Global Framework for ESG & Securities Lending (GFESL)

The Global Framework for ESG and Securities Lending (GFESL) is a framework that was created by the Pan Asia Securities Lending Association (PASLA) and supported, endorsed, and promoted by the Global Alliance of Securities Lending Associations (GASLA), a collaborative working group of leading global securities lending industry associations formed in September 2021.

The GFESL framework, first published in May 2021, is a schematic of the main elements of securities lending that impact ESG within securities lending, as per an industry wide survey. Updated on an ongoing basis, each element is reviewed, and market participants are provided with specific actions that can be adopted to ensure that their securities lending programs reflect their individual ESG attitudes.

GASLA’s first publication, the GASLA Best Practice Voting Guide, published in November 2021, is a best practice guide around voting and shareholder engagement. The aim of the document is to assist lenders seeking to align their securities lending programmes with broader ESG objectives.