than 4 million members is shifting almost 10% of its investments into a new climate change fund designed to move people’s money out of fossil fuels and into renewable energy.