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Joint Statement10 March 2025
Joint statement reacting to EU Omnibus proposal
ShareAction signed a joint statement with over 360 organisations from more than 50 countries, opposing the European Commission’s Omnibus proposal published on 26 February. The proposal threatens to dismantle critical sustainability laws, including the Corporate Sustainability Due Diligence Directive (CSDDD), the Corporate Sustainability Reporting Directive (CSRD), and EU Taxonomy. These laws are essential for holding companies accountable for human rights abuses, environmental harm, and ensuring transparent sustainability reporting. The Omnibus proposal weakens corporate accountability, reduces access to justice for victims, and removes key sustainability obligations for businesses. If passed, it will undermine the EU’s Green Deal and its ambition to lead on climate action and human rights protections. We call on the European Parliament and Council to reject this damaging proposal and ensure that corporate sustainability laws remain strong and effective.
Consultation Responses06 March 2025
ShareAction response to Savings and Investment Union (SIU) consultation
The Savings and Investment Union (SIU) is presented as a potential solution for boosting EU competitiveness and supporting the green and digital transition. However, its current design may worsen climate change, threaten financial stability, and deepen inequalities. In our response to the European Commission’s consultation, we highlight key concerns: the lack of strong sustainability incentives could delay the green transition; reviving securitisation risks increasing the vulnerability of the financial sector by facilitating investments in harmful activities and increasing complexity, opacity, and interconnectedness; and the SIU could disproportionately benefit wealthy Europeans, further excluding those with limited financial access and literacy.
Consultation Responses25 February 2025
ShareAction response to the UK Green Taxonomy consultation
ShareAction’s response to the Green Taxonomy consultation, which focuses on the need for private investment to drive the transition to net-zero emissions. We emphasised the need for clear, science-based standards that guide sustainable investment decisions and reduce greenwashing, while supporting the Government to overcome existing investment bottlenecks and position the UK as a global leader in sustainable finance.
Consultation Responses25 February 2025
ShareAction response to HM Treasury’s captive insurance consultation
ShareAction’s view is that deregulation of captive insurance is ill-advised as this could undermine the UK’s efforts to combat climate change as well as the broader stability of our financial system. ShareAction therefore considers that firms and activities relating to fossil fuels should be excluded from any planned relaxation of the rules.
Consultation Responses24 February 2025
ShareAction response to EIOPA consultation on sustainability risk plans
ShareAction welcomes EIOPA’s proposal for Regulatory Technical Standards on sustainability risk plans for insurers, which will help insurers better assess and mitigate sustainability-related financial risks. In our consultation response, we support EIOPA’s clarification of transition planning under EU legislation and its integration of double materiality in risk management. However, we urge EIOPA to take a truly long-term view of sustainability risks and warn against the Omnibus simplification package, which could weaken disclosure requirements and their link to emission reduction plans.
Consultation Responses20 February 2025
ShareAction response FRC Stewardship Code
ShareAction’s response to the UK Stewardship Code review, which calls on the FRC to maintain the link between stewardship and environmental and social factors by retaining the existing definition of stewardship
Joint Statement12 February 2025
Joint letter to Commissioner Albuquerque over the European Commissions' 2025 work plan
Following the release of the European Commission’s 2025 work plan, ShareAction and 21 organisations and experts sent a letter to Commissioner for Financial Services Maria Luís Albuquerque, urging immediate action to raise capital requirements for fossil fuel assets. In a report published on 7 November 2024, and endorsed by the 27 national insurance supervisors, the European Insurance and Occupational Pensions Authority (EIOPA) confirmed that stocks and bonds linked to unsustainable activities—particularly fossil fuels—pose higher financial risks. EIOPA recommended that the Commission act to address these risks and safeguard financial stability. Yet, the Commission’s work plan fails to include any initiative on this issue, despite its critical role in protecting both the financial system and public trust in insurers to manage future risks.
Consultation Responses24 January 2025
ShareAction’s response to the Pensions Review DC Consultation
ShareAction has submitted a consultation response to the DWP and HMT. We support the aim of fewer, bigger, better-run schemes and driving more productive investment in the UK, however we want the government to ensure that this delivers tangible benefits to pensions savers. We recommend clarification of the law in relation to fiduciary duty and we urge HMT to expedite plans to regulate all activities of investment consultants. We also note concerns about the delay to phase two of the pensions review and the need for broader pensions reforms, including to ensure pensions adequacy and to support green investment.
Consultation Responses24 January 2025
ShareAction’s response to the Pensions Review LGPS Consultation
ShareAction has submitted a consultation response to the Ministry of Housing, Communities and Local Government (MHCLG) urging the regulation of investment consultants. Proposed changes to LGPS arrangements will lead to bigger pools which will be regulated by the FCA but which may be obtaining advice from investment consultants who are not regulated.
Joint Statement14 January 2025
Joint statement on EU Omnibus proposal
ShareAction has joined 160+ organizations to oppose the European Commission's proposal to amend three key pillars of the European Green Deal through an Omnibus law: the Corporate Sustainability Due Diligence Directive (CSDDD), the Corporate Sustainability Reporting Directive (CSRD), and the Taxonomy Regulation. These changes risk undermining corporate accountability, human rights, and environmental protections at a critical time. We call on the European Commission to protect these laws, stick to the timeline for their implementation, and ensure full transparency on the Omnibus process.
