Published November 2018
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 in mainstreaming responsible investment. The publication is the culmination of extensive consultation with major French institutional investors, regulators and industry associations.
Acknowledging recent achievements, such as the final adoption of the Action Plan for Business Growth and Transformation (PACTE), the roadmap recommends that the French market would benefit from a second wind in its approach to responsible investment. The Roadmap aims to strengthen French leadership in the transition towards a more sustainable finance system, one that aligns with the Paris Agreement and contributes to the achievement of the UN Sustainable Development Goals.
Despite progress, many obstacles remain. In particular, regulatory developments in France and Europe are requiring the financial sector to clarify their fiduciary duty to incorporate ESG issues into investment strategies and investment tools, and to consider how investors assess the sustainability impact of their investment activities.
To overcome these obstacles, the roadmap details recommendations for institutional investors and policy makers in four categories: clarifying and extending investors’ fiduciary responsibility, encouraging analysis and measurement of the impacts of investment activities, creating an environment in which responsible investment is able to flourish, and strengthening collaboration between public and private actors.
Download the full roadmap in French here.
Download the executive summary in English here.
Learn more about Fiduciary Duty in the 21st Century here.