Eurosif submitted its Response to the Public Consultation opened by the European Commission aiming to ensure adequate, safe and sustainable European pension systems. In its Response, Eurosif made a series of recommendations on the following topics:
- The possible introduction of a European-wide Code of Practice for Pension Funds in which these would disclose how they engage with ESG issues (explore the good case practice of the UK Stewardship Code);
- The introduction of mandatory Environmental, Social and Governance (ESG) considerations in Pension Fund Statements of Investment Principles;
- The need to review the IORP Directive (Directive 2003/41/EC on the activities and supervision of institutions for occupational retirement provision) on the following aspects set out in the Directive: investment rules, custodianship and cross-border activity;
- The importance of Pension Fund transparency in increasing pension engagement rates of European workers (particularly in the context of the general trend towards Defined Contribution Pension schemes).