Landmark Guidance Document for Pension Managers released by UNEP

On October 8, at the Annual Meetings of the Boards of Governors of the International Monetary Fund and the World Bank Group in Lima, the United Nations Environment Program (UNEP) released the final report of the Design of a Sustainable Financial System Inquiry, titled The Financial System We Need, capping UNEP research stream that dates back to 2005. The documents produced include Fiduciary Responsibility in the 21st Century (September) , an analysis of investment practice and fiduciary duty in Australia, Brazil, Canada, Germany, Japan, South Africa, the UK and the US. “This report is a landmark piece in the global dialogue…By clearly defining the full remit of fiduciary duty and providing recommendations for how it should be implemented, this work serves as a definitive guide for any fiduciary unsure of the role that sustainability should play in their decision-making process”.

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