Bloomberg Tax
Aug. 21, 2023, 4:21 PM

JPMorgan Isn’t Taking Any Chances With New EU ESG Rule (2)

Frances Schwartzkopff
Frances Schwartzkopff
Bloomberg News

The asset management unit of JPMorgan Chase & breaking away from a number of its peers and voluntarily complying with a new European Union 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. That’s as Mairead McGuinness, the EU’s financial markets and services commissioner, says firms that don’t take ESG seriously face a bleak future in the bloc.

The PAI ...

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