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Join the Securities Litigation and Enforcement Group on LinkedInAdvocacy Group Sues Shell’s Board for Insufficient Climate Change Action | The D&O Diary
In what it calls the “world’s first” of its type, the environmental advocacy group ClientEarth has filed a shareholder derivative action against the board of Shell plc, claiming that the company’s directors have failed to take sufficient steps to protect the company from the future impacts of climate change. The action seeks to compel the […]
SEC Considers Easing Climate-Disclosure Rules After Investor Pushback – WSJ
The Securities and Exchange Commission is considering a softening of planned rules requiring companies to disclose the effects of extreme weather and other costs related to global warming when the regulator completes its climate-change proposals, people close to the agency said. The Wall Street regulator is looking again at the financial reporting aspect of the […]
SEC Cares About Climate Reporting, Not Behavior, Official Says
The SEC is uninterested in changing how companies address climate change, except when it comes to their disclosures, a senior agency official said Tuesday. The Securities and Exchange Commission is agnostic to companies’ environmental behavior as it finalizes rules that would require companies to report on their greenhouse gas emissions and make other climate disclosures, […]
New York Flags Climate Risks for Banks – WSJ
Banks both big and small should pore over how climate change could impact their business, New York’s influential state banking regulator said in a proposal that would heighten risk management expectations for financial institutions. Financial institutions of all sizes—including foreign-based banks with operations in New York—would be expected to evaluate climate risks throughout their business […]
SEC Climate Rules Pushed Back Amid Bureaucratic, Legal Woes
The Securities and Exchange Commission will miss a self-imposed October deadline for final rules as it continues to sift through thousands of public comments and factors in a June Supreme Court ruling that endangers the agency’s normally broad authority to regulate Wall Street. The commission was forced to reopen its comment file earlier this month […]
SEC Climate Regulation Burdensome, Crypto Rules Unclear | National Review
Besides the legitimate question of whether the SEC has the authority to impose these disclosure obligations, and the hurdle crystallized in the Supreme Court’s West Virginia v. EPA ruling, Gensler steadfastly refuses to consider the evidence that these disclosure obligations risk burdening companies and their shareholders with high regulatory costs while providing little information of value for investors. As […]
Fight Brews Over Cost of SEC Climate-Change Rules – WSJ
The cost of proposed rules on climate disclosure is emerging as a key battleground as businesses and politicians fight over a plan to require companies to tally their impact on the environment and the risks they face from climate change. The Securities and Exchange Commission estimates the plan will raise the cost to businesses to […]
SEC Responds to Investor Demand by Bringing Together Agency Information About Climate and ESG Issues
The SEC today launched a new page on its website to bring together agency actions and the latest information about climate and environmental, social and governance (ESG) investing. In response to increased investor demand for this information, the page will appear on the front page of SEC.gov and will be updated as the agency continues to […]
Chamber Urges SEC Caution on Climate Disclosure – CFO
“The Chamber urges caution regarding the SEC’s recently-announced ESG enforcement initiative,” Executive Vice President Tom Quaadman wrote, noting that it “appears to take an enforcement-first approach to ESG and climate change even though the commission has not yet completed its review and updates to the 2010 guidance regarding climate change disclosures.” “We are deeply concerned […]
SEC Enforcement’s New Climate Task Force – What Does it Mean? – SEC ACTIONS
If the upshot of these initiatives is more of the same, the SEC would do better to just stop. World securities regulators are moving quickly to create the disclosure requirement necessary to effectively inform investors and the markets about the efforts of corporations, investment advisers, funds and others in the area of climate change and […]