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Consultation Responses01 May 2024
ShareAction submission to FRC on the Stewardship Code Review
We remain concerned about weakening regulatory and policy maker expectations around stewardship, at a time of diminishing standards in practice, both in the UK and internationally. In this response to the Stewardship Code review by the FRC, we state our desire to see an ambitious Stewardship Code, driving effective corporate engagement.
Report26 March 2024
ShareAction, E3G and WWF joint report "Investing in Europe's Prosperity: a vision for financing the transition to sustainability 2024-2030"
The joint report outlines the key role played by financial regulation to mobilise private and public finance for the transition towards a more sustainable economy, and puts forward specific recommendations for European policymakers ahead of the European elections in June. These recommendations build on the content of the ERIN Manifesto launched in October 2023 and if implemented would allow for targeted but decisive action in the private and public finance sectors ahead of 2030 to achieve the objectives of the European Green Deal.
Briefing18 March 2024
From Policy to Preservation: Why the UK Government should introduce mandatory reporting against the TNFD
The Taskforce on Nature-related Financial Disclosures (TNFD) is a disclosure framework designed to help companies and financial institutions to identify their risks, impacts and dependencies on nature. The financial sector has a pivotal role to play in addressing the biodiversity crisis, but many institutions have failed to embed nature within their decision making. This briefing shows the need for increased ambition in enshrining nature protection within UK policy, beginning with sector wide mandatory disclosures against the TNFD, to align with the UK Government’s preexisting commitment to Target 15 of the Global Biodiversity Framework and its ambition to become a global leader on nature conservation.
Consultation Responses05 September 2023
ShareAction response to Pension trustee capability call for evidence
ShareAction and Impact Investing Institute’s joint-submission to DWP’s call for evidence on trustee capabilities, in which we call for statutory redefinition of savers’ “best interests” to ensure pensions savings are aligned with a sustainable future.
Briefing04 September 2023
ShareAction Briefing on Investor due diligence obligations in the CSDDD
ShareAction has produced a briefing on investor due diligence obligations in the Corporate Sustainability Due Diligence Directive (CSDDD). The trilogue negotiations on the CSDDD are an opportunity to establish due diligence obligations for financial and non-financial companies across the EU market. With global temperatures rising and inequalities increasing, there is an urgent need for investors to conduct meaningful due diligence to adequately manage sustainability risks across their value chains and support strong human rights and environmental protection. This briefing shows that the concept of due diligence is not novel to investors, but common standards are lacking.
Consultation Responses16 August 2023
ShareAction response to Smarter regulation non-financial reporting review: Call for evidence
ShareAction responded to the Smarter Regulation Non-Financial Reporting Review: Call for Evidence. We welcome the government taking a fresh look at the body of requirements companies need to comply with to ensure that the UK’s corporate reporting framework continues to deliver what investors and other stakeholders need to support economic growth and long-term value creation. While we agree that non-financial information prepared by companies is useful, we have made several recommendations specifically regarding the reporting requirements for social issues.
Consultation Responses07 July 2023
European Sustainability Reporting Standards (ESRS) consultation response
ShareAction welcomes the publication of the draft Delegated Act on the European Sustainability Reporting Standards by the European Commission and appreciates the opportunity to provide feedback. Sustainability reporting is critical for ensuring that companies provide information on the risks and impacts they have on environmental, social and governance matters, which increases transparency and provides clarity to investors. This being said, we want to express our concerns about the significant changes made by the European Commission to the technical draft presented by EFRAG and the overall lowering of the level of ambition compared to what was agreed by the co-legislators when defining the CSRD. Considering the centrality of the reporting standards to the implementation of the EU sustainable finance agenda and transformation of the economy to meet the objectives of the EU Green Deal, we call on the European Commission to maintain the integrity of the ESRS as a full set of standards and prevent some standards being prioritised over others.
Consultation Responses04 July 2023
ShareAction response to the Joint Consultation Paper on the review of SFDR Delegated Regulation
ShareAction welcomes the suggested improvements to the delegated Sustainable Finance Disclosure Regulation, especially with regards to indicators to cover social aspects. We have however suggested recommendations on how to strengthen the proposed mandatory social indicators investors will have to report on.
Joint Statement27 June 2023
Open Letter for a Social Taxonomy
Together with 12 other NGOs, we have sent a letter to EU Commissioners McGuinness and Schmit to urge them to follow up on the work on the Social Taxonomy, as mandated by the EU Taxonomy Regulation. The Commission was supposed to publish a report describing the provisions needed to cover social objectives by 31 December 2021, but so far it did not. Building on the progress achieved in recent sustainability initiatives as well as on the report published one year ago by the Platform on Sustainable Finance and pointing at the several merits of a social dimension for the EU Taxonomy, we call on the Commission to not to lose sight of this important work.
Consultation Responses22 May 2023
Consultation paper on technical advice for the review of the IORP II Directive
ShareAction welcomes EIOPA's draft advice addressing proportionality, information and duty of care to members and beneficiaries, sustainability, and diversity and inclusion, which represents a first step to ensure IORPs are subjected to similar provisions as other actors in the financial system. Nonetheless, we believe that more ambition is needed to generate meaningful impact, especially with regards to sustainability. We have provided several suggestions on how to ensure consistency with other legislation, and mainstream sustainability across the different sections of this consultation paper.
