Global PSSL launch revised principles with 17 opening signatories
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Global PSSL launch revised principles with 17 opening signatories 07 September 2021UK Reporter: Carmella Haswell
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The Global Principles for Sustainable Securities Lending (Global PSSL) has launched its updated principles, with 17 opening signatories.
Standard Chartered, Sharegain, Sumitomo Mitsui Trust Bank and eSecLending are among several firms that have signed off on the newly released principles, that aim to promote and embed Environmental, Social and Governance (ESG) matters and Sustainable Development Goals (SDG), in securities lending activities.
The include sustainable finance alignment and development, stakeholder involvement, inclusion and diversity, transparency and interconnected sustainable finance collateral.
Dr Radek Stech, founder and CEO of Global PSSL says: 鈥淚鈥檓 delighted to welcome these opening signatories who commit to advancing ESG in the whole securities lending value chain through the principle-based approach.
鈥淚t enables market leaders to combine their industry know-how with cutting edge sustainable finance thinking, to devise ways in which business can increase success while walking an ethical path. This latest issue of the principles is a further demonstration of this positive
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Despite welcoming the new principles, Stech admits there is much work to be done in relation to the principles鈥� implementation, updates and the wider future uptake.
Professor Julia Black, of the London School of Economics and Political Science, adds: 鈥淕lobal PSSL is an important initiative which aims to introduce ESG principles into the practice of securities lending.
鈥淭he result of research and collaboration by leading academic and market participants is part of the wider drive towards sustainable finance and the integration of ESG considerations into every corner of financial markets.鈥�
The principles are a continuation of a research and implementation programme, which commenced with beneficial owners in 2018. Global PSSL has since received feedback from pension funds, asset managers and ESG experts alike.
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