In the December 2023 edition of Regulatory Updates in Asia ESG we provided an update on how jurisdictions across Asia are responding to the International Sustainability Standards Board (ISSB) standards. Several regulators in...more
9/3/2024
/ Asia ,
Climate Change ,
Consultation ,
COP ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Greenhouse Gas Emissions ,
Hong Kong ,
IFRS ,
International Regulatory Standards ,
IOSCO ,
Regulatory Standards ,
Sustainability ,
Sustainable Business Practices
The FAQs aim to clarify key aspects of the CSRD, including the scope of the rules, compliance dates, and exemptions.
On 7 August 2024, the European Commission (Commission) published a set of frequently asked questions...more
8/14/2024
/ Climate Change ,
Corporate Counsel ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
Parent Corporation ,
Small and Medium-Sized Enterprises (SMEs) ,
Subsidiaries ,
Sustainability ,
Sustainable Business Practices ,
Third Country Entities (TCEs)
On 5 July 2024, the final text of the Corporate Sustainability Due Diligence Directive (CSDDD) was entered into the Official Journal of the EU. The CSDDD will enter force on 25 July 2024. This marks the final key step in the...more
7/15/2024
/ Climate Change ,
Corporate Governance ,
Corporate Social Responsibility ,
Disclosure Requirements ,
Due Diligence ,
Environmental Social & Governance (ESG) ,
EU ,
EU Directive ,
Member State ,
Reporting Requirements ,
Supply Chain ,
Sustainability ,
Sustainable Business Practices
The CSDDD is set to impose mandatory human rights and environmental due diligence obligations for in-scope companies.
On 5 July 2024, the Corporate Sustainability Due Diligence Directive (CSDDD) was published in the...more
7/9/2024
/ Climate Change ,
Corporate Governance ,
Corporate Social Responsibility ,
Disclosure Requirements ,
Due Diligence ,
Environmental Social & Governance (ESG) ,
EU ,
EU Directive ,
Member State ,
Reporting Requirements ,
Supply Chain ,
Sustainability ,
Sustainable Business Practices
The Standards provide a framework for all Chinese companies’ sustainability disclosures and the applicability extends beyond listed companies.
On May 27, 2024, China’s Ministry of Finance published the new Corporate...more
7/5/2024
/ China ,
Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
IFRS ,
Ministry of Finance ,
Privately Held Corporations ,
Publicly-Traded Companies ,
Reporting Requirements ,
Risk Management ,
Sensitive Business Information ,
Sustainability ,
Sustainable Business Practices
Denmark’s unprecedented carbon removals fund has facilitated the coexistence of corporate and national carbon claims in carbon accounting.
In the past few years, stakeholders in the carbon market have debated how to...more
6/20/2024
/ Carbon Capture and Sequestration ,
Carbon Emissions ,
Climate Change ,
Corporate Governance ,
Denmark ,
Disclosure Requirements ,
Energy Projects ,
Market Participants ,
Paris Agreement ,
Subsidies ,
Sustainability ,
Sustainable Business Practices
On 16 May 2024, the government published updated guidance regarding the UK Sustainability Disclosure Requirements (SDR) framework.
The SDR was first set out in Greening Finance: A Roadmap to Sustainable Investing in...more
5/28/2024
/ Climate Change ,
Consultation ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
New Guidance ,
Publicly-Traded Companies ,
Reporting Requirements ,
Sustainability ,
Sustainable Business Practices ,
Transitional Arrangements ,
UK
On 24 March 2024, the European Parliament approved the Corporate Sustainability Due Diligence Directive (CSDDD) with a vote of 374 in favour (compared with 235 votes against and 19 abstentions)....more
4/26/2024
/ Compliance ,
Corporate Governance ,
Disclosure Requirements ,
Due Diligence ,
EU ,
EU Directive ,
European Parliament ,
Member State ,
Supply Chain ,
Sustainability ,
Sustainable Business Practices
The Eighth Circuit is poised to determine the fate of the SEC’s final climate regulation, potentially by the end of the year.
On March 21, 2024, the US Court of Appeals for the Eighth Circuit was selected as the court that...more
4/9/2024
/ Administrative Procedure Act ,
Case Consolidation ,
Chevron Deference ,
Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
Final Rules ,
Greenhouse Gas Emissions ,
Rules of Civil Procedure ,
Securities and Exchange Commission (SEC) ,
Statutory Interpretation ,
Sustainable Business Practices
The long-awaited rules, already at the center of political debate and litigation, represent another global regulatory effort to integrate climate considerations into financial reporting.
On March 6, 2024, nearly two years...more
The court’s decision is the latest development in the litigation over the SEC’s final rules, which have faced numerous legal challenges since their adoption.
On March 15, 2024, the US Court of Appeals for the Fifth Circuit...more
3/21/2024
/ Administrative Procedure Act ,
Annual Reports ,
Climate Change ,
Corporate Governance ,
Corporate Social Responsibility ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Popular ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
The guidelines aim to transform China’s approach to ESG by introducing sustainability disclosure rules for large listed companies.
On February 8, 2024, under the auspices of the China Securities Regulatory Commission...more
3/15/2024
/ China ,
Climate Change ,
Compliance ,
Compliance Dates ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Publicly-Traded Companies ,
Regulatory Authority ,
Shanghai Stock Exchange ,
Shenzhen Stock Exchange (SZSE) ,
Stock Exchange ,
Sustainability ,
Sustainable Business Practices
On March 6, 2024, in a 3-2 vote, the US Securities and Exchange Commission (SEC) adopted final rules requiring registrants to disclose certain climate-related information in registration statements and annual reports. ...more
3/7/2024
/ Annual Reports ,
Climate Change ,
Compliance ,
Compliance Dates ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Final Rules ,
Greenhouse Gas Emissions ,
Publicly-Traded Companies ,
Registration Statement ,
Regulation S-K ,
Regulation S-X ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Task Force on Climate-related Financial Disclosures (TCFD)
Amid new regulations, increased enforcement and litigation, and higher stakeholder scrutiny, companies will need to adopt an integrated and nuanced approach to ESG.
In some ways, 2023 was a challenging year for ESG. This...more
1/17/2024
/ Advertising ,
Artificial Intelligence ,
Business Strategies ,
Climate Change ,
Corporate Counsel ,
Corporate Governance ,
Corporate Liability ,
Corporate Social Responsibility ,
Cross-Border Transactions ,
Disclosure Requirements ,
Enforcement ,
Environmental Social & Governance (ESG) ,
Greenwashing ,
Investors ,
Popular ,
Privately Held Corporations ,
Publicly-Traded Companies ,
Regulatory Agenda ,
Shareholder Activism ,
Strategic Planning ,
Supply Chain ,
Sustainable Business Practices ,
Trade Policy ,
Transparency
For in scope companies, disclosures may be required as early as the reporting period for the 2024 financial year.
On 22 December 2023, the Commission Delegated Regulation specifying the first set of European...more
1/8/2024
/ Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
EU ,
European Commission ,
International Regulatory Standards ,
Materiality ,
Public Consultations ,
Regulatory Standards ,
Sustainability ,
Sustainable Business Practices
The FCA’s long-awaited regime seeks to raise standards, increase consumer understanding, and reduce instances of greenwashing.
On 28 November 2023, the FCA published its Policy Statement (PS23/16) containing final rules on...more
Developments span the climate disclosure landscape, risk factor disclosure, and diversity-related efforts.
In advance of the annual shareholder proposal and annual reporting preparation season, we believe that a number of...more
The EU regulators are reviewing the Sustainable Finance Disclosure Regulation introduced in 2021, exploring the need for potential additional adjustments.
On 14 September 2023, the European Commission initiated a...more
9/27/2023
/ Climate Change ,
Consultation ,
Disclosure Requirements ,
EU ,
European Commission ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Green Finance ,
Investment Products ,
SFDR ,
Sustainable Finance ,
UK
Governor Newsom has committed to signing into law two bills that would require certain companies that do business in California to disclose their GHG emissions and climate-related financial risks.
In January 2023,...more
On September 18, 2023, the Taskforce on Nature-related Financial Disclosures (TNFD) published recommendations for organizations’ assessment, management, and disclosure of nature-related issues (the Recommendations). These...more
The Green Technical Advisory Group, which is guiding the UK government’s implementation of a UK Green Taxonomy, has issued detailed advice for the upcoming legislation.
In September 2023, the Green Technical Advisory Group...more
The UK standards will aim to increase the comparability and value of reported information for investors.
The UK government announced on 2 August 2023 that it will develop standards for company sustainability disclosures...more
8/4/2023
/ Advisory Committee ,
Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
IFRS ,
Investors ,
Publicly-Traded Companies ,
Sustainability ,
Sustainable Business Practices ,
Task Force on Climate-related Financial Disclosures (TCFD) ,
UK
The European Union’s Corporate Sustainability Reporting Directive (CSRD), which entered into force in January 2023, marks a new era for ESG reporting across Europe (and globally). CSRD is the latest in a wave of new rules...more
7/26/2023
/ Climate Change ,
Corporate Governance ,
Corporate Social Responsibility ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
EU Directive ,
Member State ,
Portfolio Companies ,
Private Equity ,
Reporting Requirements ,
Sustainability ,
Sustainable Business Practices
On June 26, 2023, the International Sustainability Standards Board (ISSB) released its first two standards for sustainability disclosures, which are designed to facilitate the disclosure of sustainability-related information...more
The public consultation seeks input on the priorities, strategic direction, and future work of the ISSB.
On 4 May 2023, the International Sustainability Standards Board (ISSB) launched a public consultation to seek input...more