Co-organised by the OECD and UNEP, this side event brought together representatives from government, academia, industry, and international organisations to explore the adequacy or otherwise of the concept of fiduciary duty for investors (or other similar types of obligation) in the light of the systemic changes required by an effective response to climate change.
Specifically, debates addressed the question of whether guidelines are needed in respect of standards of care (including the ‘prudent person’ or ‘prudent expert’ rules, and fiduciary duty where applicable) and the governance of institutional investments to ensure that climate change-related risks and green finance opportunities are adequately and appropriately considered, and whether investors have access to the necessary tools for such analysis.
This would both parallel and complement action proposed on corporate carbon disclosure.
Chair: Adrian Blundell-Wignall, OECD
Donald MacDonald, IIIGCC and BTPS Board
Fiona Reynolds, PRI
Nick Robins, UNEP Climate Finance Initiative
Achim Steiner, UNEP
Steve Waygood, Aviva Investors
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