Providers of environmental, social and governance ratings are on notice. The International Organization of Securities Commissions on Tuesday said oversight of what has long been a notoriously opaque sector needs to improve. It’s not an immediate problem for big players like S&P Global , MSCI and Moody’s , but still highlights a more serious medium-term threat.
In an ideal world, meaningful climate data would be public and there would be little need for rating firms to interpret it. That won’t happen overnight. And even if it materialises, ESG bigwigs can still make money by advising companies on how to ensure their disclosures satisfy both the ISSB and the European Union, which has its own reporting standard for funds. But that may mean a smaller, less lucrative market.- The International Organization of Securities Commissions on Nov.
- IOSCO said its recommendations will begin shining a light on how ratings are compiled and conflicts of interest handled in a largely unregulated business which is already worth around $1 billion and growing at 20% a year. - Earlier this month a new global body was set up to introduce rigour into how companies make ESG-related disclosures. Until now, asset managers have relied heavily on ratings in the absence of high-quality company disclosures.Editing by Neil Unmack and Oliver TaslicReuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day.
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