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14 October 2021

3rd meeting of Monaco Sustainable Finance working group

Meeting to launch the Monaco Sustainable Finance initiative on 19 March. ©Government Communication Department / Stéphane Danna

The 3rd meeting of the Monaco Sustainable Finance working group was held at the Ministry of State on Friday 1 October, chaired by Minister of Finance and Economy Jean Castellini and attended by representatives from the Monaco Association for Financial Activities and the Commission for the Control of Financial Activities.

The purpose of the meeting was to present the first lessons and draw the key conclusions from the ESG/SRI questionnaire (ESG: Environmental, Social and Governance criteria for assessing consideration of sustainable development and long-term challenges by corporate strategies; SRI: socially responsible investing). Numerous professionals from the Principality’s banking and portfolio management sector responded to the questionnaire over the summer.

All those participating in the meeting welcomed the questionnaire’s encouraging results for the Monegasque financial industry, and agreed to make progress in the following areas during 2022:

- introduction of dedicated ESG points of contact within businesses;

- expansion of the sustainable finance training to cover all staff, in addition to customer managers and senior executives;

- work with industry professionals to produce recommendations on ESG reporting for customers, with simple criteria that are common to all;

- organisation of an international sustainable finance conference in the Principality.

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