Global Principles for Sustainable Securities Lending (Global PSSL) is pleased that the Sumitomo Mitsui Trust Bank Limited (SuMi TRUST Bank) has recognised Global PSSL as one of its partnerships to tackle solutions to difficult challenges for a sustainable society alongside long standing initiatives, such as The United Nations (UN) principles for Responsible Banking, UN Global Compact, The Principles for Responsible Investment and The Equator Principles.
By including Global PSSL as part of its Multi-stakeholder Dialogue, the SuMi TRUST Bank is affirming its confidence in the strength and utility of Global PSSL as a positive mechanism for sustainable finance. This is a significant step and SuMi TRUST Bank represents both the trustee and agency lending side for Global PSSL purposes and, consequently, adds enormous value in supporting our holistic approach to sustainability.
Mr Naotsune Nagaoka of SuMi TRUST Bank said, “We are delighted to work with Global PSSL as part of our broader commitments to sustainable finance.”
Dr Radek Stech, Founder and CEO of the Global PSSL community interest company (CIC) said, “I have worked tirelessly with all key stakeholders to develop an authentic global approach to sustainable securities lending since 2018. I relied on my fifteen years of experience that included enhancing environmental justice in Europe, co-drafting the first UK sustainability legislation, engaging with The Green Bond Principles, and taking part in the stakeholder consultation process for the World Bank Environmental and Social Framework.”
He emphasised, “That experience taught me the difference between those who simply say the right thing and those who actually do the right thing. I am grateful to SuMi TRUST Bank for doing the right thing alongside our other Global PSSL opening signatories.”
Global PSSL has received significant funding from the Economic and Social Research Council (ESRC), part of UK Research and Innovation, through the Sustainable Finance – Law – Stakeholders (SFLS) Network at Exeter Law School.
Grant request was designed based on earlier engagement with stakeholders shaping values-based banking, green bonds and sustainable project finance as well as initial contacts, research and discussions with staff from the World Bank.
About Global PSSL
The Global Principles for Sustainable Securities Lending (Global PSSL) is the fundamental global mechanism for aligning securities lending with sustainable finance. This voluntary initiative has been developed through years of research based engagement between Dr Radek Stech, representing the SFLS Network at Exeter Law School, prominent beneficial owners and several agent lenders and other stakeholders committed to positive change.
In order to preserve its impartiality, the Global PSSL framework is based within its own independent community interest company, led by Dr Stech.