The Financial Stability Board (FSB) has named nine additional members of its Task Force on Climate-related Financial Disclosures (TCFD), including Bruno Bertocci, Head of Sustainable Investors at Asset Management.
The Task Force, which was created in December, is developing voluntary, consistent climate-related financial disclosures for use by companies in providing information to lenders, insurers, investors and other stakeholders. More effective disclosures will help to reduce financial stability risks by avoiding an abrupt repricing of financial assets as the impact of climate change becomes clearer.
The industry-led Task Force, chaired by Michael R. Bloomberg, comprises 31individuals from financial and non-financial companies across a range of countries and relevant areas of expertise.
With 35 years of industry experience, 17 of which have been at UBS, Bruno Bertocci is well-placed to bring his expertise to the Task Force. Bruno, who is head of Asset Management's Sustainable Investors team already represents UBS on committees such as the Global Initiative for Sustainability Ratings, US SIF (Social Investment Forum), and the Metrics Committee for SASB (Sustainability Accounting Standards Board) and is widely recognized for his thought leadership in the areas of sustainable investing and climate change.
"Investors have traditionally used financial data as a critical input to investment decision-making. It has taken time, but they now benefit from a coherent, global scheme for the disclosure of financial data," said Bruno. "Today the use of material non-financial data is evolving rapidly and so a sound, well-crafted approach to financial disclosure around climate change will benefit all investors. Asset Management's research and industry insights and our long-term experience as active investors will enable us to play an important role in this initiative."
"I'm very excited about helping with this effort – it's a great fit with the work being done inside and outside UBS to advance the field of sustainable investing."
The Task Force is considering the physical and non-physical risks associated with climate change and what constitutes effective corporate financial disclosures in this area. During the next phase of its work it will seek to develop a set of recommendations for consistent, comparable, reliable, clear and efficient climate-related financial disclosures. It will present a final report for consultation by year end.
About the Financial Stability Board
The FSB has been established to coordinate at the international level the work of national financial authorities and international standard setting bodies and to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies in the interest of financial stability.
It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. The FSB also conducts outreach with 65 other jurisdictions through its six regional consultative groups. Find out more.