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 2026 Advisory Council includes 48 members:
A2A
Africa Finance Corporation
Agence Francaise de Développement
Banco BPM
Bank of Nova Scotia
BBVA
Bloomberg LP
Cassa Depositi e Prestiti S.p.A
Central Bank of the UAE
China Chengxin Green Finance Technology Ltd
Chiomenti Studio Legale
CIBC
Citigroup
Clifford Chance LLP
Climate Bonds Initiative
Daiwa Securities
DBS Bank
Emerging Markets Investors Alliance
Emirates NBD Capital
Enel S.p.A
Escarus
Ferrovie Dello Stato Italiane
FSC Investments & Partnerships
Goldman Sachs Asset Management (GSAM)
Instituto de Crédito Oficial (ICO)
International Fund for Agricultural Development (IFAD)
ISS Corporate Solutions, Inc.
Japan Credit Rating Agency Ltd
Lianhe Green Development Co. Ltd.
London Stock Exchange Group plc
Luxembourg Stock Exchange
Mayer Brown
Mizuho
Moody’s Ratings
Nomura
Principles for Responsible Investment (UN PRI)
Rand Merchant Bank (FirstRand)
Rating & Investment Inc.
S&P Global Ratings Europe
Scope SE & CO KGaA
Standard Chartered Bank
State Street Global Advisors
Sustainable Fitch Limited
Sustainable Intelligence (SUSTIN)
TPI Global Climate Transition Centre
Treasury Corporation of Victoria
UBS
WWF
If you would like more information on applying or on the Terms of Reference of the Advisory Council, please contact sustainabilitybonds@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.
