Category: Hedge funds

The European Commission is considering tightening its laws around conflicts of interest in response to criticisms by the EU Ombudsman over its appointment of BlackRock as an advisor on developing sustainability rules for banks. In its response to the Ombudsman, published on Sunday, the Commission said that it is “reflecting” on whether to propose amendments to EU law governing public procurement, including, potentially, the obligation for tenderers to disclose conflicting interests. Last November, the Ombudsman ruled that the Commission did not sufficiently consider conflicts of interest when appointing the investment behemoth as an advisor, but stopped short of calling it maladministration. BlackRock’s appointment by the Commission, last April, prompted a backlash from MEPs and civil society, who pointed to the investment firm’s stakes in both banks and fossil fuels.

Impact investor Lightrock has taken a 10% stake in South Pole, the cli…