Investment advisors and asset managers could be sued for negligence if they do not consider the environment and other social issues when making investment decisions, a United Nations report said on Tuesday.
Money managers have a legal responsibility to raise environmental, social and governance (ESG) issues when tendering investment and advising clients, a law expert and one of the report's authors said.
"(There is a) very real risk that (the advisor) will be sued for negligence on the grounds that they failed to discharge their professional duty of care to the client by failing to raise and take into account ESG considerations," said Paul Watchman.
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