Greenwashing remains at the top of enforcement agendas in 2024. Marketing products and services as “green” and “sustainable” is a common practice and seen as an important way to attract the attention of environmentally...more
On September 18, 2023, following a two-year development process, the Taskforce on Nature-related Financial Disclosures (TNFD) published its final recommendations (the Recommendations) to help market participants with...more
11/29/2023
/ Biodiversity ,
Business Strategies ,
Capital Investments ,
Climate Action Plan ,
Climate Change ,
Corporate Governance ,
Corporate Social Responsibility ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Financial Institutions ,
Regulatory Requirements
What’s in a name? According to the Securities and Exchange Commission, quite a bit. On September 20, 2023, the SEC adopted amendments to the Investment Company Act of 1940, most notably to the “Names Rule” governing the names...more
On September 19, 2023, the European Parliament and European Council agreed on a proposed set of rules to ban misleading advertisements and enhance product information provided to consumers. “Empowering Consumers for the Green...more
In August 2023, American Airlines, Inc. moved to dismiss a class action lawsuit filed against the airline for allegedly jeopardizing employees’ retirement savings by investing in environmental, social and governance (ESG)...more
10/25/2023
/ 401k ,
American Airlines ,
BlackRock ,
Class Action ,
Climate Action Plan ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Environmental Social & Governance (ESG) ,
Fiduciary Duty ,
Financial Services Industry ,
Investment Funds ,
Investment Management ,
Investment Opportunities ,
Motion to Dismiss ,
Retirement Plan
On September 27, 2023, KLM Royal Dutch Airlines filed a request with the Amsterdam District Court, asking it to dismiss a greenwashing suit brought by environmental activist groups. According to a statement by ClientEarth,...more
In August 2023, following this year’s proxy voting season, two of the world’s largest asset managers published their voting records, which revealed that their support for environmental and social shareholder resolutions had...more
In a report published in August 2023, non-profit disclosure organization CDP concluded that financial institutions often are not accounting for nature-related risks and opportunities in their “financial decision-making,” and...more
In August 2023, the International Auditing and Assurance Standards Board (IAASB) issued its proposed International Standard on Sustainability Assurance (ISSA) 5000, “General Requirements for Sustainability Assurance...more
A new study by the IBM Institute for Business Value found that approximately half of CEOs and their executive teams surveyed have their compensation tied to the organizations’ performance in relation to sustainability goals....more
In late July 2023, House Republicans on the Financial Services Committee introduced four bills targeting various business and market activities that implicate environmental, social, and governance issues. In a statement...more
9/7/2023
/ Climate Action Plan ,
Climate Change ,
Corporate Governance ,
Corporate Social Responsibility ,
Environmental Social & Governance (ESG) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Popular ,
Proposed Legislation ,
Proxy Voting ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Shareholder Proposals
Environmental law NGO ClientEarth has written to the Global Public Policy Committee (GPPC), which brings together representatives of the six large international accounting organizations, to request greater transparency and...more
The United Nations Framework Convention on Climate Change (UNFCCC) has introduced the Recognition and Accountability Framework to recognize voluntary climate change pledges by non-state actors and ensure greater transparency...more
On July 5, the UN Environment Programme (UNEP) released a statement on the Net-Zero Insurance Alliance’s (NZIA) progress towards net-zero targets. The NZIA is convened by the UN Principles for Sustainable Insurance (PSI) and...more
On June 21, two Republican members of Congress renewed efforts to enact legislation that arguably would restrict investment managers from taking into account ESG considerations in investing on behalf of retirement funds. U.S....more
Consumers’ Research, a nonprofit organization claiming to challenge “companies that have chosen to put woke politics above consumer interests,” announced in June 2023 that it was launching a publicity campaign against a...more
In its 2023 snapshot report (the Climate Litigation Report), the London School of Economics’ Grantham Institute found that climate litigation continues to grow, with 190 new cases filed in the last 12 months, including cases...more
In a report published in June 2023, the Columbia Center on Sustainable Investment (CCSI) claims that many financial institutions’ climate strategies are not currently aligned with global climate goals under the Paris...more
On June 7, 2023, the Swiss advertising regulator, Schweizerische Lauterkeitskommission (SLK), upheld complaints that the International Federation of Football Association (FIFA) made false statements about the 2022 FIFA World...more
On June 13, 2023, the European Commission published “a new package of measures to build on and strengthen the foundations of the EU sustainable finance framework.” The aim is to ensure that the EU sustainable finance...more
In a speech delivered at the Australian Finance Review’s ESG summit on June 5, 2023, the Australian Securities and Investments Commission’s (ASIC) Chair, Joe Longo, warned companies that greenwashing is an ongoing concern for...more
6/27/2023
/ ASIC ,
Australia ,
Climate Action Plan ,
Climate Change ,
Corporate Governance ,
Corporate Social Responsibility ,
Environmental Social & Governance (ESG) ,
Financial Reporting ,
Greenwashing ,
Securities Regulation ,
Sustainability
In its 2023 report on trends in directors & officers (D&O) liability insurance policies, Allianz Global Corporate & Specialty highlighted risks associated with evolving ESG regulation and the increasing pace of climate change...more
On May 15, 2023, twenty-three Republican state attorneys general (AGs) sent a letter to members of the Net-Zero Insurance Alliance (NZIA) expressing “serious concerns” about whether the NZIA’s requirements comply with federal...more
A recent study by Bain & Company and sustainability ratings provider EcoVadis “examined how various aspects of sustainability and ESG activities—things like setting ESG targets, tracking results, embedding sustainability into...more
On April 28, 2023, French multi-national energy company TotalEnergies filed a civil action in France against environmental activist group Greenpeace France and climate consulting group Factor-X alleging that a report issued...more