Claros works on policy actions and options for a variety of organisations. In addition we respond to a variety of policy consultations and initiatives ourselves. In doing so our general desire is to encourage SRI, to improve its effectiveness, and to ensure that investment generally is contributing to sustainable development.

We would encourage you too to take action. Governments do take note of responses and comments. It is particularly important that responsible investment organisations speak out, as their voice is all too often lacking from the policy debate.

Disclosure and the Listing Regime

Current status

To take action

Other policy work

Disclosure and the Listing Regime
Information is the lifeblood of the financial markets. As a result, detailed rules specify what information companies have to disclose before, and while, being listed on stock exchanges. At a European Level these rules are currently being revised, through a new prospectus directive and associated implementing measures. However, to date these rules have contained little on social and environmental information despite rising interest in such matters by investors.

This lead us to carry out an investigation of the listing regime and social and environmental disclosure for Friends of the Earth - See the report "Open Disclosure" here. The report follows up a study of the listing of Xstrata plc, which identified serious deficiencies in its prospectus. Download the report here.

Current status
The Council and Parliament of the EU have just approved the Prospectus Directive
However there is still scope to influence the implementing measures, which are developed by the European Commission in conjunction with the Committee of European Securities Regulators.

A formal response to specific consultations are ideal. However, it would be very useful to have broad responses from investors which state that social and environmental information is relevant to the investment process, and that the listing rules should ensure adequate disclosure of such information. Download a sample of an outline letter on these implementing measures here (based on Claros's own response to the consultation).

To take action:
At an EU level, write to:
The Internal Markets directorate of the European Commission (Attn David Wright, Director of Financial Markets) - responsible for overall policy, including directives ("Level 1 measures").
and to
CESR (the Committee of European Securities Regulators) - Fabrice Demarigny, Secretary General - responsible for pan European implementing measures ("Level 2 measures") see www.europefesco.org

At an UK level
Write to the Financial Securities Authority, attn Ken Rushton

Other policy work
Claros's response to the EU's CSR green Paper
Download here

Claros's response to the Myners Review.
Download here

To contact us email:..... info@claros.co.uk

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