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AUM in Action

Danish Investors Urge Inclusion of Financial Sector in EU CSDDD

A group of Danish investors has emphasised the importance of incorporating the financial sector within the scope of the EU Corporate Sustainability Due Diligence Directive (CSDDD) in an open letter to the Danish government. The directive, currently under trilogue negotiations, is anticipated to bolster responsible business practices across global value chains and pave the way for a more sustainable and people-centric economy. The signatories, including P+, Pension for Academics, AkademikerPension, and AP Pension, said the directive is a crucial element of broader EU rules to encourage companies and financial institutions to integrate considerations of adverse impacts on people and the environment into their decision-making processes. The ongoing trilogue negotiations will decide the extent to which financial actors and activities, including lending, insurance, and investment, should be included in the directive. The signatories assert that the inclusion of the financial sector is key to effectively integrating long-term sustainability considerations while assessing impacts on both people and the planet. “Carving out the financial sector from the scope of the Directive… would run counter to the international consensus that all businesses have responsibilities to avoid and address adverse impacts on human rights and the environment, they said. The EU Action Plan on Sustainable Finance already requires financial institutions to play a central role in the transition to a green economy, but the CSDDD creates a new obligation to conduct sustainability due diligence. The investors stressed the importance of the due diligence requirements adhering to international standards. 

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