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Les devoirs fiduciaires ouverts à l’ISR

Le programme des Nations unies pour l’environnement a publié dans le cadre de ses travaux Inquiry into the Design of a Sustainable Financial System une série de rapports. L’un d’eux nous intéresse tout particulièrement. Il s’agit du rapport « The Fiduciary Duty in the 21st Century » qui explore le contenu des devoirs fiduciaires de manière comparative et qui a démontré qu’il n’y a aucun obstacle pour les fonds d’investissement à investir les champs environnementaux, sociaux et de gouvernance.

Dans ce rapport, les préconisations suivantes sont faites…

In particular, policymakers and regulators should:

Clarify that fduciary duty requires investors to take account of ESG issues in their investment processes, in their active ownership activities, and in their public policy engagement

Strengthen implementation of legislation and codes, clarifying that these refer to ESG issues, and require investor transparency on all aspects of ESG integration, supported by enhanced corporate reporting on ESG issues

Clarify the expectations of trustees’ competence and skill and support the development of guidance on investor implementation processes, including investment beliefs, long- term mandates, integrated reporting and performance

Support efforts to harmonise legislation and policy instruments on responsible investment globally, with an international statement or agreement on the duties that fduciaries owe to their benefciaries. This statement should reinforce the core duties of loyalty and prudence, and should stress that investors must pay attention to long-term investment value drivers, including ESG issues, in their investment processes, in their active ownership activities, and in their public policy engagement

À la prochaine…

Ivan Tchotourian