UK pension funds and finance bodies are pushing for the creation of a “TCFD for social risks” as the country’s regulator closes a consultation on how trustees consider social issues in investment policies.
In its feedback to the Department for Work and Pensions (DWP), £2.5bn pension scheme Now: Pensions said that creating such a framework would be the best solution for current gaps in disclosure on social risks, and should include “key metric requirements” for companies.
Similar calls were made in a report last week from the UK’s International Regulatory Strategy Group (IRSG) - a new trade body created by the City of London and industry group TheCityUK - whose members include Aviva, the Investment Association, London Stock Exchange Group, JP Morgan and Willis Towers Watson.
The report, entitled Accelerating the S in ESG, was developed through IRSG’s ESG workstream, in partnership with KPMG. Speaking to RI, Michael Collins, Director of Go…