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The Climate and Sustainable Finance Commission was set up by the AMF on 2 July 2019 and brings stakeholders together on the issue of sustainable finance. The role of this commission is to help the AMF carry out its regulatory and supervisory missions on issues related to sustainable finance.
The regulator's objective is to change practices, increase transparency and facilitate the consideration of sustainability issues and the mobilisation of capital for more sustainable activities.
Through its reports on socially responsible investment in collective investment (SRI report) and on social, societal and environmental responsibility (CSR report), and through its regular liaising with stakeholders on these matters, the AMF has strengthened its commitment to sustainable finance. The AMF has made this commitment a major focus of its strategic plan, #Supervision2022, which applies to all its missions and activities and is set out in detail in the roadmap for sustainable finance published in November 2018. The PACTE law passed in spring 2019 also recognised this new responsibility by defining a specific mission for the AMF, which is responsible for ensuring the quality of information provided by management companies on their investment strategy and the way they manage risks related to the effects of climate change. Furthermore, the European Commission's action plan published in March 2018 and the related measures have modified many existing legislative texts or created new obligations and incentives for market participants regulated by the AMF.
Accounting for the effects of climate change and other environmental and social risks on economic models requires the mobilisation of a wide range of expertise. It affects corporate strategies and therefore requires a close dialogue between issuers and investors. It also affects the convictions and preferences of investors, both institutional and retail. It is essential to further develop the methodologies and information available, to ensure that the basis of trust is preserved, notably with regard to greenwashing risks, and to assess the real effects, in particular in terms of reallocation of capital flows.
In this context, in July 2019, the AMF announced the creation of a Climate and Sustainable Finance Commission dedicated to these cross-cutting themes and bringing together stakeholders on the subject of sustainable finance. For matters of common interest, this Commission works closely with the Commission of the Autorité de Contrôle Prudentiel et de Résolution (ACPR). In particular, the two Commissions will work together to implement the new mechanism created for the independent monitoring and evaluation of climate-related commitments made by institutions of the Paris marketplace.(1)
The role of this Climate and Sustainable Finance Commission will be to help the AMF in its regulatory and supervisory mission on issues related to sustainable finance. This commission will also provide a forum for dialogue that should contribute to the effective mobilisation of the financial sector in the face of climate risk.
The Climate and Sustainable Finance Commission will be responsible for:
The Climate and Sustainable Finance Commission is chaired by a member of the AMF Board.
Its membership reflects the various segments of financial markets, civil society and academia. Members are appointed intuitu personae by the AMF Board for a renewable three-year term. They commit to an active presence and a personal contribution in order to further collective work. They may also act as "rapporteurs" where necessary.
The Climate and Sustainable Finance Commission meets once a month. A representative of the Treasury Directorate is invited to each of meeting of the Commission.
The Commission may create dedicated working groups chaired by one of its members. If necessary, they may bring experts who are not members of the Commission. This work may result in publications that are used by the AMF, if necessary. The Commission may invite external experts to participate in its meetings. It may also alert the AMF Board to issues of concern related to its field of analysis.
A charter regulating the Commission’s governance and operating rules will be published shortly. It will lay down the rules governing the adoption of opinions or conclusions, attendance, conflicts of interest, confidentiality and the personal contribution of members. Members of the Commission will receive no remuneration.
The Climate and Sustainable Finance Commission is chaired by Thierry Philipponnat, a member of the AMF Board since December 2013. He is Head of Research and Advocacy at Finance Watch and member of the Enforcement Committee of the Autorité de Contrôle Prudentiel et de Résolution (ACPR).
The membership of the Sustainable Finance Commission reflects the various segments of the financial markets (issuers, asset managers,
institutional investors, corporate and investment banking, non-financial rating agencies, data providers), civil society and academia.
● Thierry Philipponnat, Chairman
● Pervenche Beres, Member of the European Parliament from 1994 to 2019
● Dominique Blanc, NATIXIS CIB
● Candice Brenet, ARDIAN
● Anne Chassagnette, ENGIE
● Emmanuel de La Ville, EthiFinance
● Caroline Delerable, EY
● Julie Evain, I4CE
● Julia Haake, ISS ESG
● Bertille Knuckey, SYCOMORE AM
● Jochen Krimphoff, WWF
● Michèle Lacroix, SCOR
● Caroline Le Meaux, AMUNDI
● Mireille Martini, OCDE
● Lise Moret, AXA IM
● Nicolas Mottis, Ecole Polytechnique
● Nicole Notat, VIGEO-EIRIS
● Alice Peyrard, VEOLIA
● Alexandre Rambaud, AgroParisTech/CIRED/Université Paris-Dauphine
● Eric Soubeiran, DANONE
● Gilles Vermot Desroches, SCHNEIDER ELECTRIC
● Helena Viñes Fiestas, BNP PARIBAS AM
● Jean-Yves Wilmotte, CARBONE 4
● ACPR (Laurent CLERC)
● A representative of the Treasury Directorate is invited to each of meeting of the Commission.
 These announcements were made in a joint news release by the French Ministry for the Economy, the public authorities, ACPR and AMF and the Paris marketplace.