AMAS Urges Swiss Firms to Follow Global Sustainability Standards
Asset managers should hold companies accountable if they fail to operate sustainably.
Banks and investment firms (AMAS members) should voluntarily engage with Swiss organisations to improve sustainable practices.
The Asset Management Association Switzerland (AMAS), in its engagement letter, demands that Swiss organisations adhere to strong corporate governance and international sustainability standards.
According to the letter, asset managers should uphold practices regarding environmental and social responsibility standards to help tackle climate change.
AMAS and its members are supporting efforts that accelerate the transition to a climate-neutral economy. They opine and strictly believe that sustainable investment is critical to achieving global climate goals, which include the UN's 2030 Agenda for Sustainable Development and the goal of a net-zero economy by 2050.
READ MORE: What is the Principles for Responsible Investment (PRI)?
AMAS represents the Swiss asset management industry and requires asset managers to engage in discussions with companies, using their voting rights to support decisions that promote sustainability. To this end, AMAS, together with Swiss Sustainable Finance, released the Swiss Stewardship Code to guide investors and asset managers in encouraging responsible investment practices within companies.
The engagement letter (which is not legally binding) mandates Swiss businesses implement strong corporate governance and sustainability practices, follow global standards to support a climate-neutral economy, establish responsible business frameworks, report and reduce greenhouse gas emissions and set science-based targets for reducing emissions.
Many top Swiss financial organisations, such as Baloise, Lombard Odier, Pictet, UBS, and Zürcher Kantonalbank, have already endorsed the letter, signalling their adherence to these goals.
To learn more about the Engagement Letter, click here.
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Source: AMAS
