
Recent Publications
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A Guide to the SEC’s Proposed Climate Disclosure Requirements
As we reported earlier, the SEC recently proposed significant new requirements to enhance and standardize climate-related disclosures. Registrants would be required to detail climate-related risks, risk mitigation plans and goals and oversight processes; greenhouse gas emissions; and climate-related financial metrics, as part of a new climate-related disclosures section and separate footnote to financial statements in their annual report. We offer a more detailed guide to the proposal and its implementation timeline.
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SEC Proposes New Climate Disclosure Requirements
The SEC has proposed significant new requirements to enhance and standardize climate-related risk disclosures. These new requirements would include prescriptive, specific line-item disclosure, unlike the current largely principles-based current climate and ESG disclosure requirements. Comments are due by the later of 30 days after publication in the Federal Register or May 9, and we expect debate to be contentious.
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Sustainability & ESG: 2021 Year in Review — Key Takeaways
In 2021, ESG issues assumed greater prominence and consideration by regulators, employees, customers and other stakeholders, with record investment in ESG, ESG disclosures by major organizations, and filings of ESG-related shareholder proposals. Rulemaking and reporting standardization was also a major focus in the U.S. and globally. We examine key ESG trends in 2021 and what to expect in the year ahead.
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Department of Labor Proposes Rule to Remove Barriers to Considering ESG Factors in Plan Management
The Department of Labor recently proposed amendments to its “investment duties” regulation under Title I of ERISA. The proposal attempts to address several stakeholder concerns, including the current regulation’s perceived bias against ESG investing and voting proxies. To that end, the proposal clarifies that ESG factors may often be appropriate considerations for ERISA plan fiduciaries when making investment or proxy voting decisions on behalf of ERISA plans.
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SEC Division of Corporation Finance Publishes Sample Climate Disclosure Comments
The SEC Division of Corporation Finance recently issued a sample comment letter regarding a company’s climate-related disclosures. The comments highlight the SEC’s focus on risk and MD&A sections, and indicate that the SEC will review disclosures in corporate social responsibility/sustainability reports and compare them to those in SEC filings.
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SEC Approves Nasdaq Board Diversity Requirements
The SEC recently approved Nasdaq’s board diversity requirements, which will apply to all Nasdaq-listed companies, including non-U.S. issuers, smaller-reporting companies and controlled companies. This is a significant step by a U.S. stock exchange, and likely the first of more ESG-related rules to come, as the SEC has indicated its intent to take up board diversity rulemaking in the next year.
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IOSCO Issues Final Report on Sustainability-related Issuer Disclosures
The International Organization of Securities Commissions (IOSCO) has published a report that sets out a vision for a global baseline for sustainability standards for issuers. The report sets out expectations for an ISSB that would sit alongside the International Accounting Standards Board, building on and integrating the content and recommendations of existing frameworks, principles and guidance, and incorporating a “building blocks” approach that would enable certain jurisdictions to set reporting requirements beyond the ISSB’s baseline.
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President Biden Calls on Federal Government to Mitigate Climate-Related Financial Risk
President Biden recently issued an Executive Order on Climate-Related Financial Risk that calls on the federal government to take concrete steps to mitigate the growing physical and transition risks of climate change on the U.S. economy, workers and families. This client alert, part of a series focused on ESG disclosure and regulatory developments, highlights key aspects of the order.
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SEC Highlights Compliance Issues Related to Investment Advisers Offering ESG-Related Investment Products
The SEC’s Division of Examinations published a Risk Alert highlighting observations of deficiencies and internal control weaknesses from recent examinations of investment advisers offering products, including private funds, whose investment strategies incorporate environmental, social and governance factors.
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President Biden Sets Out Ambitious American Jobs Plan with Significant Climate-Related Proposals
President Biden recently set out his administration’s ambitious approximately $2.25 trillion American Jobs Plan to create jobs, rebuild the country’s infrastructure, address the climate crisis and better position the country to compete with China. Our alert summarizes the climate-related aspects of the proposal.
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CFTC Continues to Move Forward on Climate Change
Acting CFTC Chairman Rostin Behnam recently announced the establishment of a Climate Risk Unit to focus “on the role of derivatives in understanding, pricing, and addressing climate-related risk and transitioning to a low-carbon economy.”
Introduction to ESG
Introduction to ESG
“ESG” describes a set of environmental, social and governance factors used to evaluate investment and company impacts beyond traditional financial measures. ESG topics are now the subject of significant focus by asset managers, asset owners such as pension funds and insurance companies, and other investors, as well as by proxy advisory firms, index providers, regulators and rating agencies.
ESG Disclosures
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ESG Disclosures: Frameworks and Standards Developed by Intergovernmental and Non-Governmental Organizations
As ESG matters have increasingly become the focus of investors and regulators, standards of disclosure created by intergovernmental and non-governmental organizations, as well as industry participants, have gained market prominence. While most ESG disclosure is made on a voluntary basis, that is beginning to change, particularly in Europe.
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ESG Disclosures: Task Force on Climate-related Financial Disclosures
Since their publication in 2017, the Task Force on Climate-related Financial Disclosures (TCFD) recommendations for voluntary disclosures by companies concerning their climate-related financial risks have emerged as a leading international framework for climate-related disclosures. This client alert, part of a series focused on ESG developments, summarizes the aims of the TCFD and its disclosure recommendations.
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ESG Disclosures: The Push for Consistent and Comparable Standards – Europe
The European Union has taken a leading role in advancing ESG disclosure requirements across the full spectrum of sustainability topics. Some of the initiatives are focused largely on climate issues, while others address broader sustainability concerns. This client alert, part of a series that reviews developments in the ESG disclosure landscape, provides an introduction to the current ESG regulatory disclosure frameworks of the European Union.
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ESG Disclosures: The Push for Consistent and Comparable Standards – United Kingdom
The United Kingdom has been an early adopter of ESG regulations and guidelines; a number of recent initiatives in the United Kingdom highlight the extent to which a focus on ESG among corporates, investors and financial institutions has become a “new normal.” This client alert, part of a series that reviews developments in the ESG disclosure landscape, provides an introduction to the current ESG regulatory disclosure framework in the U.K.
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The U.S. Regulatory Framework for ESG Disclosures
The SEC takes a principles-based, materiality-focused approach to disclosure that applies equally to environmental, social and governance (ESG) disclosures. This client alert, part of a series that reviews developments in the ESG regulatory landscape, provides an introduction to the current ESG regulatory disclosure framework in the United States.
ESG in Conversation
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Takeaways – ESG Intersects with PE: Practical ESG Considerations for Private Equity
On October 27, Paul, Weiss hosted a virtual, senior-level roundtable, “ESG Intersects with PE: Practical ESG Considerations for Private Equity,” with general counsel, chief compliance officers and other C-suite executives from top private equity firms.
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Dave Curran Interviewed on Litera TV About Lawyers Leading Social Change
Chief Sustainability and ESG Officer Dave Curran was featured on an April 23 Litera TV episode of “Lawyers Leading Social Change,” with host Alma Asay, a domain expert for legal workspace technology company Litera and former Gibson Dunn attorney.
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Takeaways – ESG and Board Diversity, Equity & Inclusion: Connecting Aspiration to Action
Paul, Weiss hosted a roundtable, “ESG and Board Diversity, Equity & Inclusion: Connecting Aspiration to Action.”
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Takeaways — Bridging the Divide of ESG: Linking Business and the Legal & Risk Ecosystems
On February 3, Paul, Weiss hosted a joint webinar with the NYU Stern School of Business’s Center for Sustainable Business, titled “Bridging the Divide of ESG: Linking Business and the Legal & Risk Ecosystems.”
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Paul, Weiss Hosts ESG Virtual Webinar “Bridging the Divide of ESG”
Paul, Weiss recently hosted a virtual webinar, “Bridging the Divide of ESG: Linking Business and the Legal & Risk Ecosystems,” in collaboration with the NYU Stern Center for Sustainable Business.
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Takeaways – Attorney General Loretta Lynch in Conversation with Thomas Kim
On November 4, Paul, Weiss and Thomson Reuters hosted a fireside chat with litigation partner Loretta Lynch. The discussion was facilitated by Paul, Weiss Chief Sustainability and ESG Officer Dave Curran and Thomson Reuters Chief Legal Officer and Company Secretary Thomas Kim.
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Takeaways – Spotlight on the “G” in ESG: Societal Shifts Collide with Traditional Corporate Governance
On October 6, 2020, Paul, Weiss and Nasdaq organized a joint roundtable via Zoom leading over 40 general counsel, heads of sustainability, corporate secretaries and board members in a discussion regarding how societal upheavals, such as COVID-19 and Black Lives Matter, have accelerated the collision between ESG considerations and traditional corporate governance.
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Takeaways: Reflecting Forward – A View from the Inner Circle
Paul, Weiss recently hosted almost 50 senior Legal, Compliance, and Sustainability executives, directors and academic leaders in a closed-door roundtable discussion via Zoom to discuss how companies are adapting to the rapidly expanding ESG challenges.
ESG Lexicon
Paul, Weiss’s Sustainability and Environmental, Social & Governance (ESG) Advisory Practice helps clients develop integrated ESG strategies that safeguard corporate reputation, mitigate risk and leverage opportunity.
Events & Publications
Andrew Gordon and Madhuri Pavamani Discuss Fashion Sustainability Law in Women’s Wear Daily
- May 19, 2022
- Publications
Andrew Gordon and Madhuri Pavamani Discuss Fashion Sustainability Law in Women’s Wear Daily
Litigation partner Andrew Gordon and Sustainability & ESG Advisory Practice Director Madhuri Pavamani discuss how legislation pending in New York could impact the entire fashion industry in Women’s Wear Daily.
ESG and Law Institute to Host Roundtable Discussion on European ESG Regulations
- May 17, 2022
- Events
ESG and Law Institute to Host Roundtable Discussion on European ESG Regulations
The ESG and Law Institute is hosting an off-the-record, senior-level roundtable conversation on the European Commission’s Sustainable Finance Disclosure Regulation (SFDR), moderated by Sustainability & ESG Advisory Practice…
Dave Curran and Brad Karp Discuss Rapidly-Evolving ESG Priorities Resulting From Russian Invasion of Ukraine in Corporate Counsel
- May 09, 2022
- Publications
Dave Curran and Brad Karp Discuss Rapidly-Evolving ESG Priorities Resulting From Russian Invasion of Ukraine in Corporate Counsel
Sustainability and ESG Advisory Practice Co-Chair Dave Curran and firm Chairman Brad Karp discuss how lawyers can help companies reexamine their ESG priorities and navigate the new world order in light of Russia’s invasion of Ukraine…
Randy Luskey, Rosie Vail and Madhuri Pavamani Publish Article on California Regulatory Trends
- Apr 22, 2022
- Publications
Randy Luskey, Rosie Vail and Madhuri Pavamani Publish Article on California Regulatory Trends
Litigation partner Randy Luskey, associate Rosie Vail and Sustainability & ESG Advisory Practice Director Madhuri Pavamani discuss major upcoming changes to California’s regulatory landscape in an article published in The…
Paul, Weiss ESG and Law Institute to Co-Host CLE Series With FiscalNote Executive Institute
- May 05, 2022
- Events
Paul, Weiss ESG and Law Institute to Co-Host CLE Series With FiscalNote Executive Institute
Paul, Weiss’s ESG and Law Institute, in partnership with the FiscalNote Executive Institute, will co-host a series of continuing legal education courses focused on top issues in digital transformation and environmental, social and…
Dave Curran Discusses Importance of Corporate Governance With Reuters
- Apr 13, 2022
- Publications
Dave Curran Discusses Importance of Corporate Governance With Reuters
Sustainability & ESG Advisory Practice Co-Chair Dave Curran discussed corporate governance and other ESG topics in a Reuters article published on April 13.
A Guide to the SEC’s Proposed Climate Disclosure Requirements
- Apr 15, 2022
- Publications
A Guide to the SEC’s Proposed Climate Disclosure Requirements
As we reported earlier, the SEC recently proposed significant new requirements to enhance and standardize climate-related disclosures. Registrants would be required to detail climate-related risks, risk mitigation plans and goals and…
Paul, Weiss Leads DE&I Panel at American College of Bankruptcy Annual Conference; Receives Honorarium for DE&I Efforts
- Apr 01, 2022
- Events
Paul, Weiss Leads DE&I Panel at American College of Bankruptcy Annual Conference; Receives Honorarium for DE&I Efforts
Paul, Weiss led a panel presentation, “The Compelling Business Case for ESG and DEI – Why Adopting Firms Have a Competitive Advantage,” at the American College of Bankruptcy’s annual conference on April 1.
SEC Proposes New Climate Disclosure Requirements
- Mar 22, 2022
- Publications
SEC Proposes New Climate Disclosure Requirements
The SEC has proposed significant new requirements to enhance and standardize climate-related risk disclosures. These new requirements would include prescriptive, specific line-item disclosure, unlike the current largely…
Dave Curran to Moderate Discussion on Integrating ESG Throughout an Organization
- Feb 24, 2022
- Events
Dave Curran to Moderate Discussion on Integrating ESG Throughout an Organization
Sustainability & ESG Advisory Practice Co-Chair Dave Curran will moderate a discussion, “Build Business and Mitigate Risk by Integrating ESG Throughout Your Organization,” hosted by the FiscalNote Executive Institute.
Awards & Recognition
Dave Curran Recognized in the 2022 NACD Directorship 100
- Apr 07, 2022
- Awards
Dave Curran Recognized in the 2022 NACD Directorship 100
Sustainability & ESG Advisory Practice Co-Chair Dave Curran has been recognized by the National Association of Corporate Directors (NACD) as an honoree of the 2022 NACD Directorship 100, an annual recognition of the leading…
Paul, Weiss Recognized Among the Nation’s Most Innovative Law Firms in the Financial Times Innovative Lawyers Report
- Dec 10, 2021
- Awards
Paul, Weiss Recognized Among the Nation’s Most Innovative Law Firms in the Financial Times Innovative Lawyers Report
Paul, Weiss was recognized among the most innovative law firms in North America by the Financial Times in the 2021 Innovative Lawyers Report.
Paul, Weiss Shortlisted in Five Categories for the Financial Times Innovative Lawyers North America 2021
- Nov 04, 2021
- Awards
Paul, Weiss Shortlisted in Five Categories for the Financial Times Innovative Lawyers North America 2021
Paul, Weiss was shortlisted for the Financial Times Innovative Lawyers North America 2021 awards in five categories.
David Curran Appointed Co-Chair of NYSBA ESG Committee
- Jan 07, 2021
- Awards
David Curran Appointed Co-Chair of NYSBA ESG Committee
Chief Sustainability and ESG Officer David Curran has been appointed co-chair of the New York State Bar Association’s ESG Committee. The recently formed ESG Committee aims to actively monitor ESG developments, promote discussion of…