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Consultation Responses30 July 2025
ShareAction response to the Bank of England's PRA’s consultation on enhancing banks’ and insurers’ approaches to managing climate-related risks
ShareAction supports the PRA's intention to update and clarify its supervisory expectations in light of growing climate-related risks, and welcomes the PRA's aim to build on lessons learnt in the UK and internationally over the last five years on firms’ management of climate-related risks. Overall, we welcome the updated provisions set out in the consultation, but call on the PRA to go further and: Adopt a precautionary systemic risk approach to avoid the build-up of climate-related risks in the first place; Take micro and macroprudential measures to ensure that individual banks and insurers, and the financial sector as a whole, are better equipped to deal with such risks; Implement robust enforcement measures, including financial penalties if needed; and Better align its practices with international and EU standards
Joint Statement05 June 2025
Investor Statement in Support of Diversity, Equity, and Inclusion
ShareAction’s Good Work investor coalition reaffirms the collective commitment to advancing diversity, equity, and inclusion (DEI) across the companies in which they invest. Amid recent political and legal challenges to DEI initiatives, particularly in the US, we believe it is important to restate why these principles matter.
Report28 May 2025
Bridging the Data Divide: An analysis of market practice to strengthen engagement disclosures under the Sustainable Finance Disclosure Regulation
The Sustainable Finance Disclosure Regulation (SFDR) was introduced to enhance transparency and improve sustainability disclosures by financial market participants. It has been instrumental in raising awareness of the negative impacts of investments on people and the planet but has not yet succeeded in fully delivering on its intended goals, including to prevent greenwashing, reduce negative impacts, and channel capital towards sustainable investments.
Report15 May 2025
Insurance in Transition: Decoding the Omnibus Agenda’s Ripple Effect
The insurance sector plays a key role in Europe’s sustainable transition due to its role as a major investor and risk manager. However, new research commissioned by ShareAction warns that proposed changes in the EU's Omnibus I package could weaken key sustainability rules, seriously undermining insurers' ability to support climate goals and protect financial stability. The research shows that up to 85% of European insurers currently covered by the Corporate Sustainability Reporting Directive (CSRD) may be excluded from reporting obligations under changes being discussed between EU policymakers. This would drastically reduce the insurance sector's transparency and accountability and access to data needed to manage sustainability-related risks. Combined with a narrower EU Taxonomy scope and weakened transition plan requirements under the Corporate Sustainability Due Diligence Directive (CSDDD), these proposals could delay climate action and amplify financial risks. Other regulations, such as Solvency II and the Sustainable Finance Disclosure Regulation (SFDR), also risk being weakened under the Omnibus proposal.
Briefing23 April 2025
Clearer Accounting for Clean Air
Meaningful progress to improve air quality requires coordinated action across all sectors, particularly from high-polluting industries. Transparent corporate disclosures are needed to hold companies to account for the air pollution they cause, and to support them to align their activities with national health objectives. This policy briefing sets out recommendations to the UK Government to integrate air pollution metrics into corporate reporting frameworks, mandate disclosure of PM2.5 emissions across key sectors, and set sector-specific emissions-reduction targets.
Joint Statement10 March 2025
Joint statement reacting to EU Omnibus proposal
ShareAction signed a joint statement with over 360 organisations from more than 50 countries, opposing the European Commission’s Omnibus proposal published on 26 February. The proposal threatens to dismantle critical sustainability laws, including the Corporate Sustainability Due Diligence Directive (CSDDD), the Corporate Sustainability Reporting Directive (CSRD), and EU Taxonomy. These laws are essential for holding companies accountable for human rights abuses, environmental harm, and ensuring transparent sustainability reporting. The Omnibus proposal weakens corporate accountability, reduces access to justice for victims, and removes key sustainability obligations for businesses. If passed, it will undermine the EU’s Green Deal and its ambition to lead on climate action and human rights protections. We call on the European Parliament and Council to reject this damaging proposal and ensure that corporate sustainability laws remain strong and effective.
Consultation Responses25 February 2025
ShareAction response to HM Treasury’s captive insurance consultation
ShareAction’s view is that deregulation of captive insurance is ill-advised as this could undermine the UK’s efforts to combat climate change as well as the broader stability of our financial system. ShareAction therefore considers that firms and activities relating to fossil fuels should be excluded from any planned relaxation of the rules.
Consultation Responses20 February 2025
ShareAction response FRC Stewardship Code
ShareAction’s response to the UK Stewardship Code review, which calls on the FRC to maintain the link between stewardship and environmental and social factors by retaining the existing definition of stewardship
Joint Statement12 February 2025
Joint letter to Commissioner Albuquerque over the European Commissions' 2025 work plan
Following the release of the European Commission’s 2025 work plan, ShareAction and 21 organisations and experts sent a letter to Commissioner for Financial Services Maria Luís Albuquerque, urging immediate action to raise capital requirements for fossil fuel assets. In a report published on 7 November 2024, and endorsed by the 27 national insurance supervisors, the European Insurance and Occupational Pensions Authority (EIOPA) confirmed that stocks and bonds linked to unsustainable activities—particularly fossil fuels—pose higher financial risks. EIOPA recommended that the Commission act to address these risks and safeguard financial stability. Yet, the Commission’s work plan fails to include any initiative on this issue, despite its critical role in protecting both the financial system and public trust in insurers to manage future risks.
Joint Statement16 December 2024
ERIN letter to Maria Luis Albuquerque
Together with 15 civil society organisations from the European Responsible Investment Network (ERIN) network, we have sent a letter to the new Commissioner for Financial Services and the Savings and Investment Union, Maria Luís de Albuquerque, urging bold action on sustainable finance in the EU over the next five years and sharing our priorities for the new mandate.
