PensionsEurope response to European Commission consultation on the renewed sustainable finance strategy

PensionsEurope submitted its response to the European Commission consultation on the renewed sustainable finance strategy. You can find our comments here.

In this consultation, the Commission opens the debate on a broad range of relevant questions such as the potential extension of the EU Taxonomy to social objectives and the potential adoption of a Brown Taxonomy, the establishment of a common EU ESG database, as well as other issues related to sustainability ratings, ESG accounting standards, EU green bonds, benchmarks and potential actions to mitigate short termism.

The consultation also includes a section on the specific case of IORPs. In view of the review of the IORP II Directive planned in 2023, the consultation paves the way for the introduction of new mechanisms to further improve the integration of members’ and beneficiaries’ ESG preferences in the investment strategies and the management and governance of IORPs as well as other considerations to improve ESG integration and reporting beyond what is currently required by the regulatory framework.