Asset Managers Hit Hurdle in Effort to Avoid EU’s ESG Rules (1)

A European Commission proposal to dramatically cut asset managers’ ESG reporting requirements is facing opposition from the bloc’s largest sustainable investor organizations.

The commission, which last month recommended that money managers be exempt from a requirement to report environmental, social and governance data on the assets they hold on behalf of clients, left the industry reassured that its demands had been heard.

But in a June 2 letter to Maria Luis Albuquerque, the EU’s financial services commissioner, the European Sustainable Investment Forum and the European Federation of Financial Analysts Societies called for the proposal to be reversed.

“Actual portfolio ...