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CMF signs Green Financial Sector Agreement

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December 18, 2019.- The Financial Market Commission (FMC) today signed the Financial Sector Green Paper. This is an initiative led by the Ministry of Finance that voluntarily brings together public and private representatives with the aim of contributing to financial stability and the achievement of the country’s climate objectives.

The ceremony was chaired by Finance Minister Ignacio Briones and included the participation of CMF President Joaquín Cortez, Central Bank President Mario Marcel, Pensions Superintendent Osvaldo Macías, Banco Estado President Arturo Tagle and IDB representative in Chile Yolanda Martínez.

Joaquín Cortez emphasized that “with almost 73% of Chile’s financial assets under our supervision, the signing of this agreement is in line with our formal commitment to move forward in making the actors in the markets we regulate more explicit in providing information about their management in all matters relating to environmental, social and corporate governance policies”.

He added that in this context “we have put in consultation modifications to the rule that regulates the information contained in the annual report of Social Responsibility and Sustainable Development”. He said that CMF “will ask for precise information, for example, on the relationship of entities with their suppliers; indicators that account for initiatives, investments and goals related to the consumption of renewable energies; and indices of diversity, rights, safety and benefits for workers”.

CMF President concluded stating: “this is an advance that will bring us in line with what has been done by regulators in developed markets”.

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