The paper presents the findings of an international stock-taking of the regulatory frameworks that apply to institutional investment in different jurisdictions and how these frameworks are interpreted by institutional investors in terms of their ability or responsibility to integrate ESG factors in their governance processes. It builds on OECD work on the regulation of insurance company and pension fund investment and is linked to OECD instruments, in particular the OECD Principles of Private Pension Regulation and the G20/OECD High-Level Principles of Long-term Investment Financing by Institutional Investors. It also supports the OECD's work on responsible business conduct which aims to assist multinational enterprises in the financial sector in applying the OECD Guidelines for Multinational Enterprises