National Bank of Canada

Company Profile National Bank of Canada serves the financial needs of individuals, businesses, institutional clients and governments across Canada. Founded in 1859, the Bank is one of Canada’s six systemically important banks and among the most profitable banks on a global basis by return on equity. Headquartered in Montreal, the Bank has more than 23,000 […]

Fiduciary Duty in the 21st Century: Launch of Canada Roadmap

                January 2017 The PRI, UNEP FI and The Generation Foundation have launched the Canada roadmap for Fiduciary Duty. The roadmap is the culmination of extensive consultation with regulators, investors, policy makers and attorneys across Canada. It makes a series of recommendations to enable the market-wide adoption of ESG integration. The recommendations address the following […]

Fiduciary Duty in the 21st Century: Australia, Brazil, Canada, UK and US Roadmaps

The PRI, The Generation Foundation and UNEP FI have launched a series of roadmaps as part of the Fiduciary Duty in the 21st Century initiative. The publications are the culmination of extensive consultation with regulators, investors, policy makers and attorneys across the countries. They make a series of recommendations to enable the market-wide adoption of ESG integration. The recommendations address the following core […]

Royal Bank of Canada

Company Profile Royal Bank of Canada (RBC) is Canada’s largest bank as measured by assets, and is one of North America’s leading diversified financial services companies. It provides personal and commercial banking, wealth management services, insurance, corporate and investment banking, and global transaction processing services. The company employs approximately 70,000 people who serve more than […]

A Legal Framework for Impact – Frequently Asked Questions

1. In two sentences, what is A Legal Framework for Impact?  It is a project to establish the extent to which legal and regulatory frameworks in 11 jurisdictions enable or encourage investors to consider the sustainability impact of their investments. We will release this analysis in a report in October 2020 as well as recommendations for how legislation and regulation can be changed or clarified to make investing for sustainability impact easier.  In the […]

A Legal Framework for Impact – About

Investors have a fiduciary duty to integrate financially material factors, including environmental, social and governance (ESG) factors. Meanwhile, the Paris Agreement and UN Sustainable Development Goals have ramped up investor awareness about global sustainability challenges. Investors are increasingly considering ‘impact duties’ – such as decarbonisation targets, commitments to quality of life, gender equality or integrating the impact […]

A Legal Framework for Impact

A legal framework for the consideration of sustainability impact in investor decision-making Within the next decade, assessing and accounting for the sustainability impact of investment decision-making needs to be a core part of investment activity. Launched in January 2019, the project, A Legal Framework for Impact, supports this transition. While the need to shift investors’ focus […]

BLOG: UNEP FI’s Eric Usher on how banks around the globe are helping customers and communities weather the COVID-19 storm

  UNEP Finance Initiative asked banks how they were responding to the needs of their customers and local communities during the COVID-19 crisis and more than forty of our members replied. We are collecting examples of the many different measures that our members are taking: UNEP FI Head, Eric Usher highlights just some of them […]

Signatories share responses to COVID-19

UNEP Finance Initiative is providing a platform for banks to exchange experiences and ideas as they take action to support society and businesses in this unprecedented crisis. To help support their customers and in turn communities in the most effective ways, UNEP Finance Initiative’s coalition of over 220 banks from over 60 countries has been […]

Adaptation Risks and Opportunities

CLIMATE ADAPTATION AND RESILIENCE IN A DIVERSE REGION The population of the Arab region is exceptionally diverse. Wealth disparities between the regional countries are among the highest in the world. While the annual per capita gross domestic product (GDP) of Qatar is just under $130,000, six countries in the region are Least Developed Countries (LDCs) […]

Canadian Members of UNEP FI Sign Statement of Support to the Final Report of the Expert Panel on Sustainable Finance

Several Canadian members of the United Nations Environment Programme Finance Initiative support the final recommendations of Canada’s Expert Panel on Sustainable Finance – Mobilizing Finance for Sustainable Growth. A statement that affirms financial institutions commitment to support the transition to a sustainable economy. The membership-led effort convened twelve organizations to affirm their commitment to mobilize […]


Vancity is a values-based financial co-operative serving the needs of its more than 534,000 member-owners and their communities in the unceded territories of the Coast Salish and Kwakwaka’wakw people, with 59 branches in Metro Vancouver, the Fraser Valley, Victoria, Squamish and Alert Bay. With $27.4 billion in assets plus assets under administration, Vancity is Canada’s […]

Groundbreaking work to assess real-world sustainability impact for investors: A Legal Framework for Impact

On 27 November 2019, United Nations Environment Programme Finance Initiative (UNEP FI), the Principles for Responsible Investment (PRI) and The Generation Foundation announced the launch of pioneering research with global law firm Freshfields Bruckhaus Deringer LLP (‘Freshfields’) to analyse whether and how legal frameworks allow for – and incentivise – investors to consider sustainability impact […]


Angelique Bayot is a French business school graduate (Grenoble Ecole de Management), and holds an Advanced Master Degree in Insurance from ESSEC business school and an MBA from Ottawa University (Canada). She started her career at Euler Hermes (Allianz) in 2003 as a risk underwriter. She then joined Standard and Poor’s in 2008 as an […]

Fiduciary Duty in the 21st Century Final Report Launch – London

Join UNEP FI and the PRI for the London final report launch of the Fiduciary Duty in the 21st Century programme on Friday, November 22, at 1500 GMT, hosted by The Generation Foundation.

The Fiduciary Duty in the 21st Century programme was launched in 2016 to end the debate on whether fiduciary duty is a legitimate barrier to the integration of environmental, social and governance (ESG) issues in investment practice and decision-making. Over the past four years, the programme has produced extensive evidence on the subject and has advocated for global policy reform to clarify fiduciaries’ duties to their beneficiaries.

An updated look at Fiduciary Duty in the 21st Century: incorporation of ESG issues required and increasingly clarified in regulation

UNEP FI and the PRI provide an updated look at Fiduciary duty in the 21st Century with the release of its final report. In 2014, the PRI, UNEP FI and additional UN partners identified the misinterpretation of fiduciary duties as the primary barrier to environmental, social and governance (ESG) incorporation in investment practice. The Fiduciary […]


Mr. Cormier is a graduate of École des hautes études commerciales (HEC Montréal), where he earned both a bachelor’s degree and an MBA. He also taught finance there for nearly 8 years. He has been with Desjardins since 1992, first as general manager of several caisses within the network and then as Vice-President of Cooperative Network Finance from […]