JPMorgan complies with new ESG rule in Europe

Mairead McGuinness, the EU’s financial markets and services commissioner, said firms that don’t take environmental, social and governance (ESG) seriously face a bleak future in the bloc. — Bloomberg

COPENHAGEN: The asset management unit of JPMorgan Chase and Co is breaking away from a number of its peers and voluntarily complying with a new European Union (EU) rule that requires fund managers to report their social and environmental impact.

The Wall Street firm has issued a so-called entity-level principal adverse impact (PAI) indicator statement amid growing pressure on firms to show EU clients the extent to which their business is damaging the environment.