The Financial Conduct Authority (FCA) is seeking external experts to join a new advisory group that will work on Environmental, Social, and Governance (ESG) concerns and report to the FCA Board.
The FCA Board decided to create a new ESG Advisory Committee earlier this year to assist in carrying out its ESG-related duties. This includes carrying out the government’s expectation that the FCA consider the UK’s commitment to establishing a net zero economy by 2050 when determining how to progress and accomplish its goals and duties.
The Committee’s responsibility will be to advise the Board on important emergent ESG topics or challenges, and how the FCA should develop its ESG strategy in line with the organisation’s statutory objectives, as well as regulatory standards.
Several external specialists with in-depth expertise in ESG concerns in the financial sector will be among the Committee’s small number of members. A conflict of interest policy must be followed by members, who shall be nominated by the Board. The FCA says it will also guarantee that the Committee’s membership is diverse.
The FCA anticipates that the Committee will convene for the first time in Q4 2022, and subsequently every quarter. The FCA says it will assist with the secretariat and the Board will also choose the Chair of the Committee.