ESG transparency and disclosures

Context

An ambitious and complex transition plan is required to achieve the goals of the EU Green Deal, which are to transform the EU “into a fair and prosperous society, with a modern, resource-efficient and competitive economy where there are no net emissions of greenhouse gases in 2050 and where economic growth is decoupled from resource use,” and “protect, conserve and enhance the EU’s natural capital, and protect the health and well-being of citizens from environment-related risks and impacts”.

Indeed, the challenge there is to go far beyond the beneficial mobilisation of NGOs, large asset managers, banks or insurance groups, big caps and policy makers, in order to definitively mainstream the ESG initiative and even achieve a generalised timely appropriation of related stakes and opportunities, which are necessary to engage and deliver the deep changes required.

One challenge there are Small- and Mid-Caps (SMIDs), which bring an essential contribution to the EU economy. According to a Eurofi working group that worked with the financial ecosystem of French SMIDs, this requires formal public policies intended to support the SMIDs implementing ESG approaches, improve ESG data accessibility and quality, preserve and develop the financial service providers able to monitor SMIDs’ extra-financial performance, and finally improve the access to finance of the SMIDs engaged in an ESG approach.

More generally some essential policy initiatives are urgently required to address the so-called data challenge and preserve the EU specificities regarding ethics, culture and approach to sustainability.

Eurofi documents

Extracted from the main Eurofi publications (Regulatory Updates, Views Magazines and Conference Summaries)

Evert van Walsum - European Securities and Markets Authority (ESMA) | Mark T. Uyeda - U.S. Securities and Exchange Commission (SEC) | Jos Heuvelman - Dutch Authority for the Financial Markets (AFM) | David Henry Doyle - S&P Global | Stéphane Janin - AXA Investment Managers | Thomas Behar - CNP Assurances | Fiona Melrose - Head of Group Strategy and ESG - UniCredit | Patricia Torres - Global Head of Sustainable Finance Solutions - Bloomberg

EU sustainability framework - February 2024

Sam Prestidge - International Financial Reporting Standards (IFRS) Foundation | George Theocharides - Chairman - Cyprus Securities and Exchange Commission | Carlo Comporti - Commissione Nazionale per le Società e la Borsa (CONSOB) | Sacha Sadan - Director of ESG - Financial Conduct Authority (FCA) | Daniela Marilungo - Head of International Public Policy - Bank of America | Cornelia Andersson - London Stock Exchange Group (LSEG)

Transition of financial activities towards net zero - September 2023

Richard Knox - HM Treasury | Takanori Sazaki - MUFG Bank, Ltd. | Benoît de La Chapelle Bizot - BPCE

Converging globally on sustainability standards - September 2023

Lee White - IFRS Foundation | Ugo Bassi - European Commission | Daniela Marilungo - Bank of America | Hirotaka Hideshima - Norinchukin Bank | Wang Lei - Bank of China (Europe) S.A.

Clarity and reliability of the sustainability framework - September 2023

Birgit Puck - Austrian Financial Market Authority | Shaneera Rasqué - Commission de Surveillance du Secteur Financier (CSSF) | Cornelia Andersson - London Stock Exchange Group (LSEG) | David Henry Doyle - S&P Global

Supporting the green transition - September 2023

Sylvie Goulard | Carlos Cuerpo Caballero - Ministry of Economy and Digitalization, Spain | Harald Waiglein - Federal Ministry of Finance, Austria | Gerassimos Thomas - European Commission | Javier Rodrigo Soler - Banco Bilbao Vizcaya Argentaria (BBVA) | Hani Kablawi - The Bank of New York Mellon | John Murton - Standard Chartered Bank

Avoiding greenwashing - April 2023

Natasha Cazenave - European Securities and Markets Authority (ESMA) | Fausto Parente - European Insurance and Occupational Pensions Authority (EIOPA) | Jos Heuvelman - Dutch Authority for the Financial Markets | Wang Lei - Bank of China (Europe) S.A. | Melissa Ocampo - SMBC Bank International Pl | Anna Green - Sweden Branch - Zurich Insurance | Sherry Madera - Mastercard

Transition of financial activities towards net zero - April 2023

Derville Rowland - Central Bank of Ireland | Eva Wimmer - Federal Ministry of Finance, Germany | Shinichi Tsunoda - Mizuho Financial Group, Inc. / Mizuho Bank, Ltd. | Hacina Py - Société Générale | Thomas Béhar - CNP Assurances | Matteo Del Fante - Poste Italiane

ESG issues in the asset management area - April 2023

Marco Zwick - Commission de Surveillance du Secteur Financier (CSSF) | Julia Symon - Finance Watch | David Henry Doyle - S&P Global | Laurence Caron-Habib - BNP Paribas Asset Management

Sustainability reporting standards global convergence - April 2023

Sue Lloyd - International Sustainability Standards Board (ISSB) | Daniela Stoffel - Ministry of Finance, Switzerland | Laurence Rivat - Deloitte | Hirotaka Hideshima - The Norinchukin Bank

Sustainability risk in the EU banking sector - September 2022

Neil Esho - Basel Committee on Banking Supervision | Kerstin af Afjochnick - European Central Bank | Tomoko Amaya - Financial Services Agency | José Manuel Campa - European Banking Authority | Stefano Cappiello - Ministry of Economy and Finance, Italy | Diony Lebot - Société Générale | Laurence Dubois - Deloitte

Sustainability risks and challenges in insurance - September 2022

Alberto Corinti - Italian Insurance Supervisory Authority | Romain Paserot - International Association of Insurance | Andrew Mais - National Association of Insurance Commissioners | Fausto Parente - European Insurance and Occupational Pensions Authority | Renaud Guidée - AXA Group | Gerardo Di Filippo - Generali

Clarifying the sustainable investment universe - September 2022

Carlo Comporti - Commissione Nazionale per le Società e la Borsa | Paul Tang - European Parliament | Birgit Puck - Austrian Financial Market Authority | Benoît de Juvigny - Autorité des Marchés Financiers | Natalie Westerbarkey - Fidelity International | Christina Papaconstantinou - Bank of Greece | Jessica Ground - Capital Group

Coexistence of sustainability reporting standards - September 2022

Sébastien Raspiller - Ministry of the Economy, Finance and Industrial and Digital Sovereignty, France | Sue Lloyd - International Sustainability Standards Board | Marcel Haag - European Commission | Julia Haake - Moody’s | Masamichi Kono - MUFG Bank, Ltd | Rami Feghali - PricewaterhouseCoopers Advisory

Corporate sustainability reporting challenges in the EU - February 2022

Sébastien Raspiller - Ministry of the Economy, Finance and Recovery, France | Arne Staal - London Stock Exchange Group | Julia Haake - Moody’s ESG Solutions | Roman Sauer - Allianz SE | Mary Schapiro - Task Force on Climaterelated Financial Disclosures | Fabrice Demarigny - Mazars

Sustainability trends in asset management - February 2022

Martin Moloney - International Organization of Securities Commissions | Natasha Cazenave - European Securities and Markets Authority | Paul Tang - European Parliament | Robert Ophèle - Autorité des Marchés Financiers | Natalie Westerbarkey - Fidelity International | Stéphane Lapiquonne - BlackRock | Elizabeth Gillam - Invesco | Elodie Laugel - Amundi

Emerging ESG challenges - February 2022

Economic and stability challenges

Digitalisation and technology

Capital market regulation

Banking and insurance regulation

Sustainability challenges

Payments and AML

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ESG transparency and disclosures

ESG transparency and disclosures

Context

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