New legislation is needed to push pension trustees and asset managers to consider ESG factors within their legal duty to beneficiaries, as well as ensuring trustees are up to standard, ShareAction had said.
The responsible investment-focused charity will today (5 November) propose a ‘responsible investment bill' to MPs at an event held in collaboration with the All-Party Parliamentary Group (APPG) on Sustainable Finance. The proposed bill would strengthen the legal duties of fiduciary investors to act in the best interests of members by mandating that ESG is fully considered. If enacted, funds - including default funds - would need to align with the Paris Agreement goal to limit climate change to below 2°C. Liberal Democrats leader and APPG chairman Sir Ed Davey said the bill would be "...
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