As we navigate the complex landscape of environmental, social, and governance (ESG) considerations, it is becoming increasingly apparent that the "S" in ESG has a profound significance that cannot be overlooked. While environmental and governance aspects are undeniably crucial, the social dimension also plays a pivotal role in shaping sustainable and responsible business practices.
The S in ESG stands for the social aspects of responsible investment and financing. Social is closely related to the Universal Declaration of Human Rights (UDHR). Social is a very broad concept, which is difficult to quantify and therefore measure, which is why formulating a policy on and managing human rights is a challenge. Likewise, human rights is such an all-encompassing concept that institutions find it difficult to connect, compare and integrate different sub-aspects into a single socially responsible investment (SRI) policy. However, including human rights considerations in investment decisions is not a new phenomenon. Institutions may or may not be obliged to include social aspects to a large or small extent in their investment decisions. There have been several important developments in the field of human rights, for example in existing human rights laws and regulations, (mandatory) due diligence, social taxonomy and positive impact.
The aims of the working group are therefore to build our own knowledge and share it with the entire sector, encourage action for concrete impact and formulate recommendations for the sector and stakeholders. In addition, the working group goes further and also seeks to inspire the sector both at home and abroad by sharing good examples and visions for the future. For example, the group is planning to provide guidance on how to measure progress on social topics over time. The working group has the ambition to formulate a joint position on the main social indicators.
The Working group Social consists of eight financial institutions, two consultancy firms and three branch organisations. Its current members are: PGB Pensioendiensten, Pf. Rail & OV, Pf. Detailhandel, Robeco, Cardano, Triodos, MN, UBS, a.s.r., KPMG, PWC, the Dutch Federation of Pension Funds, the Dutch Banking Association and the Dutch Association of Insurers. The group may invite other stakeholders, companies and/or scholars to join on a temporary basis.
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