LuxFLAG European ESG label launched
LuxFLAG, the Luxembourg Fund Labelling Agency, has announced the launch of the LuxFlag ESG label, which will be granted to investment funds meeting specific environmental, social and governance (ESG) criteria.
The label is available to UCITS and AIFMD funds, which are based in Europe and equivalent jurisdictions. OFI Asset Management, Nordea and Sparinvest have already commited to apply for the new label.
The LuxFLAG ESG label is granted for a period of one year by the LuxFLAG board of directors, based on a recommendation by LuxFLAG’s eligibility committee of specialists.
The latter includes Nathalie Dogniez, Partner at PwC Luxembourg , Ulrika Hasselgren, President at Ethix SRI Advisors Sweden, Adrie Heinsbroek, Sustainability Advisor at ING, the Netherlands, Nicolas Hennebert, Partner at Deloitte Luxembourg, Hakan Lucius, Head of Division, Corporate Responsibility and Civil Society at the European Investment Bank.
Thomas Seale, Chairman of LuxFLAG commented on the launch: “the new LuxFLAG Label is appropriate for investment funds which truly incorporate disciplined ESG criteria in their investment process. It will help these funds differentiate themselves from other offerings in the market place and it will help investors make informed decisions through the enhanced transparency and visibility the label provides.”
Until now LuxFLAG has offered two thematic labels: microfinance and environment. It has seen a two-fold increase in the number of funds it labels in the last two years as the number of responsible investing investment funds in Europe is growing.