(ZEROHEDGE) – As Sweden looks to reorganize its embattled 1 trillion kronor ($90 billion) pension system following an embezzlement scandal, the office overseeing the process says it won't accept applications from asset managers that don't incorporate ESG (Environmental, Social and Governance) into their strategies.
"Unlike in the current system, there will be a requirement that the manager systematically integrates sustainability aspects into its operations," said Erikl Fransson, executive director of the Swedish Fund Selection Agency, Bloomberg reports.
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So now, ESG requirements will be enshrined into law for pension managers, which must show an "exemplary approach to sustainability through responsible investment and responsible ownership."
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