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On April 9, 2021, the SEC’s Division of Examinations (“EXAMS”) published a Risk Alert summarizing its observations from recent examinations of investment advisers, registered investment companies, and private funds engaged in ESG investing.[1] The Risk Alert is the latest in a series of announcements from the regulator that demonstrate its focus on investor protection in connection with climate and ESG investing.
On March 4, 2021, the SEC announced the launch of the Climate and ESG Task Force within the Division of Enforcement. The task force is led by Kelly L. Gibson, Acting Deputy Director of Enforcement, and is comprised of 22 members from the Enforcement Division’s specialized units, the SEC’s headquarters, and its regional offices.
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In the US Securities and Exchange Commission staff’s most recent guidance addressing environmental, social, and governance (ESG) investing, the staff of the Division of Examinations released an April 9 Risk Alert noting observations made during recent examinations of investment advisers and funds (both registered and private) engaged in ESG investing.
The Risk Alert[1] highlights certain deficiencies and internal control weaknesses observed by the staff, as well as observations regarding what the staff viewed as effective practices related to the management and oversight of ESG investing activities. The Risk Alert also summarizes certain ESG-related areas on which the Division of Examinations (Examinations) intends to continue to focus in its examinations of investment advisers and funds. In an April 12, 2021, statement, US Securities and Exchange Commission (SEC) Commissioner Hester M. Peirce offered her thoughts on th
[co-author: Brett Uslaner ]
On March 4, 2021, the Securities and Exchange Commission announced the formation of a Climate and ESG Task Force in the Division of Enforcement (the “Task Force”). The Task Force will be aimed at detecting ESG-related misconduct so that investors can fully consider these issues in their investment decisions.
Short for “environmental, social and corporate governance,” ESG has become an increasingly hot topic in recent years. As the threat of climate change has risen, more and more investors have begun to factor sustainability into their investment decisions. Similarly, investors today are making a conscious effort to invest in companies whose social policies, such as racial equity and community relations, align with their own values. The creation of this task force signals that the SEC views ESG as a critical piece in the investment decision-making puzzle and that additional safeguards are needed to adequately protect investors.
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On Thursday, March 4th, the SEC announced the creation of a Climate and ESG Task Force in the Division of Enforcement to investigate alleged corporate environmental, social and governance misdeeds. The task force will be led by Kelly L. Gibson, the Acting Deputy Director of Enforcement. Its initial focus will be to identify any material gaps or misstatements in issuers’ disclosure of climate risks under existing rules. According the SEC’s website, the task force will also “analyze disclosure and compliance issues relating to investment advisers’ and funds’ ESG strategies.” Its work will complement the agency’s other ESG initiatives, including the recent appointment of Satyam Khanna as a Senior Policy Advisor for Climate and ESG.
Monday, March 8, 2021
On March 4, 2021, the Securities and Exchange Commission announced the formation of a Climate and ESG Task Force in the Division of Enforcement (the “Task Force”). The Task Force will be aimed at detecting ESG-related misconduct so that investors can fully consider these issues in their investment decisions.
Short for “environmental, social and corporate governance,” ESG has become an increasingly hot topic in recent years. As the threat of climate change has risen, more and more investors have begun to factor sustainability into their investment decisions. Similarly, investors today are making a conscious effort to invest in companies whose social policies, such as racial equity and community relations, align with their own values. The creation of this task force signals that the SEC views ESG as a critical piece in the investment decision-making puzzle and that additional safeguards are needed to adequately protect investors.