UNEP FI, PRI and The Generation Foundation have launched the Australia roadmap, following consultation with investors, policy makers, lawyers and in collaboration with the Australian Council of Superannuation Investors (ACSI). The roadmap makes a series of recommendations covering both policy and practice that will allow a fiduciary to fully integrate Environmental, Social and Governance (ESG) risks.
Considering the relationship between fiduciaries and their beneficiaries, the roadmap focuses on APRA, the Australian Prudential Regulation Authority. It recommends clarification of SPG 530, and in particular, clarification that ESG issues are material to risk and return analysis. Also reflected in the roadmap is a recommendation that stewardship expectations could be formalised through the development of a stewardship code.
More information about the Fiduciary Project: www.fiduciaryduty21.org