News in the spotlight: Canada to Introduce Sustainable Investment Taxonomy in 2026
On December 12, 2025, the Government of Canada announced the next phase in developing a sustainable finance taxonomy to support investment alignment with net-zero goals. The taxonomy, expected to be introduced in 2026, will provide standardized guidance to help…
Products and Services
STOXX to Acquire ECPI to Expand ESG Indexing Capabilities
STOXX Ltd., part of ISS STOXX GmbH and a leading provider of benchmark and custom index solutions, has signed a definitive agreement to acquire Milan-based ECPI S.R.L. from Confluence Technologies. ECPI, founded in 1997, specializes in sustainability indices, data, and analytics, offering over 60 equity and fixed income indices that support institutional investors in index-based products, risk analysis, and compliance with sustainability mandates. The acquisition positions STOXX Ltd. as benchmark administrator for ECPI’s full index portfolio, enhancing its sustainability offerings with ECPI’s proprietary research models covering more than 6,800 issuers. ECPI employs a sector-based, best-practices approach to convert qualitative sustainability data into quantitative scores and ratings, aiding asset owners and managers in portfolio screening and sustainable investment strategies. STOXX manages over 18,000 rules-based indices, including EURO STOXX 50 and DAX, licensed to more than 550 companies globally.
Dutch Pension Fund Drops EUR 5bn BlackRock Mandate Over ESG Concerns
Dutch pension fund PME Pensioenfonds, managing approximately EUR 59 billion in assets for the metal and technology sectors, has terminated its EUR 5 billion equity mandate with BlackRock Inc. following an ESG-focused review of external managers. The decision stems from PME’s assessment that BlackRock no longer aligns with its sustainability vision, particularly on climate risk management, despite acknowledging the firm’s prior high-quality services. The portfolio will transfer to UBS Group AG and The Hague-based MN, reducing PME’s equity managers from three to two, with allocation details pending. This move supports PME’s “Portfolio of Tomorrow,” launched under its 2022 ESG framework, which prioritizes returns alongside contributions to a sustainable world through deliberate company selections. The termination marks BlackRock’s second major Dutch pension mandate loss this year, after PFZW withdrew EUR 14 billion earlier amid similar sustainability concerns.
Resonance unveils £10m fund to expand supported housing across English regions
Resonance has launched a new GBP 10 million social impact investment fund aimed at supporting underserved communities across the English regions. The fund—Resonance Supported Homes Regional Fund—focuses on providing safe, affordable housing to people experiencing or at risk of homelessness, including women fleeing domestic abuse and individuals with learning disabilities. Developed in partnership with social enterprises and housing partners, the fund seeks to acquire and refurbish around 100 properties across England over the next three years. It is designed to offer long-term, stable housing solutions to vulnerable groups while aiming to generate both social and financial returns for investors. The fund builds on Resonance’s existing experience in housing and impact investment, leveraging institutional, philanthropic, and individual investor capital. The first close of the fund has secured over GBP 5 million, and Resonance is planning further fundraises to reach its target. The initiative aligns with the UK government’s focus on regional investment and supports efforts to address structural inequalities through place-based impact strategies.
Regulations, Law and Frameworks
Canada to Introduce Sustainable Investment Taxonomy in 2026
On December 12, 2025, the Government of Canada announced the next phase in developing a sustainable finance taxonomy to support investment alignment with net-zero goals. The taxonomy, expected to be introduced in 2026, will provide standardized guidance to help financial institutions, businesses, and investors identify environmentally and climate-aligned economic activities. This initiative builds on the work of the Sustainable Finance Action Council (SFAC) and the recently launched Canadian Sustainability Standards Board. The taxonomy will prioritize transparency, science-based criteria, and support for transition activities, including clean technology, renewable energy, and decarbonization efforts in high-emitting sectors. The government emphasized that the taxonomy will be voluntary but aims to channel private capital flows toward sustainable projects and reduce greenwashing. Stakeholder engagement, public consultation, and intergovernmental coordination—including collaboration with Indigenous groups—will play a critical role in the final design.
EU Parliament Backs Simplified Sustainability Reporting and Due Diligence Rules
The European Parliament has approved a provisional agreement with EU governments to simplify sustainability reporting and due diligence rules, reducing obligations for fewer companies to enhance competitiveness. Under the updated Corporate Sustainability Reporting Directive (CSRD), reporting applies to EU firms with over 1,000 employees and EUR 450 million net turnover, and non-EU firms with EUR 450 million EU turnover, or subsidiaries/branches exceeding EUR 200 million EU turnover. Requirements are streamlined, with sector-specific reporting now voluntary and no obligation for firms under 1,000 employees to supply data to larger partners beyond voluntary standards. The European Commission will provide a digital portal with templates and guidelines to aid compliance. The Corporate Sustainability Due Diligence Directive (CSDDD) limits obligations to large EU corporations requiring risk scoping in supply chains without mandating transition plans. These firms face national liability and fines up to 3% of global net turnover for non-compliance, with rules effective from July 2029.
Leadership Announcements
Measurabl Names Maureen Waters as CEO to Drive Global Expansion and Sustainability Strategy
Measurabl, a leading real estate sustainability data and technology provider, has appointed Maureen Waters as its new Chief Executive Officer. Waters brings over two decades of experience in real estate, technology, and capital markets. Her leadership background includes roles at MetaProp, Skanska, and Cushman and Wakefield. As CEO, Waters will focus on scaling Measurabl’s operations and enhancing its mission to make real estate more sustainable. Founder Matt Ellis will remain with the company as Executive Chairman, supporting strategic initiatives and partnerships. The transition comes at a time when the demand for ESG data in real estate is growing, and Measurabl aims to strengthen its position by expanding its product suite and global reach under Waters’ leadership.
Nordea AM expands its Sustainable Thematic Team to 15 Portfolio Managers
Nordea Asset Management (NAM) has appointed Kasper From Larsen and Rachel Reutter as Portfolio Managers to its Sustainable Thematic Team, expanding the group to 15 investment professionals, including eight portfolio managers, across Copenhagen, London, and Singapore. The team, co-led by Thomas Sørensen and Henning Padberg, manages over EUR 18 billion in climate and impact strategies, encompassing climate solutions, transition portfolios, and broad impact funds, building on NAM’s pioneering climate fund launched in 2008. From Larsen, with nearly two decades of experience, joins from Danske Bank Asset Management after 11 years as a Senior Portfolio Manager focused on energy transition sectors such as utilities, renewables, infrastructure, and materials; he will support NAM’s climate investment strategies. Reutter, possessing 20 years of expertise including 13 years at J O Hambro Capital Management as lead Portfolio Manager for a concentrated equity fund with integrated ESG processes and engagement, will concentrate on impact strategies like the Nordea 1 – Global Impact Fund.