November 15, 2010- Response to EC Public Consultation on Pension Reform Green Paper
15 November 2010
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).