On July 15, 2024, Governor Gavin Newsom proposed amendments that would, among other things, delay initial reporting deadlines for two of California’s recently enacted climate-related disclosure laws by two years. Governor Newsom signed the two bills, Climate Corporate Data Accountability Act (California Senate Bill 253 (SB-253)), relating to greenhouse gas (GHG) emissions disclosures, and the Climate-Related Financial Risk Act (California Senate Bill…

As increasing workplace surveillance creates more corporate controversies, the ICCR’s Nadira Narine calls on investors to put workers’ rights at the top of the engagement agenda. Excessive workplace surveillance resulted in a €32 million fine for Amazon at the start of this year, after French regulators ruled the use of scanners to monitor “every detail of employees’ quality and productivity”…

On 24 July 2024, the European Securities and Markets Authority (“ESMA“) published an opinion on the sustainable finance regulatory framework (the “ESMA Opinion“), which outlines the ESMA’s long-term vision for the functioning of the EU’s sustainable finance framework (the “Framework“). The ESMA Opinion builds on the findings of the ESMA’s progress report on greenwashing, published on 31 May 2023, and the European Supervisory…

On 24 July 2024, the European Securities and Markets Authority (“ESMA“) published an opinion on the sustainable finance regulatory framework (the “ESMA Opinion“), which outlines the ESMA’s long-term vision for the functioning of the EU’s sustainable finance framework (the “Framework“). The ESMA Opinion builds on the findings of the ESMA’s progress report on greenwashing, published on 31 May 2023, and the European Supervisory…

WBA benchmark logs lacklustre progress ahead of COP16 – despite mounting regulations and guidance.  New research has shown that major global companies are failing to assess and measure their impact on nature.  Using data from 2022-24, the World Benchmarking Alliance’s (WBA) latest Nature Benchmark covered 816 companies across more than 20 sectors – including food, mining and apparel – with…

ESG-labelled funds are facing increasing pressure on several fronts, while Article 9 withdrawals suffer record levels. Concurrent changes on ESG fund regulation devised by the European Securities and Markets Authority (ESMA) and the European Commission have multiplied compliance challenges for asset managers and the wider industry. In May, the European Commission published a summary report on a three-month 2023 consultation…

ESG-labelled funds are facing increasing pressure on several fronts, while Article 9 withdrawals suffer record levels. Concurrent changes on ESG fund regulation devised by the European Securities and Markets Authority (ESMA) and the European Commission have multiplied compliance challenges for asset managers and the wider industry. In May, the European Commission published a summary report on a three-month 2023 consultation…

Company cites “evolving views on ESG” as a key reason behind the decision to keep its fossil fuel business. Commodity trader and miner Glencore has abandoned plans to spin off its huge coal business in response to pressure from investors, the company has said. The Anglo-Swiss group revealed the dramatic U-turn in a statement on Wednesday, saying 95% of investors…