Asset Managers Launch Joint Appeal to Get EU to Rework ESG Rules
- EU’s proposed reporting standards are seen as too weak
- Push comes amid stringent reporting rules for finance industry
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Asset managers have launched a coordinated appeal to get the European Union to rework planned ESG reporting rules, as investors worry the current proposal doesn’t give them the data they need to make informed decisions and avoid greenwashing.
Close to 100 European investment managers and banks have teamed up with ESG fund associations and a United Nations-backed network of financial firms to put pressure on the EU to tighten an existing proposal for the Corporate Sustainability Reporting Directive. Once passed, the law will determine how much environmental, social and governance data about 50,000 companies need to disclose to investors and other stakeholders.