In a press release published on February 18, 2016 the United Nations Principles for Responsible Investment (PRI), the United Nations Environment Program Finance Initiative (UNEP FI) and The Generation Foundation announced “a three year project to mobilize investors to uphold the full remit of fiduciary duty and take full account of material sustainability factors in investment practices. The project will engage asset owners, asset managers and policy makers across national and international jurisdictions to harmonize a global understanding of fiduciary duty which incorporates sustainability.
Building on the findings of the UNEP, PRI and UN Global Compact report Fiduciary Duty in the 21st Century, published in 2015, this project will focus on three primary objectives:
- To encourage governments and regulatory agencies in the eight jurisdictions covered in the 2015 report (Australia, Brazil, Canada, Germany, Japan, South Africa, the UK and US) to clarify the scope of fiduciary duty such that investors must take explicit account of environmental, social and governance issues in their investment practices and proactively engage with companies on these issues.
- To extend the original report’s analysis to key Asian markets: China (including Hong Kong), India, Malaysia, Singapore and South Korea. Developing country strategy plans for each of these jurisdictions and implementing country-specific recommendations accordingly.
- To develop an international statement on fiduciary duty and sustainable development which would create a cohort of signatories committed to integrating sustainability into their fiduciary duties.”
You may read the press release on the press page of the PRI internet site.