EC published 13/11/2017 a consultation (https://ec.europa.eu/info/sites/info/files/2017-investors-duties-sustainability-consultation-document_en.pdf) titled ‘Institutional investors and asset managers’ duties regarding sustainability’.
The consultation is based on the advice of the HLEG (here https://ec.europa.eu/info/sites/info/files/170713-sustainable-finance-report_en.pdf) on sustainable finance, recommending the EC to clarify that the fiduciary duties (duties of loyalty and prudence) of institutional investors and asset managers explicitly integrate material environmental, social and governance (ESG) factors and long-term sustainability.
The EC decided to work on an impact assessment to assess whether and how a clarification of the duties of institutional investors and asset managers in terms of sustainability could contribute to a more efficient allocation of capital, and to sustainable and inclusive growth.
The outcomes of the consultation will be used in the impact assessment process.
The consultation period ends on Monday, 22 January 2018.
All documents can be found here: https://ec.europa.eu/info/consultations/finance-2017-investors-duties-sustainability_en .