For market participants pivoting toward ESG and digital assets, weighing the issues at the crossroads of these two megatrends is critical. By Paul A. Davies, Stuart Davis, Simon Hawkins, Nicola Higgs, Yvette D. Valdez, Thomas Vogel, Stephen P. Wink, and Deric Behar The huge rise in popularity of Bitcoin — and the growing interest by … Continue Reading
The CFTC continues to demonstrate a commitment to using its regulatory mandate to combat climate change risks to the US financial system. By Yvette D. Valdez, Douglas K. Yatter, Jean-Philippe Brisson, Paul Davies, Nicola Higgs, and Deric Behar On March 17, 2021, the Commodity Futures Trading Commission (CFTC) announced the establishment of an interdivisional Climate … Continue Reading
The German government has adopted draft law to ensure corporate compliance with human rights in the supply chain. By Paul A. Davies, Michael D. Green, Joachim Grittmann, Stefan Bartz, and Alexander Wilhelm On 3 March 2021, the German government adopted the draft Corporate Due Diligence in Supply Chains Act (Gesetz über die unternehmerischen Sorgfaltspflichten in … Continue Reading
The Division of Enforcement’s new Climate and ESG Task Force will use data analysis to mine and evaluate registrant information for possible violations. By Paul A. Davies, Paul M. Dudek, and Andra Troy* On March 4, 2021, the US Securities and Exchange Commission (SEC) announced the creation of a Climate and ESG Task Force in … Continue Reading
OSHA calls for comments on significant proposed amendments to align Hazard Communication Standard with the United Nations Globally Harmonized System of Classification and Labelling of Chemicals. By Julia A. Hatcher, Stijn Van Osch, Nathaniel L. Glynn*, and Jacqueline J. Yap The US Department of Labor’s Occupational Safety and Health Administration (OSHA or the agency) published a … Continue Reading
Biden Administration elevates consideration of GHG emissions and climate change in federal agency approvals by rescinding Trump guidance and reviving Obama guidance. by Janice M. Schneider, Stacey L. VanBelleghem, and Devin M. O’Connor On February 19, 2021, the White House Council on Environmental Quality (CEQ) published a Federal Register Notice rescinding the June 2019 “Draft … Continue Reading
The report’s recommendations cover a number of areas, including culture and strategy, monitoring and reporting, investor engagement, policy formation and employee training, and philanthropy. By Paul A. Davies and Michael D. Green A new report from the UK Independent Anti-Slavery Commissioner draws attention to how the financial services industry can help address the issue of … Continue Reading
New regulations in renewable energy, infrastructure, telecommunications, and ESG are expected to impact companies and investors in Spain in the coming year. By José María Alonso and Leticia Sitges Despite the ongoing effects of the pandemic, the Spanish government has established a route toward decarbonizing and digitalizing the economy and toward promoting circular-economy initiatives. This … Continue Reading
A range of ESG policy, social, and technological developments are poised to impact companies and investors in the coming year. By Paul A. Davies, Nicola Higgs, Sophie Lamb QC, Ryan J. Maierson, Colleen C. Smith, Michael D. Green, and Edward R. Kempson Despite concerns early in 2020 that the pandemic would impact the growth of … Continue Reading
The House of Lords has adopted two amendments to require assessment of compliance with international agreements and human rights. By Paul A. Davies and Michael D. Green On 7 December 2020, the UK House of Lords voted on and passed four amendments to the Trade Bill (the Bill), including two amendments referring to human rights … Continue Reading
FCA director highlights areas of concern in relation to ESG reporting and provides recommendations. By Paul A. Davies, Nicola Higgs, Michael D. Green, and Anna Lewis-Martinez Richard Monks, Director of Strategy at the UK Financial Conduct Authority (FCA), recently delivered a speech on the environmental, social, and governance (ESG) reporting regime and how it can … Continue Reading
The UK Government presents initiatives designed to green the UK economy and bolster attractiveness as an international financial centre. By Paul A. Davies and Michael D. Green On 9 November 2020, Rishi Sunak, Chancellor of the Exchequer, announced several initiatives designed to help the UK tackle climate change, while maintaining its position as an “open, … Continue Reading
In its finalized rule amending ERISA, the DOL makes financial factors paramount in a fiduciary’s responsibility to investors. By Paul A. Davies, Nicola Higgs, Kristina S. Wyatt, and Deric Behar On October 30, 2020, the US Department of Labor (DOL) published Financial Factors in Selecting Plan Investments (the Rule) and a related Fact Sheet, a … Continue Reading
Companies are under increasing pressure to closely manage their supply chains, including providing more transparency on financing strategies and improving workers’ rights. By Paul A. Davies, Ryan J. Maierson, Colleen C. Smith, and Kristina S. Wyatt The year 2020, with all of its tumult and tragedy, has challenged the relationship between companies and supply chains. … Continue Reading
The AFD’s new framework aligns with the UN Sustainable Development Goals and the 2030 Agenda. By Paul A. Davies, Michael D. Green, Edward R. Kempson, and Roberto L. Reyes Gaskin The Agence Française de Développement (AFD) has issued a new Sustainable Development Bond Framework (the Framework) that establishes bond eligibility criteria based on fundamental principles, … Continue Reading
Increased pressure from investors and stakeholders for regulators to streamline ESG disclosure standards is starting to bear fruit. By Paul A. Davies and Michael D. Green As 2020 draws to a close, it is clear that standard-setters have made significant progress in harmonising environmental, social, and governance (ESG) disclosure frameworks. The launch of new initiatives … Continue Reading
The trustees of the IFRS Foundation have published a consultation paper to assess demand for global sustainability standards. By Paul A. Davies and Michael D. Green On 30 September 2020, the International Financial Reporting Standards Foundation (the Foundation), a not-for-profit organisation that develops global accounting standards, launched a consultation paper seeking to assess demand for … Continue Reading
The initiative includes a competition law sustainability “sandbox” in which market participants could team up to work on sustainable business projects. By David Little and Pierre Bichet The Greek Competition Authority (HCC) has announced a public consultation on how competition law rules might be adapted to promote more sustainable business practices. The HCC published a … Continue Reading
The paper articulates common reporting metrics for sustainable value creation for companies reporting on ESG performance. By Paul A. Davies, Paul M. Dudek, Ryan J. Maierson, and Kristina S. Wyatt On September 22, 2020, the International Business Council (IBC) of the World Economic Forum (WEF), in collaboration with Deloitte, EY, KPMG, and PwC, published a … Continue Reading
Leading sustainability and integrated reporting organisations plan to provide joint market guidance, in an effort to achieve comprehensive harmonisation. By Paul A. Davies and Michael D. Green A group of leading sustainability and integrated reporting organisations — including the Carbon Disclosure Project (CDP), the Climate Disclosure Standard Board (CDSB), the Global Reporting Initiative (GRI), the … Continue Reading
The European Commission President delivers her first state of the union address, covering a number of issues, in particular a number of ESG matters. By Paul A. Davies and Michael D. Green On 16 September 2020, Ursula von der Leyen, delivered her first state of the union address since taking over the presidency of the … Continue Reading
A watershed CFTC report highlights the dangers of climate change to the US economy, and provides a broad risk-mitigation roadmap. By Jean-Philippe Brisson, Paul A. Davies, Nicola Higgs, Yvette D. Valdez, R. Andrew Westgate, Kristina S. Wyatt, and Deric Behar On September 9, 2020, the US Commodity Futures Trading Commission’s (CFTC’s) Climate-Related Market Risk Subcommittee … Continue Reading
New guidance contains clarifications from the European Commission and seeks to lessen trade barriers following the Brexit transition period. By Paul A. Davies and Michael D. Green The UK’s Department for Business, Energy and Industrial Strategy (BEIS) has published updated guidance on meeting climate change requirements after the Brexit transition period ends on 1 January … Continue Reading
The Adopting Release’s inaction on ESG disclosures drew dissension from two SEC Commissioners. By Paul A. Davies, Paul M. Dudek, Ryan J. Maierson, and Kristina S. Wyatt Background On August 26, 2020, the US Securities and Exchange Commission (SEC or Commission) adopted amendments to Regulation S-K — the key rules guiding companies’ disclosures in registration … Continue Reading
