Business ethics has been a topic of many debates and controversies in the past two years. The regulatory developments on the European and global level, such as the Anti-Tax Avoidance Directive (ATAD) and the Base Erosion and Profit Shifting Action Plan (BEPS) continue to feed the debate on responsible taxes.
“Help, my fund is going to have an ESG rating!” There was quite a lot of upheaval in the investment funds and SICAVs world a few months ago. Morningstar had announced that it would expand its database with ESG ratings for funds.
While the objectives of the European Union have been revised upwards, some countries have lowered their expectations in order to have a more realistic chance of attaining their goals. This is in part because, to date, the results achieved in terms of fighting climate change have generally been disappointing.
Last Thursday, the seventh edition of the Geneva Forum For Sustainable Investment (GFSI) was held in Geneva. The interest in sustainable and responsible investment is clearly increasing in the major financial centers as well. The Swiss financial industry wants to present itself as indeed sustainable.
Since 2008, Degroof Petercam has been publishing its six-monthly sustainability ranking for the 35 OECD countries. Here, it is no surprise to see that the United States remains at the bottom of the ranking.