Two of the world’s most influential rating agencies, S&P Global Ratings and Moody’s Corporation, have joined some of their competitors in making an “unprecedented” pledge to factor environmental, social and corporate governance issues into their credit assessment work in a uniform way.

The initiative - led by the United Nations-backed Principles for Responsible Investment - has also been backed by 100 investors overseeing some $16 trillion in assets, including Aberdeen Asset Management, Henderson Global Investors and Legal & General Investment Management.