On Monday 19 April, the European Commission formally responded to the European Ombudsman’s recommendations regarding the contract awarded to BlackRock Investment Management to carry out a study on integrating environmental, social and governance (ESG) objectives into EU banking rules (see EUROPE 12609/26).
In its reply, the Commission indicates that it is considering possible amendments to the Financial Regulation which governs the way in which these procedures are conducted, including the obligation for bidders to disclose conflicts of interest.
The European Ombudsman, Emily O’Reilly, who had said that the European Commission should have been more vigilant about possible conflicts of interest in this case, welcomed the Commission’s “constructive response” to her recommendations.
For his part, the MEP Damien Carême (Greens/EFA, French), who was behind the complaint, called the Commission’s response “insufficient”.
While he welcomed the possible revision of the Financial Regulation, he regretted that the only measure envisaged at this stage was an obligation to declare conflicts of interest.
The Commission should, in his opinion, increase the ambition of the envisaged revision of the Financial Regulation, and in particular exclude from a tender any company which pursues, or whose clients pursue, projects with an interest opposed to that of the area concerned.
The final study on BlackRock is expected to be published in May. See the Commission’s response: https://bit.ly/3go07nV (Original version in French by Marion Fontana)