The financial world appears to be reeling from the recent board of director election held by Exxon Mobil Corp. (Exxon) in which activist Hedge Fund Engine 1 (Engine 1) garnered enough.
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The hot topic of environmental, social, and governance (ESG) disclosure has called attention to a growing number of voices advising the SEC commissioners.
The SEC’s Asset Management Advisory Committee, Investor Advisory Committee, and Investor Advocate have made ESG recommendations. Then-acting Chair Allison Herren Lee recently appointed a senior adviser for ESG and, together with Commissioner Caroline Crenshaw, called for an ESG Advisory Committee and a staff task force on ESG. This totals four existing and two proposed streams of ESG advice to the commissioners from sources within or created by the SEC.
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To say the SEC has signaled increased attention to ESG matters would be an understatement. Between February 24
th and April 12
th of this year, the SEC has posted on its website five public statements and two press releases that have a primary focus around ESG disclosures. The SEC also announced the creation of a Climate and ESG Task Force in the Division of Enforcement. The task force will include 22 members from the SEC’s headquarters, regional offices, and enforcement specialized units. Initially the task force will focus on material gaps or misstatements in issuers’ disclosure of climate risks under existing rules and will analyze disclosure and compliance issues relating to investment advisers’ and funds’ ESG strategies. Acting Deputy Director of Enforcement Kelly L. Gibson, who will lead the task force, pointed out that “Proactively addressing emerging disclosure gaps that threaten investors and the marke
SEC s Peirce Talks ESG And Agency s Future Under New Chair
Thank You! Law360 (April 30, 2021, 5:09 PM EDT) Recent initiatives from the U.S. Securities and Exchange Commission could bring wholesale changes to the way the agency polices environmental, social and governance disclosure issues, but the existing framework doesn t need any fixing if you ask Commissioner Hester Peirce.
Hester Peirce
In part one of this two-part interview series, Peirce told Law360 that the SEC s existing principles-based framework already provides an objective test to make sure firms are disclosing material risks, warning that recent calls for
a more prescriptive approach could prove to be an exercise in regulatory overreach.
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Blockchain technology is increasing in popularity across industries but, in its current iteration, triggers significant environmental, social, and governance (
ESG) considerations. As the financial services sector simultaneously invests in blockchain technology and commits to ESG-sensitive policies and portfolios, how are the “E” and “S” impacts of blockchain and its applications to be weighed?
Blockchain, the digital infrastructure popularized by the Bitcoin cryptocurrency and now expanding into data validation and transfer uses in fields from supply chains to healthcare to governance, is a digital distributed ledger system that records and verifies information in real-time, without reliance on a central authority to verify the data. For effective data validation in the absence of a centralized monitor, a “block” of data may only be added to an existing “chain” when a disperse network of individual users