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Do the Old Rules Apply to ESG Ratings and Benchmarks?

By Matteo Gargantini and Michele Siri March 8, 2023 by renholding

The steady growth of sustainable finance in recent years poses difficult questions on how regulators should approach it. In the European Union (EU), for example, there has been an explosion of new rules aimed at addressing a broad array of …

Debevoise & Plimpton Discusses ESG and Antitrust

By Ted Hassi, Erica Weisgerber, Timothy McIver, Michael Schaper and Ulysses Smith March 8, 2023 by renholding

Companies, banks, insurers and asset managers are increasingly working together within their industries on environmental, social and governance (“ESG”) initiatives to achieve shared goals on climate change, labor rights and other social issues. In the eyes of many, collective action …

The Adani Group Scandal Casts Doubt on the Rule of Law in India

By Georges Ugeux February 27, 2023 by renholding

Sound policymaking has helped India modernize and achieve robust economic growth, positioning it to become an increasingly important player on the world stage. But recent developments – and scandals – show that the government must address some major issues if …

Why the Poison Pill Is Still Relevant After All These Years – Even in Japan

By Curtis J. Milhaupt and Zenichi Shishido February 23, 2023 by renholding

More than 40 years after its invention by lawyer Martin Lipton, the poison pill remains the subject of important judicial decisions and academic debate over corporate governance questions, in both the United States, its country of origin, and Japan, its …

OECD Presents New Research on Corporate Sustainability

By Serdar Çelik, Caio de Oliveira and Adriana De La Cruz February 22, 2023 by renholding

The Organisation for Economic Co-operation and Development (OECD) has published a new report on sustainability policies and practices for corporate governance. It includes a new dataset comparing the main trends and features of corporate sustainability at the global level, …

ISS Discusses Dual-Class Share Structures in Europe

By Paul Hodgson February 13, 2023 by renholding

While unequal voting structures in the U.S. are commonly associated with technology and media companies, there is no such industry specific tendency in Europe – with its tradition of so-called “loyalty shares” and government ownership. This paper surveying dual class

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Skadden Discusses ESG in 2022 and Predictions for 2023

By Raquel Fox, Marc S. Gerber, Aurora Luoma, Greg Norman and Simon Toms February 10, 2023 by renholding

Following another year of increasing focus on environmental, social and governance (ESG) considerations by companies, investors and regulators alike, ESG appears to have cemented its position in the corporate landscape. As set out in our 28 July 2022 client alert …

Can a Greenhouse Gas Disclosure Rule Lead to Emissions Reductions?

By Sorabh Tomar January 30, 2023 by renholding

In response to growing concern about the effects of climate change, different regions of the world have adopted mandatory greenhouse gas (GHG) disclosure rules, including Australia, the European Union, and the United Kingdom. Notably, the U.S. Securities and Exchange Commission …

Latham & Watkins Discusses 10 ESG Issues to Keep Top of Mind in 2023

By Paul Davies, Sarah Fortt and Betty M. Huber January 11, 2023 by renholding

Both anticipated and less expected changes occurred across the ESG landscape in 2022. Anticipated changes included regulatory developments across the globe, including in the US, the UK, and the EU. Less expected changes included global and regional political shifts, such …

Davis Polk Discusses Antitrust Law and ESG Initiatives

By Sheila R. Adams, Jarrett Arp, Arthur J. Burke, Suzanne Munck af Rosenschold and Emily W. Parento December 12, 2022 by renholding

In the U.S., some members of Congress and state AGs have advocated for greater antitrust scrutiny of industry-wide ESG initiatives, while other state AGs have argued that such initiatives are procompetitive. In the EU and the U.K., competition authorities have …

From “Corporate Social Responsibility” to “Corporate Social Liability”?

By Karl Hofstetter December 9, 2022 by renholding

The debate about corporate social responsibility has recently moved into new territory: the establishment of what can be called corporate social liability or CSL. CSL goes beyond classic tort and company law and may result in vicarious liability of …

How Board Gender Quotas Affect Stock Prices

By Carlos Fernandez and Shams Pathan December 1, 2022 by renholding

Women have traditionally suffered from discrimination in the labor market (Tatli et al., 2013) and are under-represented in upper management (Thams, Bendell and Terjesen, 2018). To address this widespread gender imbalance, many countries have implemented gender diversity policies ranging from …

Debevoise & Plimpton Discusses the EU AI Liability Directive’s Impact on Artificial Intelligence Legal Risks

By Avi Gesser, Robert Maddox, Anna Gressel, Frank Colleluori and Michael Pizzi November 21, 2022 by renholding

On September 28, 2022, the European Commission released a proposal to change the legal landscape for companies developing and implementing artificial intelligence in EU Member States. This AI Liability Directive would require Member States to implement rules that would significantly …

SEC Investment Management Chief Speaks on Regulation Outside the U.S.

By William A. Birdthistle November 15, 2022 by renholding

Good morning. Thank you, Mark, for your kind invitation to speak with you all today – and congratulations on the 25^th anniversary of this conference. I am deeply honored to be giving the Scott Friestad Memorial Keynote address, particularly

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Sullivan & Cromwell Discusses Expiration of Legacy NAFTA Investor Protections

By Andrew J. Finn, Pedro José Izquierdo and Mateo M. Verdias November 14, 2022 by renholding

In 2020, the United States-Mexico-Canada Agreement (“USMCA”) entered into force, replacing the 1994 North American Free Trade Agreement (“NAFTA”). Both treaties include certain protections that the contracting states must afford to nationals of the other contracting states investing in their …

The Global ESG Stewardship Ecosystem

By Tim Bowley and Jennifer G. Hill November 3, 2022 by renholding

In a recent working paper, we highlight a significant transnational dimension to a remarkable corporate governance development: the dramatic increase in attempts by institutional investors to influence how the companies they invest in address material environmental, social, and governance (ESG) …

Debevoise & Plimpton Discusses Executive Order Paving Way for New EU-U.S. Data Transfer Framework

By Robert Maddox, Friedrich Popp, Tristan Lockwood, Melissa Muse and Mengyi Xu November 1, 2022 by renholding

On October 7, 2022, U.S. President Biden signed Executive Order 14086 on Enhancing Safeguards for United States Signals Intelligence Activities (the “Order”). The administrative Order creates new protections applicable to cross-border data sharing through a phased implementation process and is …

African Capital Markets: The Case of the Democratic Republic of Congo

By Georges Ugeux and John Mbuluku October 24, 2022 by renholding

On June 21, 2021, the International Monetary Fund (IMF) weighed in on the economic situation in Africa, and the news was not good.

“African economies are at a pivotal juncture,” the IMF said. “The COVID-19 pandemic has brought economic activity …

How the Rise of Corporate Debt in Emerging Economies Affects Corporate Investment

By Tiago Loncan, Styliani Panetsidou and Angelos Synapis September 30, 2022 by renholding

In recent years the corporate debt landscape in emerging markets has changed substantially. Debt in emerging economies climbed to a record high of $55 trillion in 2018, illustrating the largest and fastest surge in the last five decades. In …

Remedies for M&A Breach of Contract – The Cineplex Case

By Jonathan Chan and Martin Petrin September 23, 2022 by renholding

A remorseful acquirer wants to get out of a merger or acquisition agreement. It concocts a thin justification, which a court wisely rejects, finding unlawful breach. What is the appropriate remedy for harm done to the target?

While attention has …

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