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The updated framework is billed as the first international agreement to define the climate responsibility of companies.

Nordic investor also adds Brookfield AM to exclusion list, ramps up the use of principal adverse impacts (PAIs) to guide engagements.

Investors are increasingly concerned about company approaches to managing industrial relations, said PIRC and ShareAction.

These include new requirements on gender equality, board effectiveness and investor engagements.

Planned framework provisionally encompasses social and inequality-related risks and opportunities affecting financial stability and long-term enterprise value creation.

Progress has been steady, if slow, with a few bright spots.

The latest developments in sustainable finance: EU publishes FAQs to help companies apply green taxonomy framework; Clarity AI partners with Refinitiv on SFDR tool.

Academics say it could have implications for proxy voting process at institutional managers.

It comes as the advisory panel is due to be reappointed by the European Commission.

Scottish Widows, Schroders, Railpen, Nest, Ninety One and the Environment Agency Pension Fund amongst founding participants.