In terms of implementation, further guidance or rules may need to be developed, and decisions need to be made regarding responsibilities for implementing the policy measure in question.
Evaluation requires reviewing the effectiveness, the dependability, the cost, the intended and unintended consequences and other features of the measure in question. Investors can contribute by providing evidence of its impacts and implications. They can also advise on how it may be strengthened or on whether it is no longer relevant.
Termination may be explicitly built into the measure; it may also lose relevance or not be implemented. Terminated policy measures frequently reappear in another form, such as in another piece of legislation or led by another agency.
Investors need to bear in mind that the policy process is ongoing, requiring a long-term stance for effective engagement from investors.
Fiona Reynolds is managing director of Principles for Responsible Investment
