Gouvernance, environnement… l'autorité comptable britannique veut aller plus loin

Le régulateur lance une consultation pour faire évoluer le code de gérance à destination des gestionnaires d'actifs. Et il entend aller plus loin.

PAR Olivia Vignaud

La City - Londres - Royaume-Uni - Angleterre

Le Financial Reporting Council (FRC) a visiblement entendu les critiques à son égard. Le régulateur britannique - qui est à la fois en charge de veiller sur la profession comptable et la gouvernance des entreprises - a lancé hier une révision de son "Stewardship Code" (littéralement de son code de gérance), applicable aux gestionnaires d'actifs. La première mouture dudit code avait été mise en place dès 2010, dans le sillage de la crise financière, afin d'améliorer l'engagement actionnarial dans les sociétés britanniques. Il avait alors eu un rôle moteur. Mais depuis, et malgré une révision en 2012, les exigences de ses standards étaient décriées.

Dans le détail, ces propositions interviennent après que la FRC a été critiquée en décembre dans un examen indépendant mené par Sir John Kingman. Ce dernier, qui est le président de l'assureur britannique Legal & General, a appelé le gouvernement britannique à remplacer l'autorité par un régulateur plus puissant et a suggéré que le code de gérance soit supprimé si les réformes n'allaient pas assez loin. "Le code devrait mettre l'accent sur les résultats et l'efficacité, et non sur les déclarations de politiques", avait fait valoir Sir John Kingman. Et d'ajouter : "Si cela n'est pas possible, et que le code reste un simple vecteur de dispositions standard, il faudra envisager sérieusement de l'abolir."

Le message est visiblement passé. "Le Code mettra l'accent sur la façon dont une gérance efficace offre une valeur durable aux bénéficiaires, à l'économie et à la société", fait valoir le Financial Reporting Council. Les principaux changements sont résumés en trois points. Le premier est nommé "objectifs, valeurs et culture". "Les investisseurs doivent communiquer sur la manière dont leurs objectifs, leurs valeurs et leur culture leur permettent de remplir leurs obligations envers les clients et bénéficiaires". Une mesure qui permet d'aligner le "Stewardship Code" avec le Code de gouvernance des sociétés au Royaume-Uni.

Deuxième élément : la reconnaissance de l'importance des facteurs ESG. "Le Code proposé fait maintenant référence aux critères environnementaux, sociaux et de gouvernance", est-il précisé. "La référence explicite aux facteurs environnementaux et sociaux tout au long du document est un pas en avant extrêmement positif et la reconnaissance par le régulateur que les facteurs ESG peuvent être financièrement importants", a réagi Fergus Moffatt, head of UK policy au sein de l'ONG ShareAction.

Le FRC propose enfin d'étendre le texte au-delà des investissements dans des sociétés cotées pour inclure d'autres actifs comme les obligations, les infrastructures ou encore le private equity, afin de refléter la nature changeante des investissements. La consultation court jusqu'à fin mars en vue de la publication d'un code révisé en juillet prochain.

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Je profite de l'offre découverte

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