Consultation on Draft Code of Conduct for Environmental, Social and Governance (“ESG”) Ratings and Data Product Providers

Published 5 Jul 2023

The ESG Data and Ratings Code of Conduct Working Group (DRWG), supported by the International Regulatory Strategy Group (IRSG) and the International Capital Market Association (ICMA), has today launched for consultation a draft voluntary Code of Conduct for ESG data and ratings providers. 

Increased demand for sustainable investments, and on understanding the sustainable credentials of such investments, has markedly increased the importance of ESG rating and data products in investment decision making. Therefore, it’s vital that the market is able to have confidence in the integrity of these products through enhanced systems, processes and controls. 

The consultation period will run from 5 July 2023 to 5 October 2023 and interested stakeholders are invited to submit their comments via email to

In addition to feedback on the Draft Code of Conduct, we would welcome feedback on the consultation questions in Annex 1. The consultation will close on 5 October 2023 and the final code is due to be published at the end of 2023. Consultation submissions will not be made public.