Recommendations
1. Revision of the UK Investment Regulations including:
3. Expansion of the FCA asset-management market study. Guidance to be issued by The Pensions Regulator (TPR) to help trustees review advice from and performance of asset consultants
4. Development of a common disclosure framework and metrics for reporting material ESG factors relevant to investors
5. Enhancement of ESG consideration and governance in DC schemes
- clarifying that ESG factors are a core art of prudent investment decision-making
- clarifying that use of shareholder rights is in beneficiaries' best interests
- reporting on how investors implement statements of investment policies
3. Expansion of the FCA asset-management market study. Guidance to be issued by The Pensions Regulator (TPR) to help trustees review advice from and performance of asset consultants
4. Development of a common disclosure framework and metrics for reporting material ESG factors relevant to investors
5. Enhancement of ESG consideration and governance in DC schemes
Implementation
Next Steps and PartnersImmediate steps the project team will take forward to support the recommendation.
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Revision of the UK Investment Regulations
The transposition of the IORP II Directive gives the Department of Work and Pensions (DWP) and opportunity to revise the Investment Regulations consistent with our recommendation.
PRI may use its ‘collaboration platform’ (tbc) to engage the DWP. |
The IORP II Directive must be implemented into UK law by December 2018, with compliance expected to be by end of 2019.
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FCA asset-management market study. Guiance to be issued by The Pensions Regulator (TPR)
The project team to address this recommendation in connection with PRI's sustainable financial system programme.
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Starting June 2017.
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Enhanced consideration of ESG factors and stronger governance arrangements in defined-contribution (DC) schemes.
The project team to engage following release of government’s “Independent Governance Committee” review in April 2017. Work plan to be decided.
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Starting June 2017.
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There are no immediate plans to support the other recommendations at this time.