The Department for Work and Pensions (‘DWP’) is increasing regulation to improve
disclosure of financially material risks. This regulatory change recognises
Environmental, Social and Governance (ESG) factors as financially material and
schemes need to consider how these factors are managed as part of their fiduciary
duty. The regulatory changes require that schemes detail their policies in their
Statement of Investment Principles (SIP) and demonstrate adherence to these
policies in an implementation report.
Below is the 2023 Implementation Statement for the STMicroelectronics (Bristol) Retirement
Benefit Scheme.