Fiduciary Duty in the 21st Century

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Former US Vice President and Chairman of Generation Investment Management, Al Gore, introduces UNEP FI, the PRI, and The Generation Foundation’s Fiduciary Duty in the 21st Century Programme, which seeks to update conceptions of fiduciary duty and in doing so create the conditions for a more sustainable global economy.

The project finds that, far from being a barrier, there are positive duties to integrate environmental, social and governance factors in investment processes.

Fiduciary duties exist to ensure that those who manage other people’s money act in the interests of beneficiaries. The most important fiduciary duties are the duty of loyalty and the duty of prudence. A decade after the original Freshfields report, changes in investment practice and in public policy demonstrate that far from being a barrier, there are positive duties on investors to integrate ESG issues.

Following the launch of the report Fiduciary Duty in the 21st Century (2015), the Principles for Responsible Investment (PRI), the United Nations Environment Programme Finance Initiative (UNEP FI) and The Generation Foundation launched a three-year project to clarify investors’ obligations and duties in relation to the incorporation of environmental, social and governance (ESG) issues in investment practice and decision-making.

The project has three components:

  1. Working with investors, governments and intergovernmental organisations to develop and publish a Global Statement on Investors’ Obligations and Duties.
  2. Publishing and implementing roadmaps on the policy changes required to achieve full ESG integration in investment practices across eight countries (Australia, Brazil, Canada, Germany, Japan, South Africa, UK and US).
  3. Extending research into investor’s obligations and duties to six Asian markets: China, Hong Kong, India, Malaysia, Singapore and South Korea.

For more information about the Fiduciary Duty project please visit www.fiduciaryduty21.org

UNEP FI’s work on fiduciary duty is undertaken collaboratively with the Principles for Responsible Investment (PRI), and The Generation Foundation.

Project Steering Committee

Peter Knight, Retired Partner, Generation Investment Management
Fiona Reynolds, CEO, PRI
Nick Robins, Co-Director, UNEP Inquiry into a Sustainable Financial System
Eric Usher, Head, UNEP Finance Initiative

Fiduciary Duty in the 21st Century News

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Fiduciary Duty in the 21st Century Events

  • BrightTalk ESG summit: UNEP FI on Climate Disclosure, Fiduciary Duty & Energy Efficiency Investment

    In partnership with the BrightTalk ESG summit, UNEP FI will be presenting updates on three work streams related to the implementation of the Paris Agreement and the SDGs. Financial institutions have a key role to play in implementing the world’s agreed goals.

  • Beijing Report Launch | Investor Duties and ESG Integration in China 北京报告发布会：投资者责任与ESG整合

    UNEP FI, the PRI, The Generation Foundation, and the International Institute of Green Finance (IIGF) invite you to the launch of the report on ‘Investor Duties and ESG Integration in China,’ hosted by BNP Paribas. The project team and key contributors will present the main findings and recommendations of the report on how clarifying the role of ESG integration in investor obligations and duties can contribute to achieving China’s long-term vision of balanced, inclusive and sustainable development.

  • Webinar: EU consultation on investor duties regarding sustainability

    UNEP FI  and the PRI will host a webinar on the European Commission’s public consultation on investor duties (fiduciary duties) and sustainability on Friday, 8 December at 10am GMT/11am CET. The consultation builds on the EU High Level Expert Group on Sustainable Finance’s interim report, which recommends greater clarification by the EU in this area. […]

  • Beijing Roundtable | Investor Obligations and Duties and ESG Integration

    Roundtable on Investor Obligations and Duties and ESG Integration

    北京圆桌会议：中国的投资者责任和义务以及ESG整合

    The Principles for Responsible Investment (PRI), the United Nations Environment Programme Finance Initiative (UNEP FI) and The Generation Foundation invite you to an Expert Policy Roundtable on ‘Investor Obligations and Duties and ESG Integration,’ hosted by BNP Paribas. Building on the recent achievements of the national Green Finance initiative in China, this event aims to discuss the development of an investment and regulatory environment that promotes consideration of financially material environmental, social and governance (ESG) issues, consistent with investor obligations and duties.

  • Shanghai Roundtable | Investor Obligations and Duties and ESG Integration

    Roundtable on Investor Obligations and Duties and ESG Integration

    上海圆桌会议：中国的投资者责任和义务以及ESG整合

    The Principles for Responsible Investment (PRI), the United Nations Environment Programme Finance Initiative (UNEP FI) and The Generation Foundation invite you to an Expert Policy Roundtable on ‘Investor Obligations and Duties and ESG Integration,’ hosted by BNP Paribas. Building on the recent achievements of the national Green Finance initiative in China, this event aims to discuss the development of an investment and regulatory environment that promotes consideration of financially material environmental, social and governance (ESG) issues, consistent with investor obligations and duties.

  • Fiduciary Duty Japan Roadmap Launch

    The Fiduciary Duty in the 21st Century Japan Roadmap is to be launched by Mr. Takejiro Sueyoshi, Special Advisor to UN Environment Finance Initiative in the Asia Pacific Region at the RI Asia conference in Tokyo.

Fiduciary Duty in the 21st Century Publications

  • ESG data in China: recommendations for primary ESG indicators

        A new joint report by UNEP FI, PRI and SynTao Green Finance, launched in Shanghai on June 5, 2019, provides recommendations for China’s ESG disclosure framework, prepared by its financial regulators. This report is a follow-up from the Investor Duties and ESG Integration in China, and part of the Fiduciary Duty in the […]

  • Aligning investors with sustainable finance: a focus on the OECD

    UNEP FI, the PRI and The Generation Foundation have published a report focusing on the policy work of the Organisation for Economic Cooperation and Development (OECD) on sustainable finance and investment. This briefing makes recommendations to the OECD to align policy work on the financial sector with globally agreed sustainable development objectives, such as the […]

  • Fiduciary Duty in the 21st Century: France Roadmap

    In November 2018, United Nations Environment Programme Finance Initiative (UNEP FI), the Principles for Responsible Investment (PRI), and The Generation Foundation in collaboration with Finance for Tomorrow published the Fiduciary Duty in the 21st Century: France Roadmap. The roadmap sets out recommendations for the French market to build upon its leadership position and achieve further progress […]

  • Fiduciary Duty in the 21st Century – Untangling Stakeholders for Broader Impact: ERISA Plans and ESG Incorporation

    In September 2018, United Nations Environment Programme Finance Initiative (UNEP FI), the Principles for Responsible Investment (PRI), and The Generation Foundation in collaboration with Godeke Consulting released Untangling Stakeholders for Broader Impact: ERISA Plans and ESG Incorporation. This report explores the United States private sector retirement market that is regulated through the Employee Retirement Income Security Act of […]

  • Fiduciary Duty in the 21st Century – Ireland Roadmap

    In June 2018, United Nations Environment Programme Finance Initiative (UNEP FI), the Principles for Responsible Investment (PRI), and The Generation Foundation in collaboration with SIF Ireland, Ireland’s Sustainable and Responsible Investment Forum, released the Fiduciary Duty in the 21st Century Ireland Roadmap. The report provides clear recommendations on policy and market changes required to achieve full ESG integration into […]

  • Fiduciary Duty in the 21st Century – Ohio Roadmap

    In June 2018, The United Nations Environment Finance Initiative (UNEP FI), the Principles for Responsible Investment (PRI), and The Generation Foundation released the Fiduciary Duty in the 21st Century Ohio Roadmap. Ohio is often viewed as a microcosm of the United States due to its diverse regions and bellwether political landscape. Like the rest of the […]

  • Fiduciary Duty in the 21st Century – Investor Duties and ESG Integration in China

    In March 2018, The United Nations Environment Finance Initiative (UNEP FI), the Principles for Responsible Investment (PRI), The Generation Foundation, and the International Institute of Green Finance (IIGF) released Investor Duties and ESG Integration in China. Building on the recent achievements of the national Green Finance initiative in China, the report discusses the development of an […]

  • Fiduciary Duty in the 21st Century – Progress Report

    Fiduciary Duty in the 21st Century concluded in 2015 that there are positive duties to to integrate environmental, social and governance (ESG) factors in investment processes. This launched a project by UNEP FI, the Principles for Responsible Investment, and The Generation Foundation to end the debate around fiduciary duties and sustainability. Two years into the […]

  • Fiduciary Duty in the 21st Century – Canadian Pension Regulation Analysis: Alberta

    In September 2017, the PRI, UNEP FI and The Generation Foundation in collaboration with the Shareholder Association for Research and Education (SHARE) published the Canadian Pension Regulation Analysis which builds on the Canada Roadmap of the Fiduciary Duty in the 21st Century project. This document provides an international analysis of pension regulation to support the […]

  • Fiduciary Duty in the 21st Century – Germany Roadmap

    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 […]

  • Fiduciary Duty in the 21st Century – South Africa Roadmap

    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 […]

  • Fiduciary Duty in the 21st Century – Japan Roadmap

    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 […]

  • 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 […]

  • Fiduciary duty in the 21st century

    Aims to end the debate surrounding environmental, social and governance (ESG) issues and fiduciary duty
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