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
On June 20, following a number of consultative papers, reports, committee hearings and public speeches by representatives of the Commodity Futures Trading Commission (“CFTC”), the staff of CFTC’s Division of Enforcement...more
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
The UK’s advertising watchdog, the Advertising Standards Authority (ASA), has banned recent advertisements by three oil and gas majors. The advertisements, by Shell, Repsol and Petronas were banned on the basis of...more
In May 2023, the World Benchmarking Alliance (WBA) released a report on the first edition of its Financial System Benchmark, which assesses financial institutions’ progress toward climate change goals. The WBA is a non-profit...more
In a statement released on May 3, 2023, the Dutch Association of Investors for Sustainable Development (VBDO) called for companies in the fast-moving consumer goods (FMCGs) and grocery retail sectors to reduce their...more
6/8/2023
/ Climate Action Plan ,
Climate Change ,
Goods or Services ,
Grocery Stores ,
Hazardous Substances ,
Investment Opportunities ,
Paris Agreement ,
Plastics ,
Popular ,
Public Health ,
Retail Market ,
Single-Use/No Resale Restriction ,
Supply Chain ,
Toxic Chemicals
In York County v. HP, Inc., the U.S. Court of Appeals for the Ninth Circuit further clarified national standards governing the two-year statute of limitations applicable to private claims under Section 10(b) of the Securities...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 May 11, 2023, the U.S. Environmental Protection Agency issued a proposed rule promulgating greenhouse gas (GHG) emissions standards for fossil fuel-fired power plants. The proposal, issued pursuant to Section 111 of the...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
On May 12, 2023, the UK High Court dismissed a lawsuit filed by ClientEarth against Shell’s Board of Directors, finding that ClientEarth failed to establish a prima facie case against the Board for its management of climate...more
On April 19, 2023, CDP launched a request for 7,000 companies to disclose on the production and use of the most environmentally problematic plastics, i.e., plastic polymers, durable plastics, and plastic packaging, through...more
On March 30, 2023, 21 Republican Attorneys General (AGs) wrote a letter addressed to over 50 U.S. asset managers citing “concerns about the ongoing agreements between asset managers to use Americans’ savings to push political...more
5/9/2023
/ Anti-Competitive ,
Antitrust Provisions ,
Asset Management ,
Climate Action Plan ,
Climate Change ,
Competition ,
Environmental Social & Governance (ESG) ,
Greenwashing ,
Investment Funds ,
Investment Opportunities ,
Net Zero ,
Popular ,
State Attorneys General
The Institutional Investors Group on Climate Change (IIGCC), a European membership body for investor collaboration on climate change, announced the launch of its Net Zero Engagement Initiative (NZEI). A primary goal of the...more
5/5/2023
/ Capital Investments ,
Climate Action Plan ,
Climate Change ,
Corporate Governance ,
Corporate Social Responsibility ,
Environmental Social & Governance (ESG) ,
Investment ,
Investment Portfolios ,
Net Zero ,
Paris Agreement ,
Popular
The European Commission last month announced a proposed Net-Zero Industry Act designed to drive the investment in and the growth of the clean technology manufacturing sector. The proposed Act is part of the Green Deal...more
A new report by professional services firm EY has found that only 5% of FTSE 100 companies have disclosed “credible” and sufficiently detailed transition plans to become net zero by 2050....more
In early April, the climate activist shareholder group, Follow This, filed shareholder resolutions seeking stronger energy transition strategies from several oil “super-majors.” The resolutions have been filed in advance of...more
4/25/2023
/ BP ,
Carbon Emissions ,
Chevron ,
Climate Action Plan ,
Climate Change ,
Energy Policy ,
Environmental Policies ,
Environmental Social & Governance (ESG) ,
Financing ,
Fossil Fuel ,
General Meetings ,
Greenhouse Gas Emissions ,
Infrastructure ,
Investment ,
Oil & Gas ,
Paris Agreement ,
Shell Corporations
A British appeals court will review the 2022 dismissal of a novel lawsuit accusing current and former directors of the United Kingdom’s largest private pension plan of mismanagement for, among other reasons, failing to divest...more