ESG Advisory Committee Established
The Financial Conduct Authority of the United Kingdom announced the establishment of the ESG Advisory Committee, whose work includes the formulation of guidelines for ESG data and rating agencies, guidance and supervision of ESG disclosure for listed companies, and planning of other ESG development strategies. Its goal is to help the country to achieve the commitment of zero carbon emissions by 2050.
Official documents indicate that the Commission will be responsible for:
- As a regulator, provide advice for the central bank’s ESG supervision;
- Provide advice to the central bank on emerging ESG themes and development;
Background of ESG Advisory Committee
Last November, FCA launched the ESG strategy, formally introducing ESG related content into the regulatory process. The initial regulatory objectives are divided into three aspects: improving the transparency of ESG information disclosure, formulating ESG regulatory provisions, enabling listed companies to incorporate climate change into their decision-making processes, and promoting consumers to obtain real green products and services.
FCA also said that ESG would be included in the supervision work in the future, and a new ESG expert organization would be established to facilitate two-way cooperation with the ESG department. At present, the ESG Advisory Committee is the so-called expert organization.
Additional information of the ESG Advisory Committee
The members of the ESG Advisory Committee include the CEO of the ESG related company, university researchers, as well as supervisors of the FCA and relevant personnel of the ESG department. The ESG Advisory Committee will meet four times a year, and can also hold interim meetings.