Guernsey Financial Services Commission Amends Financial Sector Corporate Governance Code to Address Climate Change – Financial Services

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Guernsey has again demonstrated its leadership position in the field of sustainable finance with the publication of an amended Financial Sector Corporate Governance Code by the Guernsey Financial Services Commission (GFSC).

The updated Code requires boards to consider the impact of climate change on their strategy and risk profile and, where appropriate, to provide climate change disclosures.

A copy of the new Code is available here. It will enter into force on October 1, 2021.

The amendment is a further demonstration of Guernsey’s commitment to helping global businesses meet their climate change reduction targets. The announcement came on the third day of WE ARE GUERNSEY’s Sustainable Finance Week, which focused on the role that private investment, family offices and insurance can play in the sustainable agenda.

The objective of these amendments is to ensure that Guernsey’s regulated financial services entities are prepared to tackle the issue of climate change in a manner commensurate with the nature of their business.

“We have published our corporate governance code which binds financial services companies to Guernsey. We ask companies to consider the impact of climate change on the business strategy and risk profile of the company and, where appropriate, to make timely information on climate change,” said GFSC chief executive William Mason.

He added, “The Code amendment encourages boards to prepare for a future in which green consideration and disclosure is likely to become an important part of international standards for financial services companies. Today’s changes are low-key in themselves – designed to encourage preparedness and action without significantly increasing administrative burdens on businesses.”

For more information on Guernsey’s financial sector, please visit www.weareguernsey.com.

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