Sustainable Stock Exchanges 2010 Session 2 (by invitation)

Finding the best balance between voluntary exchange-led initiatives and regulation
Session Type
Session Themes
Sustainable Stock Exchanges
Room number
Room 2A01
8 September 2010
14:00 - 15:00 Asia/Shanghai

Building responsible capital markets

This executive dialogue will bring together CEOs of stock exchanges, large institutional investors and issuers, along with senior securities regulators, to examine how stock exchanges can promote sustainable business practices and responsible capital markets. The dialogue is co-organized by UNCTAD, the Global Compact and the Principles for Responsible Investment.

Funding the best balance between voluntary exchange-led initiatives and regulation

This session looks at how individual markets can find the best balance between voluntary and regulatory initiatives to strengthen ESG practices among listed companies. ESG frameworks in most countries are a mixture of voluntary recommendations and regulatory requirements. Achieving the best balance between these two policy tools can depend on a market’s specific circumstances.

This session will address the following questions

  • Are there certain subjects that should always be addressed through voluntary initiatives or through regulation? Is there a third way: voluntary requirements?
  • What is the appropriate role for regulators and what should be left to investors or stock exchanges?
  • Is there a difference between enforcing standards of reporting and standards of behaviour?


President, Federal Financial Supervisory Authority, Germany
Chairman, Shanghai Stock Exchange, China
President and CEO, Bourse de Luxembourg, Luxembourg
Director of Trustee Board, BT Pension Scheme, and Chairman of the Board, Principles for Responsible Investment (PRI)


Head, UNEP Finance Initiative