ExxonMobil (“Exxon”) filed a complaint in the U.S. District Court for the Northern District of Texas on Sunday, January 21, 2024, seeking a declaratory judgment to exclude a shareholder proposal from its proxy statement...more
The California Air Resources Board (“CARB”) reviews the state’s Low Carbon Fuel Standard (“LCFS”) program every five years as part of the broader scoping plan required under the California Global Warming Solutions Act. On...more
The 2023 United Nations Climate Change Conference (“COP28”) reached a significant development in international climate policy, ending with the “first Global Stocktake” calling for a “transition away from fossil fuels in...more
The 28th Conference of the Parties (or “COP28”) to the UN Framework Convention on Climate Change (“UNFCCC”) at Expo City in Dubai has ended with an agreement described by COP28 president Dr Sultan Ahmed Al Jaber as “historic”...more
Much of the attention on California of late has focused on the passing of two climate-related disclosure laws; namely, the Climate Corporate Data Accountability Act (“CCDAA”) (SB 253) and the Climate-Related Financial Risk...more
Much of the attention on California of late has focused on the passing of two climate-related disclosure laws; namely, the Climate Corporate Data Accountability Act (“CCDAA”) (SB 253) and the Climate-Related Financial Risk...more
Welcome to Vinson & Elkins’ Securities and ESG Updates. Our aim is to provide insights into notable developments in securities reporting and the environmental, social and governance space over the quarter and, where...more
10/13/2023
/ Artificial Intelligence ,
BlackRock ,
Carbon Emissions ,
Clawbacks ,
Climate Change ,
Corporate Governance ,
Corporate Transparency Act ,
Cybersecurity ,
Disclosure Requirements ,
Diversity and Inclusion Standards (D&I) ,
Environmental Social & Governance (ESG) ,
Greenwashing ,
Insider Trading ,
NYSE ,
Private Funds ,
Publicly-Traded Companies ,
Quarterly Report ,
Reporting Requirements ,
Rule 10b-5 ,
Securities and Exchange Commission (SEC) ,
Task Force on Climate-related Financial Disclosures (TCFD)
As public companies anticipate the Securities and Exchange Commission’s (“SEC”) final climate disclosure rules, which are expected to be released sometime fourth quarter of 2023, California has beaten the federal government...more
As public companies anticipate the Securities and Exchange Commission’s (“SEC”) final climate disclosure rules, which are expected to be released sometime fourth quarter of 2023, California has beaten the federal government...more
9/28/2023
/ California ,
CARB ,
Carbon Emissions ,
Climate Change ,
Corporate Social Responsibility ,
Department of Insurance ,
Disclosure Requirements ,
Greenhouse Gas Emissions ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Task Force on Climate-related Financial Disclosures (TCFD)
On September 20, 2023, the SEC adopted final amendments to Rule 35d-1 of the Investment Company Act of 1940 (the “Names Rule”). Under the Names Rule, originally adopted in 2001, funds registered under the Investment Company...more
9/26/2023
/ Deceptive Intent ,
Environmental Social & Governance (ESG) ,
Greenwashing ,
Investment Company Act of 1940 ,
New Amendments ,
Recordkeeping Requirements ,
Registered Funds ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Truth in Advertising ,
Unregistered Funds
Carbon capture and sequestration (“CCS”) projects represent a critical pillar in many companies’ strategies to navigate the low-carbon transition. However, the U.S. Environmental Protection Agency’s (“EPA”) delays in issuing...more
As part of its Federal Sustainability Plan, the Biden administration has issued a proposed rule that would revise the Federal Acquisition Regulation (“FAR”) to incentivize federal government buyers to prioritize the...more
9/12/2023
/ Biden Administration ,
Comment Period ,
ENERGY STAR Program ,
Environmental Protection Agency (EPA) ,
Federal Acquisition Regulations (FAR) ,
Federal Trade Commission (FTC) ,
Green Guides ,
Omnibus Guidance ,
Policies and Procedures ,
Proposed Rules ,
Sustainability
Welcome to Vinson & Elkins’ Securities and ESG Updates. Our aim is to provide insights into notable developments in securities reporting and the environmental, social and governance space over the quarter and, where...more
7/13/2023
/ C&DIs ,
Climate Change ,
COSO ,
Cybersecurity ,
Disclosure Requirements ,
Diversity ,
Divestment ,
Environmental Justice ,
Environmental Social & Governance (ESG) ,
Greenwashing ,
Nasdaq ,
No-Action Letters ,
NYSE ,
Proxy Season ,
Repurchases ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Shareholders ,
Universal Proxy Cards
The U.S. Environmental Protection Agency (“EPA” or “the Agency”) this week released its final Renewable Fuel Standard (“RFS”) “Set Rule”.1 As explained in our prior article, the Set Rule represents a new period for the RFS,...more
Tackling the challenges presented by climate change cannot be successfully navigated without also considering the dire effects of biodiversity loss. While climate change and the effects of greenhouse gas emissions on our...more
Environmental Justice (“EJ”) continues to be a strong focus of both the federal and state governments with two major developments occurring in the past two weeks. On April 21, 2023, President Biden signed Executive Order...more
At long last, the U.S. Environmental Protection Agency (“EPA”) is poised to grant Louisiana authority to issue Class VI permits under the federal Safe Drinking Water Act’s (“SDWA”) Underground Injection Control (“UIC”)...more
The EPA (or “Agency”) is seeking public input and data regarding the potential future designation of seven per- and polyfluoroalkyl substances (“PFAS”) under the Comprehensive Environmental Response, Compensation, and...more
The Environmental Protection Agency (“EPA”) has proposed regulating six per- and polyfluoroalkyl (“PFAS”) in drinking water under the Safe Drinking Water Act (“SDWA”). In a proposed rule published on March 29, 2023, EPA...more
Welcome to Vinson & Elkins’ Securities and ESG Updates. Our aim is to provide insights into notable developments in securities reporting and the environmental, social and governance space over the quarter and, where...more
4/4/2023
/ 10b5-1 Plans ,
Brokers ,
Climate Change ,
Disclosure Requirements ,
Diversity ,
Environmental Social & Governance (ESG) ,
Insider Trading ,
Investors ,
Nasdaq ,
Non-Voting Shares ,
Proxy Season ,
Securities and Exchange Commission (SEC) ,
Task Force on Climate-related Financial Disclosures (TCFD)
Recent announcements by the EPA provide some insight into its administration of the Inflation Reduction Act’s Greenhouse Gas Reduction Fund.
On February 14, 2023, the Environmental Protection Agency (“EPA”) announced an...more
On November 28, 2022, the Council of the European Union (“EU”) approved the Corporate Sustainability Reporting Directive (“CSRD”), following adoption of the CSRD by the EU Parliament on November 10, 2022 — a major move toward...more
Environmental Justice (“EJ”) continued to prove a major focus of the Biden administration in 2022. With wide-ranging initiatives across several federal agencies, the administration worked to strengthen enforcement, release...more
2/2/2023
/ Civil Rights Act ,
Clean Air Act ,
Compliance ,
Corporate Counsel ,
Department of Environmental Quality ,
Department of Justice (DOJ) ,
Enforcement ,
Environmental Justice ,
Environmental Policies ,
Environmental Protection Agency (EPA) ,
Executive Orders ,
FERC ,
Inflation Reduction Act (IRA) ,
Natural Gas Act ,
Title VI
In a move that could have far-ranging implications for projects that require federal permits and rulemaking across the entire federal government, the White House’s Council on Environmental Quality (“CEQ”) published interim...more
In an ambitious step toward New York state’s climate goals, the New York State Climate Action Council approved a Scoping Plan on December 19, 2022, which sets forth a series of recommended policies and actions. The 445-page...more
1/11/2023
/ Carbon Capture and Sequestration ,
Clean Tech ,
Climate Action Plan ,
Greenhouse Gas Emissions ,
Investment Opportunities ,
Low Carbon Fuel Standard ,
New York ,
Popular ,
Power Grid ,
Recycling ,
Renewable Energy ,
Waste Management ,
Zero-Emission Vehicles