On 24 March 2021, the UK government’s Department for Business, Energy & Industrial Strategy (“BEIS”) launched a consultation seeking views on its proposals to mandate climate-related financial disclosures by publicly quoted companies and large private companies, banks and insurance companies, and limited liability partnerships (the “Consultation”).
On April 9, the Division of Examinations issued a Risk Alert to highlight observations from its recent exams of investment advisers, registered investment companies, and private funds offering ESG products and services.
Lockdowns have fueled a surge in food-delivery businesses, so the initial public offering (“IPO”) of Deliveroo plc (“Deliveroo”) — a UK equivalent to DoorDash Inc. — on the London Stock Exchange was highly anticipated. But on its first day of public trading, Deliveroo’s stock dropped over 25%.
The Fourth National Climate Assessment, issued by the U.S. Global Change Research Program, found that climate change is already having an impact on businesses and communities across the United States.
On March 31, 2021, President Joe Biden announced the American Jobs Plan (the Plan). The Plan proposes approximately $2 trillion in government funding over the next decade focused on infrastructure, the electric grid, high-speed broadband, climate change, and jobs creation.
In the mid-2000s, businesses unleashed “a virtual tsunami of environmental marketing,” responding to increased consumer demand for products and services perceived to be environmentally friendly, or “green.”
ERISA plan fiduciaries may be breathing a small sigh of relief this week after the U.S. Department of Labor (the “DOL”) issued a statement on March 10, 2021, that it would not pursue enforcement actions for violations of two recently published rules related to Environmental, Social, and Governance (“ESG”) investments.
Over the past few weeks, there has been a flurry of SEC ESG-related developments. As we predicted, the current SEC acting chair has wasted no time in indicating that the SEC’s 2010 climate change disclosure guidance is beyond dated.