The UK’s House of Lords has voted down a government amendment that would have given it the power to issue guidance on how pension trustees in the country should consider long-term factors such as climate change.
In a vote last week, peers from opposition parties led by the Conservatives and Liberal Democrats defeated an amendment to the Pension Schemes Bill that would have allowed the government to produce guidance on how trustees should think about financially material considerations – including ESG – and the best interests of members.