Publication of a Code of Conduct for ESG Ratings and Data Products Providers

Published 14 Dec 2023

The ESG Data and Ratings Working Group (DRWG) is an industry working group mandated by the FCA in November 2022 to develop a voluntary Code of Conduct for ESG data and rating providers. The DRWG brings together stakeholders such as ratings and data providers, asset managers, asset owners, banks, corporate rated entities, NGOs, academics and other organisations. The Secretariat role is jointly provided by the International Regulatory Strategy Group (IRSG) and the International Capital Market Association (ICMA). The FCA, HMT and other national and international financial regulators acted as observers.

On 14 December, following a 3-months consultation period, the DRWG published a voluntary, globally consistent voluntary Code of Conduct for ESG ratings and data products providers. The Code is grounded in IOSCO’s recommendations for ESG data and ratings, with a focus on promoting transparency, good governance, management of conflicts of interest, and robust systems and controls. The DRWG also published a feedback statement presenting summaries of the comments received during the public consultation together with the DRWG’s feedback in relation to those comments.

The Code will be owned and maintained and a signatories list will be available here on ICMA's website.

Please join us for a hybrid event kindly hosted by LSEG on 31st January 2024 where we will bring together various stakeholders to discuss how the Code will work in practice and in an international context. Watch out for a link to register which we will post on LinkedIn as well as the IRSG and ICMA websites.


Meeting 1 - 8 December 2022 - Public Minutes
Meeting 2 - 16 January 2023 - Public Minutes
Meeting 3 - 21 February 2023 - Public Minutes
Meeting 4 - 13 March 2023 - Public Minutes
Meeting 5 - 20 April 2023 - Public Minutes
Meeting 6 - 18 May 2023 - Public Minutes
Meeting 7 - 15 June 2023 - Public Minutes
Meeting 8 - 6 November 2023 - Public Minutes