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- extends the scope to all large companies and all companies listed on regulated markets (except listed micro-enterprises);
- requires the audit (assurance) of reported information; - introduces more detailed reporting requirements, and a requirement to report according to mandatory EU sustainability reporting standards;
- requires companies to digitally ‘tag’ the reported information, so it is machine readable and feeds into the European single access point envisaged in the capital markets union action plan.
The next step is for the European Parliament, and the Member States in the Council, to negotiate a final legislative text on the basis of the Commission's proposal.
- on investment and insurance advice: when an adviser assesses a client's suitability for an investment, they now need to discuss the client's sustainability preferences.
- on fiduciary duties: the amendments clarify the obligations of a financial firm when assessing its sustainability risks, such as the impact of floods on the value of investments;
- on investment and insurance product oversight and governance: manufacturers of financial products and financial advisers will need to consider sustainability factors when designing their financial products.
LinkChat: 5 minutes with…
Paolo Bertolini, our head of public law, interviews Giovanna Giusti del Giardino, Head of Group Sustainability, Mediobanca Group. The interview, conducted in Italian, focuses on human rights, environment and sustainability and aims to cover, in a nutshell, what Mediobanca is doing to such extent.
Paolo Bertolini, our head of public law, interviews Giulia Genuardi, Head of Sustainability Planning and Performance Management, Enel. The interview, conducted in Italian, focuses on the hardship of balancing social/environmental aspects with commercial needs and the relevance of circular economy.
Linda Taylor, our Co-Head of the ESG group in Italy, in a conversation with Enrico Camerini, Director, Head of Institutional Clients of iShares Italia, BlackRock, explores the initiatives put in place by BlackRock and the direction of investments towards financial products with ESG characteristics.
In light of the imminent entry into force of Regulation 2019/2088 (the "SFDR Regulation"), our Financial Regulation Managing Associate Samuele Manfredo Pio interviews Roberta Casali, Chair of the Board of Directors of Tages Capital SGR S.p.A., an Italian asset management company that manages infrastructure funds with a focus on renewable energies, currently the second largest photovoltaic operator in Italy.
In view of the imminent legislative interventions that the EU institutions should adopt on sustainable corporate governance and supply chain due diligence, Lucia Ciocarlan, Managing Associate and member of the ESG working group of Linklaters, interviewed Daniela Fiorentino, partnership specialist of UNICEF, currently involved in some projects in Ghana.
As sustainability-linked financing transactions gain momentum in the Italian market, Lucia Ciocarlan and Benedetta Marino, managing associates and members of the ESG working group of Linklaters, have interviewed Francis Ravano, Head of Structured Finance at ERG S.p.A., on aspects related to Key Performance Indicators used by ERG for such type of transactions and the benefits resulting from implementing sustainable finance solutions in general.