ESG Content

On November 1, 2021, the CFA Institute published its voluntary "Global ESG Disclosure Standards for Investment Products" (Standards), which it states is designed to enable investors, consultants, advisors, and distributors to better understand, compare, and evaluate ESG investment...

Summarized briefly below are several recent ESG-related developments that we bring to your attention. A brief description with links to the relevant documents are provided below. We will provide more fulsome memoranda describing these developments in the near future.

On October 21, the Financial Stability Oversight Council (FSOC or Council) released a report on Climate-Related Financial Risk. The report is the first time that the Council has identified climate change as an emerging and increasing threat to US financial stability and demonstrates...

Last week, SEC Chair Gensler delivered brief remarks before the Financial Stability Oversight Council, highlighting the Commission's work on drafting proposals on public company and fund climate risk-related disclosure.

On October 13, 2021, the Department of Labor (DOL) released a proposal (the "Proposal") addressing the selection of investments for ERISA plans and proxy voting by plan fiduciaries. The Proposal would amend two rules finalized at the end of the Trump Administration, "Financial Factors...

ICI's Board of Governors unanimously approved a statement on "Financing the Transition to Net Zero," identifying specific actions the industry can take to facilitate the economic transition to net zero emissions and meet investors' objectives.

This memorandum catalogues significant ESG related developments that have occurred since the beginning of August. It references ICI memoranda that provide a more fulsome description of each matter. You can find all of these memoranda on our website in our ESG Resource Center.

The Division of Corporation Finance published a Sample Letter to Companies Regarding Climate Change Disclosures ("Sample Letter"). The announcement noted that Corp Fin staff may issue these comments as well as others during the disclosure review process and that comments would be...