The project seeks to “engage asset owners, asset managers and policy makers across national and international jurisdictions to harmonise a global understanding of fidiciaty duty which incorporates sustainability”.

The project builds upon the findings of a report published in September 2015 and will focus on three primary objectives:

To encourage governments and regulatory agencies in the eight jurisdictions covered in the 2015 report (Australia, Brazil, Canada, Germany, Japan, South Africa, the UK and US) to clarify the scope of fiduciary duty such that investors must take explicit account of environmental, social and governance issues in their investment practices and proactively engage with companies on these issues.

To extend the original report’s analysis to key Asian markets: China (including Hong Kong), India, Malaysia, Singapore and South Korea. Developing country strategy plans for each of these jurisdictions and implementing country-specific recommendations accordingly.

To develop an international statement on fiduciary duty and sustainable development which would create a cohort of signatories committed to integrating sustainability into their fiduciary duties.

 The press release and more details about the project are available on the UNEP FI website.