Who can independently certify an ESG Fund?
The Financial Services Commission (FSC) has updated its Disclosure and Reporting Guidelines for ESG Funds, with amendments to the provisions governing Independent External Certifiers.
The revised Guidelines, announced on 8 October 2026, provide greater clarity on the categories of organisations that may undertake independent ESG certification.
Under the amended paragraph 10.1, eligible certifiers may include:
✅ Audit firms duly registered with the Financial Reporting Council;
✅ Credit rating agencies licensed or recognised by the FSC; and
✅ Assurance firms, specialised ESG firms and impact verification firms, duly accredited or recognised by an international professional or regulatory body, as deemed acceptable by the FSC.
The updated Guidelines also introduce definitions for these additional categories of certifiers under paragraph 10.2.
Why does this matter?
ESG certification may require specialist knowledge of sustainability metrics, environmental and social impacts, and ESG reporting methodologies.
The revised framework provides greater clarity on the types of expertise that may be considered for independent certification.
However, recognition as an eligible category does not automatically establish that a particular firm qualifies. The relevant expertise, accreditation or recognition, and FSC requirements must still be considered.
For ESG Funds and their service providers, the update is an opportunity to review their certification arrangements and ensure that their appointed certifiers meet the applicable criteria.
Credible ESG reporting depends not only on what is disclosed, but also on the expertise and independence behind its verification.
📚 Access the FSC Communiqué here: https://www.fscmauritius.org/media/fulpxzke/reviewed-communique-updated-esg-guidelines_081026.pdf
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