Topic: ESG

Fragmentation concerns raised over EU’s climate disclosure approach

Japanese and US banking industry bodies have warned that ambitious EU moves towards sustainability disclosures – including a newly-finalised taxonomy and new standards for Pillar 3 disclosures – risk creating a fragmented global framework and “exporting” its model to non-EU institutions.

07 June 2021

Singapore consults on corporate governance

Singapore’s regulatory authority is consulting on revised corporate governance guidelines for financial institutions, as regulators in Malaysia, Hong Kong and Japan emphasise sustainability and diversity in their own recent corporate governance overhauls.

12 May 2021

UN launches bank climate alliance as US Republicans decry regulators’ “abuse of power”

Over 40 of the world’s largest banks have joined a United Nations-led pact to achieve carbon neutrality by 2050, as several Republican lawmakers call the Biden administration’s push to put bank regulators at the forefront of the climate transition “political rhetoric masquerading as risk management”.

27 April 2021

EU and UK target greenwashing with sustainability proposals

UK lawmakers have urged the country’s financial regulator to ramp up efforts to tackle greenwashing, as the European Commission announces proposals to require large international banks to comply with higher sustainability reporting requirements.

23 April 2021

Existing risk categories can capture climate risk drivers, Basel says

The Basel Committee on Banking Supervision says it has “not found any evidence” to support the creation of a separate risk category to address the drivers of climate risk – but indicates there will need to be more “granular” measurement of the changing climate’s impact on banks’ actual exposures.

16 April 2021

Brazilian climate risk proposals will be “a journey and a process”

Brazil’s banking regulator has proposed that financial institutions include more detailed climate-related losses in their risk management policies, but a “stark lack of diversity” at board level could hamper banks’ progress.

13 April 2021

EU releases BlackRock ESG report despite “clear risk” of conflict of interest

The EU has released a report conducted by BlackRock on integrating environmental, social and governance (ESG) factors into banking regulation, despite the European Ombudsman warning of a “clear risk” that the asset manager’s interests could influence the outcome in its own favour.

16 December 2020

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