Pursuant to the authority embedded in the Global PSSL Transparency principle, Radek Stech (Global PSSL CEO) delivered a Transparency Update presentation to the Bank of England Securities Lending Committee (SLC) on 4th November 2021 [notes available here]. Radek met with the Bank of England officials last week to discuss future transparency updates and Global PSSL’s broader role as a voluntary mechanism for aligning organisations with their ESG ambitions.
The SLC meets regularly to discuss current issues affecting the Securities Lending sector and hosts external presentations from time to time. Its minutes are published on the Bank of England website. Global PSSL will continue to use broader international fora, potentially including SLC if invited again, to present its transparency updates in the future. At the same time, both the Bank of England officials and the Global PSSL secretariat will continue the dialogue through future meetings.
Dr Stech said, “I am very encouraged by this follow-up meeting. The Bank of England SLC has welcomed the idea of further engagement with Global PSSL when the important work we do forms part of its agenda. I’m also very grateful for the opportunity to continue meeting the Bank of England officials from time to time and look forward to a positive and constructive relationship going forward”.
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.