• Cabinet
  • Bureaux
  • Carrières
  • Nouvelles
  • Étudiants
  • Anciens
  • Paiements
  • EN | FR
Background Image
Bennett Jones Logo
  • Équipe
  • Services
  • Ressources
  • Recherche
  • EN Menu
  • Recherche mobile
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Voir tout
Domaines de pratique
Droit des sociétés Litiges Affaires réglementaires Droit fiscal Voir tout
Secteurs
Projets d’investissement Énergie Fonds et finances Mines Voir tout
Enjeux Strategiques
Gestion des crises et des risques Stratégie et solutions ESG Affaires gouvernementales et politiques publiques
Consultez les mandats représentatifs
Expérience internationale
Perspectives Nouvelles Événements S’abonner
Aperçu trimestriel sur les fusions et acquisitions Quarterly Fintech Insights Série sur la nouvelle économie de l’énergie L'ESG et le DSI
Angle d'arbitrage Balado « Business Law Talks » Perspectives économiques Actions collectives : Regarder vers l’avenir
Équipe
Domaines de pratique
Secteurs
Enjeux Strategiques
Mandats représentatifs
Cabinet
Bureaux
Nouvelles
Carrières
Perspectives
Étudiants
Événements
Recherche
Anciens
Paiements
S’abonner

Restez au fait des dernières nouvelles et de nos événements dans le domaine des affaires et celui du droit.

LinkedIn LinkedIn Twitter Twitter Vimeo Vimeo
 
Blogue

CFA Institute Publishes First Global ESG Disclosure Standards

16 décembre 2021

Écrit par Denise Bright, Suzana Lobo and Oliver Loxley

The CFA Institute has published the first Global ESG Disclosure Standards for Investment Products (the Standards) in relation to environmental, social and governance (ESG) issues in investment products, to allow stakeholders to understand, compare and evaluate how objectives, strategies and stewardship are considered. The Standards are intended to address current issues with ESG investing, such as inaccurate disclosure practices, and aim to support investors with complete, reliable, consistent, clear and accessible information. The Standards have been designed to accommodate the full range of investment vehicles, asset classes and ESG approaches offered in markets around the world.

Guiding Principles for Investment Product ESG Disclosures

The new Standards are ethical requirements based on the principles of fair representation and full disclosure, with a focus on disclosing how an investment product considers ESG issues; however, compliance with the Standards is voluntary. Confidence among investors in Standards compliant ESG Disclosure Statements and the validity of disclosure is derived from adequate internal controls. In order to claim a compliant disclosure statement, an investment manager must ensure that it has satisfied all the applicable requirements of the Standards either independently or through third-party assurance.

The Standards do not address corporate ESG reporting; firm-level ESG disclosures (with an exception related to stewardship activities); naming, labeling, or rating of investment products; or the content of investment products’ periodic reports.

Fundamentals of Compliance

The CFA Institute outlines 10 required fundamentals of compliance for ESG Disclosure Statements by investment managers. Requirements cover the following areas:

  • compliance with laws and regulations as well as interpretive guidance;
  • the minimum one year time period a Statement must cover, or period since inception if the product has not existed for one year;
  • documentation of policies and procedures and maintenance of documents and records
  • notifying the CFA Institute of the use of its Standards;
  • making Statements available to investors;
  • submitting ESG Standards Compliance Notification Form; and
  • updating an investment product's ESG Disclosure Statements.

The only recommended fundamental of compliance is that investment managers should obtain independent assurance on their ESG Disclosure Statements

Requirements of ESG Disclosures

As mentioned in the fundamentals of compliance, all of the Standards' requirements are mandatory in order to claim Standards compliance on an ESG Disclosure Statement. They are divided into the following nine categories:

  • General;
  • Sources and Types of ESG Information;
  • Systematic Consideration of Financially Material ESG Information in Investment Decisions;
  • ESG Investments Universe;
  • Screening;
  • Portfolio-Level ESG Characteristics;
  • Portfolio-Level Allocation Targets;
  • Stewardship Activities; and
  • Environmental and Social Impact Objectives.

The full list of requirements can be found on the CFA Institute website. There are currently no listed recommendations for Investment Product ESG Disclosures.

ESG Terminology Recommendations and Additional Guidance

The CFA Institute has published recommendations for terms and definitions related to ESG approaches in investment products.. It is beneficial to use plain language whenever possible to describe an investment products' ESG approach and avoid using specialized terms without defining them. It is recommended that investment managers define the following terms when preparing ESG Disclosure Statements:

  • ESG Integration;
  • Screening;
  • Thematic and Sustainability-Themed Investing; and
  • Impact Investing.

The Standards provide definitions and references for each term, as well as a separate glossary for other definitions specific to the Standards. Four sample ESG Disclosure Statements are also provided in an appendix to demonstrate how the requirements and recommendations can be met by various investment products. Additionally, an appendix is included to provide examples of the applicability of provisions when specific ESG approaches are used in an investment product in a specific manner. The examples should only be used as a guide as many investment products use a combination of ESG approaches.

Next Steps

The CFA Institute has announced that it will publish (i) a handbook on the explanation of the provisions and interpretive guidance, (ii) assurance procedures that will enable independent assurance of ESG Disclosure Statements; and (iii) an optional ESG Disclosure Statement Template that will standardize the format of ESG Disclosure Statements for easier comparison, all to be issued on or before May 1, 2022.

If you have any questions about the new guidance, or any aspects of disclosure relating to ESG, please contact any of the authors to discuss.

Télécharger le PDF

Auteur(e)s

  • Denise D. Bright Denise D. Bright, Associée
  • Suzana A. Lobo Suzana A. Lobo, Associée
  • Oliver  Loxley Oliver Loxley, Associé

Arbitration Angle: Curated Insights from 2023

Liens connexes

  • Insights
  • Media
  • Subscribe

Articles récents

Blogue

Update on Alberta's Renewables Pause: Expert Recommendations [...]

29 novembre 2023
       

Blogue

Changes to Ontario's Employment-Related Legislation Have Arrived

28 novembre 2023
       

Blogue

How Canadian Investment Can Help Rebuild Ukraine

27 novembre 2023
       

Blogue

B.C.'s International Opportunity in Clean Technology

24 novembre 2023
       

Blogue

Employee Ownership Trusts—Improved Tax Incentives Announced

24 novembre 2023
       
Bennett Jones Centennial Footer
Bennett Jones Centennial Footer
Cabinet
  • Leadership
  • Diversité
  • Communauté
  • Innovation
  • Sécurité
  • Historique
Bureaux
  • Calgary
  • Edmonton
  • Montréal
  • Ottawa
  • Toronto
  • Vancouver
  • New York
Se connecter
  • Perspectives
  • Nouvelles
  • Événements
  • Carrières
  • Étudiants
  • Anciens
S’abonner

Restez au fait des dernières nouvelles et de nos événements dans le domaine des affaires et celui du droit.

LinkedIn LinkedIn Twitter Twitter Vimeo Vimeo
© Bennett Jones LLP 2023. Tous droits réservés. Traduction alimentée par l’IA.
  • Politique de confidentialité
  • Avis de non-responsabilité
  • Conditions d’utilisation
Logo Bennett Jones