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Regulatory Round-up: GRI on EU’s sustainability reporting, Basel on bonuses, UK pension schemes to assess Paris alignment

By Victor Smart

The level of detail required to comply with the EU’s proposed European Sustainability Reporting Standards means even sophisticated reporters will struggle to comply, according to the Global Reporting Initiative, a sustainability standards-setter. GRI set out its concerns in a response to a consultation from the European Financial Reporting Advisory Group, which is responsible for drafting the European standards.

More global consistency is likely following the Basel Committee on Banking Supervision’s decision to encourage performance bonuses tied to climate-related financial risk. Alexandra Beidas, global head of employment and incentives at law firm Linklaters, explains that UK and EU regulation already provides for sustainability-related performance pay but this may encourage their firms to go further while the US may now also adopt the practice.

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