The Guernsey Association of Pension Providers (GAPP) has announced plans to work on an environmental, social and governance (ESG) framework for its members, which it expects to publish in mid-2022.
President Stephen Ainsworth said the move had come in response to indications that more members would welcome guidance on the growing emphasis on ESG issues for pension plans.
“Pension plan members are starting to question how their pension assets are being invested and are demanding ESG-friendly options,” he said.
“As a result, the GAPP Committee decided to create a specialist ESG committee to research the issues, and rapidly concluded that the guidance should be within an overarching framework.
“Guernsey has for many years been the leading location for international retirement and savings plans and has provided thought leadership in the international pensions space. The ESG framework is just the latest aspect in this ongoing development.”
It is anticipated that the framework will adopt a similar structure to that of the Guernsey International Insurance Association (GIIA) framework, launched in June, including sections on governance, benefit provision, investments and reporting.