It highlighted this as an area of “policy direction” for the European Union, saying the ESAs “should build sufficient expertise on sustainability issues, scenario analysis and general ESG factors related to medium and long-term risks”.It specifically recommended that the role of the ESAs in assessing ESG-related risks be enhanced.The European Systemic Risk Board last year recommended that stress tests of European pension funds cover climate-related risks.The HLEG’s report set out eight recommendations in total in its report.It recommended that the EU develop a classification system and establish an official European standard and label for green bonds and other sustainable assets.Commissioners Valdis Dombrovskis and Jyrki Katainen said in their introduction to the report: “These labels will provide the confidence and trust in sustainable and green products needed for investors to fund the transition to the low-carbon economy.”PensionsEurope, the trade body for European pension funds, welcomed the classification and label recommendations. However, Matti Leppälä, secretary general of the association, cautioned against introducing new rules and obligations for the European pension fund sector, saying that the HLEG’s report included suggestions on revising the European pension fund directive IORP II.“The new IORP II directive includes many provisions on ESG, as part of risk management and investments,” he said. “It would be advisable to first see the impact of these new rules before expanding them.”ESG ‘integral’ part of fiduciary dutyThe HLEG noted that the IORP directive took sustainability issues into account, but said that it and other directives would need to be reviewed to implement “the clarification of fiduciary duty and sustainability”.The HLEG has recommended it be clarified that managing ESG risks is an integral part of fiduciary duty. A single set of principles on fiduciary duty and the related concepts of loyalty and prudence should be established in the European Union, according to the HLEG.Stefanie Pfeifer, chief executive of the Institutional Investors Group on Climate Change (IIGCC), said “the identification, disclosure and effective management of the huge physical and transition risks posed by climate change” must be at the core of any “functional definition” of fiduciary duty.“We therefore endorse the call by HLEG for the recent recommendations from the FSB’s Task Force on Climate-related Disclosures to be integrated in a way that advances EU leadership on this agenda and provides greater legal certainty alongside efforts to ensure an international level playing field,” she said.The other recommendations set out by the HLEG were to:- unlock investments in energy efficiency through relevant accounting rules; – strengthen ESG reporting requirements; – introduce a “sustainability test” for EU financial regulation; and – create an organisation dedicated to developing and structuring infrastructure projects and matching them with investors. The report said the group had identified “dual imperatives” for the European financial system.The Commission said it would start exploring the HLEG’s early recommendations “as of now”.The group is due to present a final report at the end of 2017 and will continue to examine other policy areas, such as integrating sustainability considerations in ratings.The report can be found here. The European Insurance and Occupational Pension Authority could in future include environmental, social and governance (ESG) risks in its stress tests of pension funds, the European Commission-appointed High Level Expert Group (HLEG) on sustainable finance has suggested.The idea was included in a wide-ranging interim report on its work to help develop an EU strategy on sustainable finance, published today.The other European Supervisory Authorities (ESAs) could do the same, the report said, identifying climate-related risks as the most “obvious”.However, this should only happen once “sufficient expertise on sustainability has been built up to avoid undue scenarios and outcomes”, according to the HLEG.
If athlete’s were not getting their names in public enough for some of their off-field exploits, now we have the marijuana debate going on in society. After all, it is legal in Colorado to deal in marijuana. Does that mean an adult athlete in Colorado can freely participate in its usage just like any other citizen of the state? What kind of rules can a university place on its student athletes?All across the United States there is more and more support for legalizing this plant, and each voting period it seems another state makes it legal. How many tests can an athlete fail and still participate? Some universities now allow 2 failed tests before they suspend the athlete. Everyone knows that whatever drug people start out with, most will eventually try something harder. We do not need collegiate athletes snorting heroin.If you do not clamp down on marijuana, what will you do with the casual use of alcohol by athletes and their occasional DWI’s and/or DUI’s? Do you allow them 2 failed tests, also? It is not an easy solution unless you ban everything.
DAVID CITY, Neb. (March 18) – Charger Chassis returns in 2015 for its second season as title sponsor of the Southern Region for IMCA Hobby Stocks. The Southern Region includes tracks in Arizona, western Colorado, New Mexico and Texas. Owned by long-time driver Jamie Richards, the David City, Neb., chassis manufacturer will provide a portion of the point fund to be paid to top five drivers in official regional standings. “We are excited to renew the title partnership with Charger Chassis for the Southern Region and the stability there is really good for our Hobby Stock division,” IMCA Marketing Director Kevin Yoder said. “Hopefully we’ll be able to carry this forward for years to come.” In addition to Hobby Stock chassis, Charger builds for a growing number of Stock Car and Sport Compact customers.Since its first chassis rolled off the line in 2004, Charger now boasts 342 feature wins – including 68 in 2014 – 27 track and two IMCA national championships.Point fund checks will be distributed during the national awards banquet in November or mailed beginning the following week from the IMCA home office.Information about Charger Chassis is available by calling 402 367-7688 and at the www.chargerchassis.com website.