TFL Vsebine / Pravni letopis

Pogled, da so na finančnih trgih pomembni zgolj visoki donosi in dobički, se je v zadnjih letih spremenil, saj narašča število vlagateljev, ki želijo vlagati v trajnostne naložbe. Posledično je vedno več finančnih produktov, ki se oglašujejo za trajnostne. Evropska unija se je z namenom preprečevanja trajnostnega zavajanja vlagateljev prva odločila pravno urediti področje poročanja o trajnosti podjetij in finančnih produktov. Prispevek podaja kratek pregled ureditve EU in osvetli njene glavne pomanjkljivosti, nato pa obravnava odškodninsko odgovornost družb za upravljanje investicijskih skladov in javnih družb za trajnostno zavajanje vlagateljev. Pri tem se postavljajo vprašanja grozeče škode, na primer zaradi naraščanja gladine morja, razbremenitve odgovornosti in obsega premoženjske škode. Prispevek prav tako ugotavlja, da trenutno odškodninsko pravo temelji na tradicionalnem pojmovanju, torej na vlagateljevi premoženjski škodi, saj nepremoženjske škode zaradi numerus clausus oblik le-te ni mogoče zahtevati. Kljub temu da so odškodninske tožbe vlagateljev na Zahodu še v povojih, saj je odškodninsko pravo na tem področju komplement javnemu in korporacijskemu pravu, je zaradi naraščanja aktivizma vlagateljev mogoče pričakovati več tovrstnih tožb.

The perception that solely high returns and profits are imperative in financial markets has changed in recent years, with a growing number of investors looking to invest sustainably. As a consequence, financial products are increasingly being advertised as such. In order to prevent the deception of investors about the sustainability of investments (financial green- washing), the European Union is the first to legislate the area of sustainability reporting of companies and financial products. The paper gives a brief overview of EU legislation and its shortcomings. It then discusses the civil liability of asset managers and listed companies for financial greenwashing, whereby several issues are raised, for instance, impending damage because of sea level rise, relief of liability, and the extent of pecuniary damage. Moreover, the paper concludes that current tort law is based on the traditional concept of pecuniary damage, as non-pecuniary damage cannot be claimed due to the numerus clausus of its forms. Even though investor action for damages because of financial greenwashing is still in its infancy in the West, where tort law is complementary to public and corporate law, more such actions can be expected due to the increased investor activism.

Legal aspects of sustainable finance