The International Organisation of Pension Supervisors (IOPS) issued a working paper presenting results of its 2024 survey on pension funds’ infrastructure and ESG investments, based on responses from 32 supervisory authorities. The report flags persistent supervisory obstacles in obtaining decision-useful data, valuing often-unlisted infrastructure exposures, and integrating ESG considerations consistently, and sets out non-binding good practices and recommendations for regulators. Across respondents, the most acute infrastructure data challenge was lack of granular information needed for supervisory assessment (scored 44.8 out of 100), alongside weak regulatory frameworks for data collection and fragmented valuation methodologies (both 36.6). Supervisors also highlighted governance gaps, capacity and technology constraints, and difficulties validating reported information. For broader infrastructure investment oversight, lack of internal expertise ranked highest (76), followed by lack of reliable and comparable data (52) and transparency (50). On ESG-related infrastructure supervision, the report points to scarce and non-comparable data, the absence of harmonised taxonomies and disclosure criteria, and fragmented ESG rating approaches that can increase greenwashing risk. Recommended supervisory actions include standardised reporting frameworks supported by digital submission and validation tools, harmonised valuation guidelines with independent valuations and audits, strengthened governance expectations and staff capacity-building, and wider use of stress testing and scenario analysis. The report also encourages geographic and sectoral diversification to address concentration, political and reputational risks, and calls for clearer ESG infrastructure taxonomies and more consistent sustainability reporting aligned with international standards such as IFRS S1 and IFRS S2, alongside more harmonised ESG rating methodologies.

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