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Asset Management Climate Change

Ropes & Gray LLP

International Sustainability Standards Board Launches Public Consultation on Proposed Amendments to IFRS S2 GHG Emissions...

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The International Sustainability Standards Board has released an Exposure Draft proposing targeted amendments to greenhouse gas emissions disclosure requirements under the IFRS S2 Climate-related Disclosures standard. The...more

Proskauer - Regulatory & Compliance

ESMA Guidelines on Fund Names

The recent ESMA Final Report on the Guidelines for funds’ names using ESG or sustainability-related terms (the “Guidelines”) marks a critical moment for asset managers. These Guidelines aim to clarify when the use of ESG or...more

Latham & Watkins LLP

FCA Pushes Back Deadline for SDR Naming and Marketing Rules

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The regulator is providing temporary flexibility in light of concerns that asset managers need extra time to prepare. On 9 September 2024, the FCA published a statement on its naming and marketing rules under the...more

Cadwalader, Wickersham & Taft LLP

Cadwalader Climate - September 2024 #2

In this week’s edition, we discuss a drop in support for ESG shareholder proposals at one of the world’s largest asset managers; a decision by a U.S. federal court to strike down an anti-ESG investing rule in Missouri; and...more

Cadwalader, Wickersham & Taft LLP

Cadwalader Climate - September 2024

In this week’s edition, we discuss the UK’s advertising regulator’s continued focus on greenwashing enforcement – this time, in relation to Virgin Atlantic and its use of sustainable aviation fuel. We also discuss the latest...more

Cadwalader, Wickersham & Taft LLP

Cadwalader Climate - July 2024 #2

In this week’s U.S.-focused edition, we look at the world’s largest asset manager’s updated voting guidelines which seek to strike a balance amidst the fraught political rhetoric surrounding sustainable investment. The...more

Latham & Watkins LLP

ESG - US State-Level Developments for Private Capital and Financial Institutions

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Private capital providers, investors, asset managers, and financial institutions will likely continue to face a fragmented regulatory landscape on ESG matters. Various US states have taken and continue to take action on...more

K&L Gates LLP

SEC Issues Long-Awaited Climate Risk Disclosure Rule

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Introduction - On Wednesday, 6 March 2024, the Securities and Exchange Commission (SEC) approved its highly anticipated final rules on “The Enhancement and Standardization of Climate-Related Disclosures for Investors” by a...more

BCLP

Minimum Energy Efficiency Standards - here to stay or at risk of becoming redundant?

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In September, ahead of the Conservative party conference, Rishi Sunak announced a step back from the Government’s net zero policy and targets.  This was followed up last week by the Government’s formal response to the Climate...more

Bradley Arant Boult Cummings LLP

State AGs Turn ESG Scrutiny on Financial Service Providers

By now, followers of the debate over use of ESG (environmental, social and governance) criteria in investing and business operations are well used to the “E” taking center stage. As we discussed two months ago in this space,...more

Cadwalader, Wickersham & Taft LLP

UK Financial Regulator Proposes Reporting Template to Enhance Transparency of Shareholder Voting

Amid ongoing scrutiny over proxy voting (particularly in relation to ESG-related resolutions), the UK’s financial regulator, the Financial Conduct Authority, has launched a consultation aimed at developing a vote-reporting...more

Cadwalader, Wickersham & Taft LLP

ESMA and NCAs to Assess Disclosures and Sustainability Risks in the Investment Fund Sector

On July 6, 2023, the European Securities and Markets Authority (ESMA), in collaboration with National Competent Authorities (NCAs), launched the Common Supervisory Action (CSA) aimed at assessing the compliance of supervised...more

Latham & Watkins LLP

Nature Action 100 Gives First Insight Into Engagement Priorities With Companies

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NA100 aims to propel corporate action on natural capital through investor engagement similar to the work of initiatives like Climate Action 100+. On June 26, 2023, the Secretariat and Launching Investor Group behind...more

Jenner & Block

Client Alert: Antitrust and ESG—How to Stay Ahead of the Game

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On May 15, 2023, 22 state attorneys general sent a letter to several insurance companies warning that the companies’ Environmental, Social, and Governance (ESG) policies may violate the antitrust laws. Just six weeks earlier,...more

Cadwalader, Wickersham & Taft LLP

EU-Based Asset Managers Press J-Power on GHG Emissions Targets and Disclosures, Signaling Shift in Focus to Japan

In May 2023, the shareholder advocacy group Australasian Centre for Corporate Responsibility (ACCR), HSBC Global Asset Management (UK) Limited and Amundi Asset Management filed shareholder resolutions pressing Japanese power...more

Cadwalader, Wickersham & Taft LLP

Climate Change Could Prompt Insurers To Drop Business Lines and Alter Investment Portfolios

In April 2023, Goldman Sachs Asset Management (GSAM) published its 12th annual insurance survey, which not surprisingly includes findings that the industry continues to be focused on the potential impact of climate change....more

Latham & Watkins LLP

ESG Initiatives Face Increased Pressure From Potential Antitrust Challenges

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A recent letter from 21 state Attorneys General to various asset managers demonstrates a focus on using antitrust and unfair competition laws to oppose ESG efforts. Key Points: ..ESG investing initiatives are not...more

Cadwalader, Wickersham & Taft LLP

Republican AGs Target 53 Large Asset Managers' ESG Practices

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

Cadwalader, Wickersham & Taft LLP

Investors Accuse Large Asset Manager of Not Adequately Addressing Climate Risk

More than 1,400 individual investors have signed a letter asserting that a large U.S.-based asset manager is violating its fiduciary duty to mitigate climate-related investment risks....more

Cadwalader, Wickersham & Taft LLP

Launch of State Alliance Against “ESG Investing”

On March 16, 2023 the Republican governors of 19 states announced an alliance led by Florida Governor Ron DeSantis, to “push back against President Biden’s environmental, social, corporate governance (ESG) agenda that is...more

Cadwalader, Wickersham & Taft LLP

ShareAction Claims Asset Managers Lagging on Climate and Biodiversity

In a recent report, the UK-based NGO ShareAction claimed that “[t]he asset management industry needs to change urgently if it is to demonstrate proactive stewardship that safeguards against key social and environmental risks...more

Cadwalader, Wickersham & Taft LLP

Aviva Outlines Stewardship Priorities for 2023

In its annual letter to company board chairs, Aviva Chief Executive Mark Versey set out stewardship priorities for the coming year. The global asset manager, which has £232 billion ($279 billion) under management, states that...more

Cadwalader, Wickersham & Taft LLP

NZAOA Issues Target Setting Protocol Third Edition

Last month, the Net-Zero Asset Owner Alliance (NZAOA), an alliance of asset managers committed to transitioning their investment portfolios to net-zero greenhouse gas emissions by 2050, released the third edition of its...more

Cadwalader, Wickersham & Taft LLP

Global Asset Manager Chief Executive Says Facts “Left Aside” in ESG Funds Pushback

Just days after the Texas Senate questioned a global asset manager—among other major financial investment firms—about its ESG-related investing policies, its chief executive said in an interview for the Financial Times that...more

Cadwalader, Wickersham & Taft LLP

Sustainable Markets Initiative Task Force Launches Transition Categorization Framework

On January 17, the Sustainable Markets Initiative (SMI) announced that its Asset Manager and Asset Owner Task Force (AMAO Task Force) has released a Transition Categorization Framework. The AMAO Task Force is comprised of 34...more

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