Published July 2017
The PRI, UNEP FI and The Generation Foundation have published the Germany Roadmap which builds on the report Fiduciary Duty in the 21st Century.
Many industry experts involved in this study indicated that ESG integration in Germany is on average less advanced than in neighbouring France, the Netherlands, the UK and Scandinavia. Despite this, momentum is growing with initiatives such as the Frankfurt Declaration galvanising the finance industry.
The Federal Government has taken several actions to address levels of ESG integration, including commissioning analysis on financial stability risks relating to climate change.
To encourage full integration of ESG issues across German capital markets, the roadmap has made recommendations based on four priority themes: Government leadership, legal clarity and consistency on ESG integration for institutional investors, guidance for fund managers, and high quality disclosure of ESG factors by investors as part of the implementation of the CSR directive.
The recommendations in the roadmap draw on 25 interviews with key German stakeholders. The roadmap also identifies policy examples from other mature financial markets, such as the US, UK and Canada, and importantly, at the European-level which have been the subject of other country roadmaps of our fiduciary duty project.