NEW: Lene Powell discusses the European Securities and Markets Authority’s Strategy on Sustainable Finance, which proposes to embed Environmental, Social, and Governance factors in its work relating to transparency, risk analysis, investing, and convergence of national practices on taxonomy and supervision of ESG factors in ESMA lays out strategy on ESG factors.
Wachtell discusses the World Economic Forum’s draft of a proposed standardized Environmental, Social, and Governance disclosure framework — Toward Common Metrics and Consistent Reporting of Sustainable Value Creation — in Accelerating ESG Disclosure — World Economic Forum Task Force.
Wachtell discusses State Street’s announcement of its intent to take voting action against board members at companies that lag in Environmental, Social, & Governance performance in Wachtell Lipton Discusses State Street’s Voting Push on Financially Material ESG Matters.
Clear Gottlieb reports that the SEC chose not to include specific disclosure requirements on climate change or other Environmental, Social, & Governance issues in proposed amendments to Management Discussion and Analysis regulations in SEC Maintains the Status Quo on Climate Change Disclosures.
State Street announces its intent to take voting action against board members at companies that lag in Environmental, Social, & Governance performance according to a standardized measuring system in CEO Letter to Board Members Concerning 2020 Proxy Voting Agenda.
Commissioner Allison Herren Lee of the Securities and Exchange Commission objects to the Commission’s failure to address disclosure around climate change risk in its recent proposed amendments to Regulation S-K disclosure requirements in Statement by Commissioner Lee on “Modernizing” Regulation S-K: Ignoring the Elephant in the Room.
Davis Polk reports that SEC Chairman Jay Clayton issued a January 30, 2020 statement supporting proposed amendments to financial disclosure requirements, noting that the statement includes additional, unrelated Discussion of Environmental and Climate-Related Disclosure Efforts, which is summarized in SEC Chairman Releases Statement on Proposed Changes to Financial Reporting and Discusses Climate-Related Disclosure.
Cooley discusses possible reporting frameworks for sustainability disclosure in World Economic Forum and Big Four propose new sustainability reporting framework.
BlackRock discusses the need to achieving a common understanding of what is expected from financial products with “sustainable investment” themes in Towards a Common Language for Sustainable Investing.
Wachtell discusses BlackRock’s endorsement standards developed by the Sustainability Accounting Standards Board and the Task Force on Climate-related Financial Disclosures BlackRock Nudges Companies Toward a Common Standard (SASB + TCFD).
Tulane Law’s professor Ann Lipton discusses standardization of metrics used to quantify “sustainability” or corporate compliance with Environmental, Social, and Governance initiatives in What is ESG Anyway?