Concerned about the impact of climate change on your pension fund? Legal help is at hand.
ClientEarth, a firm of activist lawyers committed to securing a healthy planet, has teamed up with charity ShareAction on a project to help participants in U.K. pension funds who are concerned about how their pension funds are responding to climate-change risks and opportunities.
Supported by ClientEarth and ShareAction, more than 50 participants have written to their pension funds to ask how they measure and manage exposure to climate risks within investment portfolios.
The letters ask for a number of documents to help shed light on a pension fund's approach and give a two-month deadline for a response.
Pension fund members want to see how their funds are protecting their hard-earned savings, said Natalie Smith, London-based company and financial lawyer at ClientEarth. We will help them assess the responses they get and whether what the fund is doing meets legal requirements. We also hope this project will benefit fund managers and trustees, who will be in no doubt of their legal duties when it comes to assessing and responding to climate risks and opportunities. She added that responses are expected by the end of June.
As of mid-April, letters had been sent to 11 corporate and public pension funds in the U.K. under the project.