Supervisory expectations on climate and environmental risks
The Bank of Italy, consistent with similar initiatives by the ECB and other national supervisory authorities, developed in 2022 a set of supervisory expectations on the incorporation of climate and environmental risks into business strategies, governance, control and risk management systems, and market disclosures by supervised intermediaries. The Bank of Italy followed this up with a thematic survey conducted on a sample of non-banking financial intermediaries.
In view of the findings, all intermediaries were asked to prepare an ‘Action Plan’ by 31 March 2023, identifying the actions planned to address the gaps identified and ensure the alignment of business practices with supervisory expectations, specifying the priorities and timeframes required to complete the various initiatives.
In response to the expectations expressed by the Bank of Italy, BancoPosta Fondi SGR has therefore defined its Action Plan on the integration of climate and environmental risks into business processes. The Plan was developed on the basis of the AMC existing situation at the beginning of 2023 and a gap analysis with respect to evidence from the survey conducted by the Bank of Italy. This Plan, approved by the Board of Directors of BancoPosta Fondi SGR and subject to the assessment of the Board of Statutory Auditors, is divided into five main development drivers: governance and organisational structure, corporate strategy, risk management system, reporting model and information flows, and remuneration policy. The Plan has a three-year horizon 2023 - 2025. The individual elements of the Plan, contained in each driver, are indicated through three levels of priority and associated with an indicative time horizon, which will be reviewed periodically to assess the feasibility of the Action Plan, also in accordance with changes in the context and regulations.