The reports requested from life insurers detailing their environmental, social and governance (ESG) policy are incomplete and some were submitted late, their supervisor said on Monday.
The content of the reports presenting the policies relating to sustainability risks is very heterogeneous and none complies with all the regulatory requirements, both in terms of completeness, accuracy or precision of the information published, writes the Prudential Control Authority and resolution (ACPR), backed by the Banque de France. The banking and insurance police rely on article 29 of the energy and climate law, which has regulated the extra-financial reporting of market players since its implementing decree in May 2021.
The latter defines the information published on the consideration of environmental, social and quality of governance criteria in the investment policy and on the means implemented to contribute to the energy and ecological transition, explains the Ministry of Health on its website. Ecological transition.
In terms of sustainability or ESG, the decree emphasizes the necessary convergence between financial risk management conventional (credit, liquidity) and those relating to climate and biodiversity. It includes a qualitative and, if possible, quantitative estimate of the financial impact of the main ESG risks, continues the minister.
A significant proportion of organizations did not publish or submit the report within the regulatory deadlines
A total of 244 entities in the life insurance and supplementary occupational retirement sector have been identified as having to publish such a report in 2022 and 2023. A significant proportion of organizations did not publish or submit the report within the regulatory deadlines , also observes the ACPR.
France is also the first country in the European Union to transpose the Corporate Sustainability Reporting Directive (CSRD), directive in force since January 1, 2024, which makes it possible to harmonize ESG data.
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