Wednesday 14th October 2020
Further to earlier press release, Dr Radek Stech announces the launch of the website for Global Principles for Sustainable Securities Lending (Global PSSL). Therein, you will find the “Strategic Themes for Global PSSL” policy paper and updates on the progress of Global PSSL.
Dr Stech, CEO of Global PSSL is also the founder of the Sustainable Finance, Law, and Stakeholders (SFLS) Network (University of Exeter). Building upon the success of the Principles for Sustainable Securities Lending (PSSL) initiative (co-created by an independent working group between 2018 and 2019 and managed by Radek as chair of the ISLA Council for Sustainable Finance (ICSF)), Dr Stech has worked with key market stakeholders to take this initiative to a new level.
Global PSSL – a bold and innovative market standard – will be introduced at the end of 2020 for consultation, and will be open for endorsements from early 2021 to all levels of the securities lending sector.
Dr Stech convened the inaugural roundtable in August, following two years of development and a series of preliminary discussions with prominent beneficial owners, agent lenders and other key market players. Sharing the common goal of steering working practices and regional regulatory culture towards ethical and sustainable outcomes, the participants agreed a roadmap of objectives for the coming months.
A first progress report, detailing these plans can be found here.
In order to grant it the freedom and agility necessary to accommodate such a broad spread of stakeholders, Global PSSL will be driven by an independent not-for-profit Community Interest Company.
Global PSSL has received significant funding from the Economic and Social Research Council (ESRC), part of UK Research and Innovation, through Stech’s SFLS project.
SFLS was launched, in 2015, to channel focussed research into achieving genuine, positive, and lasting impact in the finance/banking world. To date, it has co-led on distinct initiatives and collaborations with the Global Alliance for Banking on Values (GABV), Global PSSL, ICSF, and international organisations within the United Nations system.