IA to launch consultation on ESG fund classification

First State's Oulton to chair

The Investment Association (IA) is set to launch a consultation next week on the classification of environmental, social and governance (ESG) funds, Investment Week understands.

The consultation follows the creation of a Sustainable and Responsible Investment committee, set up by the IA earlier this year. Will Oulton, global head of responsible investment at First State Investments, is chair of the working group that is looking into whether the European Union's definition of ESG is "fit for purpose". He said the IA is looking at whether the UK needs a different definition due to the evolution of the market over the past decade. Oulton commented: "The IA is doing work on this, taking the definition from Brussels that has been used for the past decade and se...