The ESG Data and Ratings Working Group (DRWG) is an industry working group mandated by the FCA to develop a voluntary Code of Conduct for ESG data and rating providers. By bringing together the views and expertise of all key stakeholder groups within the ESG data ecosystem, the DRWG will be well-placed to develop a comprehensive, proportionate and globally consistent voluntary Code of Conduct. The Secretariat role is jointly fulfilled by the International Capital Market Association (ICMA) and the International Regulatory Strategy Group (IRSG).

  • Develop a globally consistent voluntary Code of Conduct for ESG data and rating providers. In doing so, the DRWG should:
    • Ensure the Code sets out clear, comprehensive and proportionate guidance for ESG data and rating providers, while taking into account the needs of all key stakeholder groups within the ESG data ecosystem - including the entities that are the subject of ESG data and rating products/services, and the users of these products/services. ​
    • Use the detailed content of IOSCO’s recommendations and key outcomes, building on and elaborating their content where appropriate.​
    • Where relevant, promote market convergence towards well-understood and recognised definitions.​

  • Consider how the Code should be periodically reviewed so that it continues to reflect best practices and to meet market participants’ expectations until a potential regulatory regime will be established. ​
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