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Blog

The ESG elephant is now in the room

Giorgia Carpagnano May 18, 2023

Yesterday the Pensions Regulator (TPR) has published an article to explain why ignoring environmental, social and governance factors is no longer an option for trustees.

Louise Davey, Director of Regulatory Policy, Analysis and Advice at TPR explained that TPR will be carrying out a regulatory initiative (RI) in relation to statement of investment principles (SIP) and implementation statement (IS) which will have two phases.

- The first phase involves checking all trustees have published their SIPs and ISs (where they need to).
- The second phase involves a review of a cross-section of SIPs and ISs. This will be a qualitative review and only in relation to the climate, ESG and wider sustainability related provisions included in these documents.

When carrying out the review, TPR expects to focus on the extent to which the DWP guidance has been adopted by the trustees.

Where TPR believes schemes have not made a reasonable effort to define their policies in the SIP and report on how those policies have been implemented in the IS, TPR can take enforcement action.

Link to TPR article - https://lnkd.in/dqJPtB7w

Link to the DWP guidance https://lnkd.in/d75_3f4U

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