Update February 15, 2017
The EU is already loading these reporting requirements onto pension funds.
IORP II applies to all the 14,358 registered EU pension funds, among which 160 have cross-border activities.
Member States (EU countries) have until January 13, 2019 to transpose IORP II into their national law, which was published early January in the Official Journal of the European Union. According to current projections, the implementation deadline should therefore fall before Brexit, an important fact considering that the UK accounts for 50 percent of the EU occupational pension fund sector, followed by the Netherlands (33 percent).
The Climate Disclosure Standards Board provides an insight into the expanding bureaucracy working to impose climatism on businesses around the world. Since Paris COP agreement is not legally binding, the effort is on forcing reporting on national commitments and pointing fingers at laggards.
At the microeconomic level, the mission is to load regulatory requirements onto corporations to force them into statements of belief and responsibility for mythical changes in future weather and climate.
The Mission is presented in Making Climate Disclosure the New Norm in Business
In short, the Task Force Recommendations report encourages all financial organizations, ranging from banks, insurance companies, to asset managers and asset owners, and companies with public debt or equity, to disclose in a transparent and consistent way their financial risks and opportunities associated with climate change.
The report is the result of one year of work by the Task Force on climate-related financial disclosures, a business and investors-led initiative, launched at the COP21 climate negotiations in Paris, and convened by the Financial Stability Board.
The aim of the initiative is to drive the adoption of the recommendations across the G20 countries, as the final version of the report will be released in July and presented to the G20 leaders gathering in Hamburg. Having the support of the governments of the largest economies in the world would be the ultimate step to make climate disclosure the new norm.
The CDSB Board of Directors (all carrying climate activist resumes)
Pankaj Bhatia Director of GHG Protocol Initiative, World Resources Institute
Henry Derwent Honorary Vice President, International Emissions Trading Association
Dr Rodney Irwin Managing Director, Redefining Value & Education, World Business Council for Sustainable Development
Mindy S. Lubber JD, MBA President, Ceres Director, Investor Network on Climate Risk
David Rosenheim Executive Director, The Climate Registry
Damian Ryan Acting CEO, The Climate Group
Richard Samans (Chairman) Managing Director and Member of the Managing Board, World Economic Forum
Paul Simpson Chief Executive Officer, CDP (formerly Carbon Disclosure Project)
Gordon Wilson Senior Manager PwC, Chairman, Technical Working Group, Climate Disclosure Standards Board
Rough seas ahead for Captains of Industry