Tilney Smith & Williamson Joins Climate Task Force

Shirin Aguiar Reporter London 18 February 2022

Tilney Smith & Williamson Joins Climate Task Force

The wealth manager is supporting the Task Force on Climate-related Financial Disclosures, set up by the Basle-based Financial Stability Board created in 2015 to improve and increase reporting of climate-related financial information.

Mayfair-based wealth manager Tilney Smith & Williamson has announced its support for the Task Force on Climate-related Financial Disclosures (TCFD).

The firm joins more than 3,000 organisations across the globe in committing to building a more resilient financial system and safeguarding against climate risk through better disclosures.

The TCFD, chaired by Michael R Bloomberg, founder of Bloomberg, provides participants with recommendations to address the financial impact of climate change on their business. By increasing transparency on financially material, climate-related risks and opportunities, the recommendations promote more informed financial decision-making by investors, lenders and others.
Tilney Smith & Williamson’s support for the TCFD follows the firm’s commitment in December 2021 to achieve net-zero greenhouse gas emissions in its corporate operational footprint as soon as possible, it said in a statement. 

(This news service has a new programme – Wealth For Good Awards – designed to highlight what wealth managers are doing to ensure that environmental, social and governance considerations are being imbedded into their practices. To find out more about the awards, click on this link. Winners, finalists and commended entries will be celebrated in May this year.)

Wider assessment
The group is also working towards expanding its assessment of Scope 3 emissions, including assets under management (the 'financed emissions' from the investment portfolios it manages) and has said it will report on these imminently.   

Its corporate responsibility committee is overseeing the group’s goals in this area. The firm is also working with international sustainability consultancy and project developer EcoAct, to develop a science-led strategy and a climate transition plan for achieving net-zero corporate emissions.

“We have already set out our commitment to achieve net-zero greenhouse gas emissions in our corporate operational footprint as soon as possible in support of the goals of the Paris Agreement,” Chris Woodhouse (pictured), group chief executive of Tilney Smith & Williamson, said.

“We recognise the importance of responding to the challenges of climate change and playing our part in achieving ‘net zero’ globally. In becoming a supporter of the Task Force on Climate-related Financial Disclosures, we are affirming our commitment to embracing transparent and enhanced reporting on our progress in this important area and will be keeping stakeholders regularly updated on our journey.”        
Companies that implement TCFD’s recommendations access capital more easily by increasing investors’ and lenders’ confidence that climate-related risks are appropriately assessed and managed. Supporters are also able to meet existing disclosure requirements more effectively by reporting material information in financial filings.

Increased awareness and understanding of climate-related risks and opportunities, results in better risk management and more informed strategic planning; it also allows members to address investors’ demand for climate-related information proactively in a framework which investors are increasingly asking for.

Warburg Pincus and Permira, the private equity groups which own Tilney Smith & Williamson, are reportedly considering selling or listing the firm and have hired Evercore to advise on the sale. It is expected to value the firm in the range of £2 billion to £3 billion, according to media reports (Financial Times). This publication approached Tilney Smith & Williamson for a comment.

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