We have expanded the list of climate policies we assess company engagement with to incorporate land-use related policy, referring to legislative or regulatory measures to enhance and protect ecosystems and land where carbon is being stored. Assessments under this category are currently underweighted in terms of their contribution to the overall company metrics. This weighting will be progressively increased over the next 6 months.
We adjusted the terminology used to describe the queries running down the left-hand side of our scoring matrix and added additional explanatory text to the info-boxes. This has no impact on the scores and methodology. It has been done following user feedback to improve clarity.
Sustainable Finance Lobbying Overview: The European Federation of Insurance Intermediaries (BIPAR) appears to have had moderate engagement with sustainable finance policy, particularly through direct consultation responses.
Top-line Messaging on Sustainable Finance Policy: BIPAR has not issued any broad policy positions on the need for financial sector reform, climate action or the need for sustainable finance policy. Although in 2019 some policy positions were stated on BIPAR's website, as of 2022these are no longer available, and the page only describes EU policies they are following.
Position on Taxonomies: In feedback to the European Commission in 2018, BIPAR took a mixed position on the taxonomy, supporting its extension to covering social issues but arguing for a flexible approach to classification covering all economic sectors, which could lead to a less stringent classification system. During 2019-2022, BIPAR has not engaged on the EU Taxonomy, only describing new developments without stating a clear position.
Position on Integrating ESG into Investor Duties: In 2018/19, BIPAR also engaged on EU legislation aimed at integrating ESG considerations into investor duties, arguing for weaker wording in the update to the Insurance Distribution Directive (IDD) concerning the inclusion of ESG considerations in the advice insurance firms give to clients. This included arguing against a requirement to state that particular products do not pursue ESG objectives. On its website in 2019, BIPAR described how it had engaged on the ESG disclosures regulation to argue that the scope of the regulation should be limited to products marketed as pursuing ESG objectives. In a 2022 LinkedIn article, BIPAR appeared to support the SFDR, but stated concerns around the timing of implementation.
Lobbying Transparency: BIPAR has listed policies it is tracking, but with no further detail on desired outcomes or engagement activities. It has also disclosed a full list of national association members and the name of the individuals holding key positions in the executive and on key committees, but not the companies they belong to.