Global PSSL appoints reviewer for UN Pathways alignment

July 8, 2022

The initiative aims to align securities lending with the UN Sustainable Development Goals.

Not-for-profit industry body Global Principles for Sustainable Securities Lending (Global PSSL) has welcomed an executive expert from the Central Bank of Eswatini to act as a peer reviewer on its project to support the United Nations Pathways.

The not-for-profit's project aims to clarify how its nine principles sit within the United Nations Sustainable Development Goals (SDGs) as well as other UN sustainable finance initiatives.

The nine principles include sustainable finance development, transparency, stakeholder involvement and interconnected sustainable finance collateral.

Read past coverage of the Global PSSL:

https://www.old.manifest.co.uk/sustainable-securities-lending-a-letter-to-asset-owners/

The ‘United Nations Pathways for Global PSSL’ project, launched on 7 June, “benefits from external and independent peer review from UN senior experts,” explained the not-for-profit as it welcomed the southern African central bank expert in an article on its website.

Signatories include multi-asset servicing specialists, data providers,  hedge funds and pension funds such as BNP Paribas Securities Services, Minerva Analytics, NEST, Standard Chartered, PGGM, Blue Orca Capital and J Capital Research USA.

So far, the not-for-profit has received funding from its core participants, as well as from the Economic and Social Research Council (ESRC).

In 2020, the not-for-profit announced that it was cutting its ties with the International Securities Lending Association (ISLA) in order to move forward as an autonomous social enterprise.

At the time, CEO Dr Radek Stech commented: “I am delighted with the overwhelming response to this initiative. In just three weeks, over forty prominent organisations from around the globe have committed resources to help develop and implement [our principles].

“Now that PSSL has evolved into Global PSSL, this is the right time to step away from the ICSF brand and advance this initiative on an international scale, without bureaucracy. The first dedicated workshop for Global PSSL took place in late October and others will follow in quick succession as this initiative grows.”

The Financial Conduct Authority and the Netherlands Authority for the Financial Markets (AFM) currently act as observers for Global PSSL.

Meanwhile, in April this year, Global PSSL announced it has welcomed Vibeka Mair as representative of Capital Monitor to become its second media observer, after Justin Lawson on behalf of Securities Finance Times.