autres publications normes de droit
USA : le secrétaire du travail encourage l’ISR
Ivan Tchotourian 27 février 2016
Aux Etats-Unis, US SIF a commenté il y a quelques mois (« US SIF Commends Department of Labor Repeal of 2008 Bulletin Discouraging Fiduciaries from Incorporating Social and Environmental Investment Factors », 22 octobre 2015) l’annonce faite par le secrétaire du travail (Tom Perez) que l’administration comptait revenir sur un Bulletin de 2008 dans lequel les investisseurs étaient découragés de prendre en considération les facteurs sociaux et environnementaux dans les sociétés et les fonds où ils plaçaient leur argent.
Pour en savoir plus : Department of Labor, Employee Benefits Security Administration, « Interpretive Bulletin Relating to the Fiduciary Standard under ERISA in Considering Economically Targeted Investments », 29 CFR Part 2509, RIN 1210-AB73.
This document sets forth supplemental views of the Department of Labor (Department) concerning the legal standard imposed by sections 403 and 404 of Part 4 of Title I of the Employee Retirement Income Security Act of 1974 (ERISA) with respect to a plan fiduciary’s decision to invest plan assets in “economically targeted investments” (ETIs). ETIs are generally defined as investments that are selected for the economic benefits they create in addition to the investment return to the employee benefit plan investor. In this document, the Department withdraws Interpretive Bulletin 08-01 and replaces it with Interpretive Bulletin 2015-01 that reinstates the language of Interpretive Bulletin 94-01.
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Ivan Tchotourian
autres publications normes de droit
Les devoirs fiduciaires ouverts à l’ISR
Ivan Tchotourian 15 septembre 2015
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
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Ivan Tchotourian
