United Kingdom | Publication | April 2024
There is a statutory requirement for the largest schemes to publish climate change governance reports and the Regulator has published its review of 30 such reports.
Where an occupational pension scheme has relevant assets of £1 billion or more at the end of a scheme year ending on or after March 1, 2022, it falls within the reporting requirements, and the Regulator’s review considered the quality and consistency of reporting against both the legal requirements and the statutory guidance.
The reports showed that trustees took a range of actions to address climate risks and opportunities. These included updating DC default lifestyle strategies to include sustainable funds, increasing allocation to low carbon tracker funds, and articulating stewardship priorities on climate change mitigation, climate change adaptation and avoiding biodiversity loss.
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On 26 April 2024, the Financial Conduct Authority (FCA) published Primary Market Bulletin No.48 (PMB 48) to consult, among other things, on changes the FCA proposes to make to guidance in its Knowledge Base.
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On 24 April 2024, the European Parliament voted to withdraw from the Energy Charter Treaty (the ECT). The vote follows several years of negotiations and deadlock amongst ECT contracting states and comes only two months after the UK’s announcement that it will withdraw.
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On 18 September 2023, the CMA published its Initial Report (Initial Report) on AI Foundation Models (FM), supplemented in April 2024 with the publication of its “Update Paper” focused on potential antitrust risks associated with FMs and a “Technical Update Report” providing more detail on the development on FMs (collectively the “Reports”). Below, we consider these CMA publications.
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