The explicit inclusion of environmental and social considerations in fiduciary duty, the introduction of a stewardship code and enhanced regulatory action to guard against greenwashing are among the raft of recommendations made by New Zealand’s Sustainable Finance Forum (SSF) in its final report, Road Map for Action, which was published this week.
The forum, which is co-chaired by the CEO of New Zealand’s NZ$38bn ($25.7bn) sovereign wealth fund, Matt Whineray, mirrors similar initiatives in Europe, Canada, Japan, Germany and elsewhere; tasking national regulators, ministries, insurers, investors, banks, civil society and lawyers to develop a sustainable finance roadmap for the country.
It was launched in early 2019 as part of a wider partnership between the Jacinda Ardern-led government and the country’s private sector, known as the Aotearoa Circle. Aotearoa is the Māori name for the country.
The inclusion of environmental and social facto…