March 2023
03Mar

US. Congress Moves to Block Investment Rule, Setting Up Veto Fight

Congress on Wednesday cleared a measure to block a Labor Department rule that allows retirement plan managers to incorporate climate and social considerations into their investment decisions, setting up a veto fight with President Biden over an otherwise obscure regulation that has become a flash point in the culture wars. The Senate passed the resolution by a vote of 50 to 46 after two Democrats, Senators Jon Tester of Montana and Joe Manchin III of West Virginia, joined every Republican....

March 3, 2023
News, ,
Read more...
02Mar

EU publishes standards to fight greenwashing in green bonds

European Union lawmakers agreed a new standard for companies issuing green bonds in an effort to help fixed-income investors avoid greenwashing. The European Parliament and the Swedish presidency, in its role as representative for EU leaders, agreed requirements for companies that issue green and sustainable bonds as part of their transition to a low-carbon economy. The European Green Bonds Standard will help investors and managers to ensure they are investing in sustainable technologies and businesses, the European Parliament said in a...

March 2, 2023
News, , ,
Read more...
01Mar

Australia’s regulator sues Mercer pension fund in first greenwashing case

Australia's corporate regulator launched legal action against pension fund Mercer Superannuation on Tuesday, accusing it of misleading members about the sustainability of some of its investment options. The Australian Securities & Investments Commission's (ASIC) said this was its first court action alleging "greenwashing", or exaggerated claims of environment-friendly investment and products, which has garnered increased attention as interest rises in sustainable and ethical investment options. ASIC said last year it was stepping up oversight of climate-related reporting and was investigating several...

March 1, 2023
News, ,
Read more...

February 2023
28Feb

US. House Democrats introduce bill to codify DOL ESG rule

As backlash ramps up against the Department of Labor's new rule permitting retirement plan fiduciaries to consider climate change and other environmental, social and governance factors when selecting investments, House Democrats introduced a bill to codify the rule into law. The Freedom to Invest in a Sustainable Future Act, like the Labor Department's Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights rule that took effect Jan. 30, stipulates that plans may consider ESG factors in their investment...

February 28, 2023
News, ,
Read more...
27Feb

Kenya. Private firms to battle NSSF for new billions in pension

Private financial services firms are angling for a share of billions from enhanced pension contributions following the enactment of the National Social Security Fund (NSSF) Act 2013. The implementation of the Act has unlocked billions of shillings under tier II contributions which have been opened to other pension funds apart from NSSF. An employer can choose to send second-tier NSSF contributions to a private scheme after remitting tier-one deductions to the state-owned fund. According to estimates seen by the Business Daily from...

February 27, 2023
News, ,
Read more...
24Feb

The Portability of Pension Rights: General Principles and the Caribbean Case

By Alvaro Forteza The portability of pension rights is an increasingly important issue in the Caribbean. The large and increasing flows of migrant workers, including both permanent and temporary migrants, the small size of the domestic economies and the process of regional integration and economic openness call for effective means to make pensions portable. This document presents a select survey of the literature on pension portability and reviews the progress made by the Caribbean countries as well as some remaining...

February 24, 2023
Articles, Labor Market, , ,
Read more...
23Feb

Nigeria: SEC to collaborate with PenCom in deepening commodities sector

The Securities and Exchange Commission (SEC) has announced plans to collaborate with the National Pension Commission (PenCom) on areas that would assist in further deepening the commodities ecosystem. Its Director-General, Mr Lamido Yuguda in a statement said this during a meeting between the commission’s management, the Lagos Futures and Commodities Exchange (LFCE) and PenCom held in Abuja. Yuguda was represented by Mr Ibrahim Boyi, Executive Commissioner Corporate Services of  SEC at the meeting. The director-general noted that SEC was passionate about the...

February 23, 2023
News, , ,
Read more...
23Feb

U.K. Pensions Regulator tells retirement plan trustees to disclose ESG data or face fines

The U.K. Pensions Regulator warned Wednesday that retirement fund trustees could be fined if they don't report on ESG and climate change investments. TPR said in a news release it will launch a campaign in the spring that will check if trustees are publishing ESG data in their statement of investment principles, which outline how retirement funds invest. Since 2019, retirement funds have been required to publish ESG policies on plan websites to show ESG investments to plan participants. They are...

February 23, 2023
News, ,
Read more...
21Feb

UK urged to curb pension freedoms to boost workforce

Ministers seeking to boost the UK’s workforce should crack down on pension freedoms and tax breaks that encourage wealthy people to retire early, according to an influential think-tank.   In a report on Tuesday, the Resolution Foundation set out a series of measures aimed at tackling the post-coronavirus pandemic rise in economic inactivity. That is now a crucial focus for Chancellor Jeremy Hunt, as he looks for ways to improve the UK’s growth prospects in his Budget on March 15.   Hunt has...

February 21, 2023
News, ,
Read more...
21Feb

ESG: EU Regulatory Change and Its Implications

Despite the sharp change in the financial landscape over the past year and an increasingly challenging macroeconomic climate, investment focused on environmental, social and governance (ESG) factors is set to grow. Global ESG assets may reach $50 trillion by 2025, one-third of the projected total assets under management globally, from $35 trillion in 2020. [1] Climate-related challenges, in particular, have come to the fore given the experience of unprecedented heat waves in parts of Europe, forest fires in the...

February 21, 2023
News, ,
Read more...