The role of the Advisory Council is to advise the Executive Committee of the Principles, to increase its market awareness and outreach, and to enable further engagement with specific membership categories and observers.
Members apply voluntarily and are selected by the Executive Committee for an annually renewable 1 year term. The selection is based on a balanced representation of Members and Observers of the Principles, especially key market stakeholders such as exchanges, data providers, rating agencies, external reviewers, law firms and civil society. Selection criteria include geographic diversity and market share. The Advisory Council also comprises green, social, and sustainability and sustainability-linked bond issuers, investors and underwriters not already represented on the Executive Committee.
Composition
The 2025 Advisory Council includes 45 members:
A2A S.p.A
Access Bank
Africa Finance Corporation
ASEAN Capital Markets Forum (ACMF)
AXA IM
Bank of Nova Scotia (Scotiabank)
BBVA, Banco Bilbao Vizcaya Argentaria, S.A.
Bloomberg LP
China Chengxin Green Finance Technology (Beijing) Ltd
Citigroup Global Markets Ltd
Clifford Chance LLP
Climate Bonds Initiative
Dagong Low-Carbon Solutions (Beijing) Co., Ltd
Daiwa Securities Co. Ltd.
Emirates NBD Capital / Emirates NBD Group (P.J.S.C)
Escarus (TSKB Sustainability Consultancy)
Euroclear
Federal National Mortgage Association (Fannie Mae)
Ferrovie Dello Stato Italiane S.P.A.
Goldman Sachs Asset Management
Instituto de Crédito Oficial (ICO)
Japan Credit Rating Agency, Ltd.
Latham & Watkins
Lianhe Green Development Company Limited
London Stock Exchange Group Plc
Mayer Brown
Mizuho Securities
Moody's Ratings
Morgan Stanley
Morningstar Sustainalytics
MSCI ESG Research LLC
Nasdaq Inc
Nature Finance
Nomura International plc / Nomura Securities Co., LTD.
Rating and Investment Information, Inc.
S&P Global Ratings
SFIL
Standard Chartered Bank (Singapore)
State Street Global Advisors
Sustainable Fitch Limited
The Carbon Trust
The Nature Conservancy
Treasury Corporation of Victoria (TCV)
UN Principles for Responsible Investment (UNPRI)
World Wildlife Fund, Inc (WWF)
If you would like more information on applying or on the Terms of Reference of the Advisory Council, please contact greenbonds@icmagroup.org.
Advisory Council Terms of Reference
ICMA's competition law guidelines apply to the activities of the Advisory Council and all Advisory Council members and other attendees at meetings and webinars should familiarise themselves with the content, available here.
