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Solvency II review: improving rules for insurers to build a sustainable future.

ShareAction is a registered charity that promotes Responsible Investment and aims to improve corporate behaviour on environmental, social and governance issues. The charity has launched numerous campaigns, building capacity among savers, charities, unions, faith groups and other civil society organisations to engage with investors to bring about change. ShareAction is an associate member of BETTER

Last week, ShareAction, a UK registered charity promoting an investment system which serves savers, society and the environment, released a survey on Responsible Investment Performance of European Asset Managers. For this study, ShareAction has examined and ranked the transparency and Responsible investment practices of 40 of the largest asset managers in Europe which control €21

As part of the European Responsible Investment Network (ERIN), BETTER FINANCE has joined forces with ShareAction and other NGOs to launch an EU Elections Manifesto, urging EU policymakers to take bold action on sustainable finance. Within this manifesto, we have outlined our key recommendations for the upcoming European Commission: Accelerate investments in Europe’s transition to

“BETTER FINANCE together with ShareAction, the German Association of the Insured BdV, Urgewald and WWF European Policy Office react to the Solvency II review on related sustainability requirements. Solvency II, the legislative framework for EU insurers, is currently under review. Solvency II, introduced in 2016, laid the foundations for a harmonised, sound, and robust prudential

The heads of European and Member State organisations representing individual shareholders across Europe sent an Open Letter to the European Commission opposing lobbying attempts by powerful financial intermediaries to postpone the implementation of the Shareholder Rights Directive II. BETTER FINANCE, Asociata Utilizatorilor Romani de Servicii Financiare (AURSF), Associacao dos Investidores e Analistas Técnicos do Mercado de

Pension funds are supposed to focus on the long-term with a  natural investment perspective stretching decades. From this perspective their policies should  keep a keen eye on the future of the planet. Although this should be common sense, research conducted by Asset Owners Disclosure Project (AODP), managed by BETTER FINANCE’s UK member ShareAction, shows that 90% of the

Lord Mike German suggested amending the Pension Schemes Bill to make pension funds more accountable to savers by banning non-disclosure agreements. These agreements are concluded between pension funds (asset pools providing pensions for employees) and asset managers (people who maintain and supervise financial portfolios). Lord German’s proposal is targeting two things: First, fees and charges

Boardroom executive pay has been slammed as “rewarding failure” and “unacceptable” following fresh attacks from top City investors on remuneration practices. After a contentious AGM voting season, Legal & General boss Nigel Wilson warned executives are paid “too much”, adding pay levels were “not fit for purpose” and have resulted in “a poor alignment of

Through their joint pilot survey, the European Banking Authority (EBA), European Securities and Markets Authority and European Insurance and Occupational Pensions Authority (the ESAs) aimed to assess and monitor market developments and trends in innovative financial services in the three sectors. Through their joint pilot exercise, the ESAs gathered information about the latest innovation trends,

[ARCHIVED: This survey is now closed] The refund of withholding taxes on dividends – to avoid double taxation – can be a complicated procedure for private investors/shareholders across the European Union. Many factors must be taken into account, including the tax residence of the shareholder and the country of the issuer (the listed company), administrative

CEPS together with Milieu and Europe Economics have been commissioned by the European Commission (Directorate-General for Financial Stability, Financial Services and Capital Markets Union) to conduct a study on the Audit Directive and Regulation. Please find BETTER FINANCE’s response to the survey for the CEPS Study below.

[Archived: The Survey is now Closed] It’s all about retail shareholder democracy in Europe! Did you try to vote (or did you successfully vote) at Shareholders Meetings of EU Companies in 2022? If not, there is still time, AGMs of companies are still ongoing. • Let us know your experience: Survey Open, until 10 September

As a first step towards the preparation of its report on the application of the IDD, EIOPA launched an initial survey addressed to external stakeholders, such as consumer associations, academics, trade associations, insurance undertakings and insurance intermediaries. Note: This feedback is provided by BETTER FINANCE together with its German (BdvBund der Versicherten e.V.) and French

BETTER FINANCE welcomes the the use of specific templates to standardise the disclosures of ESG information. We consider that to be comparable, the information disclosed  must reach the highest degree of standardisation at cross-sectoral levels and standardisation concerns not only the type of information to be included, but also the order flow and format; in

To collect input for the European Commission’s work on a legislative initiative that aims to strengthen the investment protection and facilitation framework in the EU as part of the capital markets union action plan, the directorate-general for financial stability, financial services and capital markets union (DG FISMA) commissioned a study to collect evidence on investor

Every year companies hold mandatory annual general meetings (AGMs) where management and directors generally present an annual report containing information for interested shareholders about the company’s performance and strategy, allowing shareholders to vote on company issues as well as the selection of the company’s board of directors. The Covid-19 pandemic has had a significant impact

The European Securities and Markets Authority (ESMA) has published a questionnaire which aims to gather evidence on potential short-term pressures on corporations stemming from the financial sector. On December 2019, the findings will be presented to the European Commission that will consider to follow up on them, which might include political actions. Find BETTER FINANCE’s response to

Private investors suffer from a plethora of funds in Europe compared to the US, the induced very small average size of EU domiciled funds is a key driver for fees more than twice higher on average in Europe (in the example of equity funds), not mentioning the added complexity and difficulty to choose a fund

The exposure of retail investors to crypto-assets has increased globally, leading to greater retail investor losses due to financial crime, fraud, money laundering, and under-regulated activities in the crypto-asset market. To address these challenges, BETTER FINANCE welcomes the policy recommendations for crypto and digital asset markets proposed by IOSCO. These recommendations aim to ensure a

Last week, the fund industry warned that “the EU is putting the interests of exchanges over investors”. A letter from EFAMA to the EU Authorities regarding the reform of EU rules on capital markets (“MIFIR Review” in EU jargon) opposes the compensation of securities exchanges for communicating their trade data to “dark” competitors and labels

Regulations on Markets in Crypto Assets and the EU Pilot Regime for Distributed Ledger Technology (DLT) based market infrastructures BETTER FINANCE welcomes the initiatives and efforts of EU public authorities to accommodate emerging technologies in financial services whilst maintaining a safe and stable environment for consumers and financial services users to benefit from our single

Asset managers are urging Brussels to delay implementation of its landmark sustainable investing rules. The resistance from the investment industry shows the struggle and complexity between policymakers´ambitions to push for greener finances and the harsh reality of implementing a new financial system. The rules are expected to come into force in March 2021, a deadline

The European federation of retail investors, BETTER FINANCE, has criticised the new composition of stakeholder groups at the European supervisory authorities, branding it “a step backwards with regard to a balanced representation between industry and consumers in EU financial rulemaking.” Read the full article here.

The crisis- and Brexit-laden context have given the project new arguments to be on the European agenda. […] This is the second try for the Capital Markets Union (CMU). Europe had launched this project five years ago with the idea of supporting the financing of the economy via the capital markets. […] There is now

In a letter to European commissioners, BETTER FINANCE said that investors would have to wait another full general meeting period to be able to exercise their voting right if SRD II’s implementation is postponed. As a number of stakeholders are demanding the commission to postpone the implementation of the Shareholder Rights Directive II (SRD II),

Digitalisation and new technologies are significantly transforming the European financial system and the way it provides financial services to Europe’s businesses and citizens. Key areas of reflection include deepening the Single Market for digital financial services, promoting a data-driven financial sector in the EU while addressing its risks and ensuring a true level playing field,

The EU’s nascent sustainable funds label has been amended after being described as ‘too ambitious and not achievable’ […] The Ecolabel is an existing EU certification awarded to a range of products which meet high environmental standards aimed at end consumers. The scheme is being extended to include financial products for the first time to

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