PRI and Parliamentary supremacy: Difference between pages

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''Environmental social and governance (ESG).''
''Law''.


Abbreviation for Principles for Responsible Investment, established to be the world’s leading proponent of responsible investment.
The historical legal principle in the UK that the UK Parliament was 'supreme' in its law-making powers.


It is supported by, but not part of, the United Nations.
This principle was fundamentally affected when the UK joined the EU in 1973.


Parliamentary supremacy meant that:


==See also==
#The UK Parliament was able to make law for the UK as it saw fit either by repealing earlier statutes, over-ruling case law or by making new law.
*[[Due diligence]]
#No UK Parliament could bind its successor.  Parliament could not make laws that a subsequent Parliament was prevented from altering or repealing.
*[[Environmental concerns]]
#The courts in the UK had to apply the relevant statute law enacted by the UK Parliament.
*[[Equator Principles]]
   
*[[European Bank for Reconstruction and Development]]
*[[ESG investment]]
* [[Organisation for Economic Co-operation and Development]]  (OECD)
*[[Principles for Responsible Banking]]  (PRB)
*[[Principles for Responsible Investment]]
*[[Principles for Sustainable Insurance]] (PSI)
*[[Project finance]]
*[[Risk management]]
*[[Social concerns]]
*[[Sustainable Development Goals]] (SDGs)
*[[United Nations]]


When the UK joined the EU, UK Parliamentary supremacy was fundamentally affected, and it is no longer true to say that only the UK Parliament has the power to make new law for the UK. 


==External link==
The effect of the UK becoming a member of the EU was to surrender the UK Parliament's supremacy on certain matters of European Union law which have direct effect on member states. 
[https://www.unpri.org/pri/an-introduction-to-responsible-investment/what-are-the-principles-for-responsible-investment/ Principles for Responsible Investment webpage]
 
The position now is that: 
 
#The EU may pass legislation directly for the UK.
#The UK cannot, generally, make laws that conflict with EU law.
#Overall, EU law enjoys supremacy over domestic national law and is applied in priority to domestic law. 
 
 
== See also ==
* [[European Union ]]
* [[Sovereignty]]


[[Category:Accounting,_tax_and_regulation]]
[[Category:The_business_context]]
[[Category:Corporate_finance]]
[[Category:Investment]]
[[Category:Long_term_funding]]
[[Category:Compliance_and_audit]]
[[Category:Compliance_and_audit]]
[[Category:Ethics]]
[[Category:Identify_and_assess_risks]]
[[Category:Manage_risks]]
[[Category:Risk_frameworks]]
[[Category:Risk_reporting]]
[[Category:Financial_products_and_markets]]

Revision as of 17:05, 11 March 2015

Law.

The historical legal principle in the UK that the UK Parliament was 'supreme' in its law-making powers.

This principle was fundamentally affected when the UK joined the EU in 1973.

Parliamentary supremacy meant that:

  1. The UK Parliament was able to make law for the UK as it saw fit either by repealing earlier statutes, over-ruling case law or by making new law.
  2. No UK Parliament could bind its successor. Parliament could not make laws that a subsequent Parliament was prevented from altering or repealing.
  3. The courts in the UK had to apply the relevant statute law enacted by the UK Parliament.


When the UK joined the EU, UK Parliamentary supremacy was fundamentally affected, and it is no longer true to say that only the UK Parliament has the power to make new law for the UK.

The effect of the UK becoming a member of the EU was to surrender the UK Parliament's supremacy on certain matters of European Union law which have direct effect on member states.

The position now is that:

  1. The EU may pass legislation directly for the UK.
  2. The UK cannot, generally, make laws that conflict with EU law.
  3. Overall, EU law enjoys supremacy over domestic national law and is applied in priority to domestic law.


See also