ESG – Page 6 – Global Investment Law Watch

United States: SEC Adopts Expanded Proxy Voting Reporting by Registered Funds and New Reporting of Executive Compensation Votes by Form 13F Filers

Nov 07 2022

By: Lynn A. Schweinfurth, Kathy Kresch Ingber, and Crystal Liu

On November 2, by a vote of 3 to 2, the Securities and Exchange Commission adopted, largely as proposed, amendments to Form N-PX under the Investment Company Act of 1940 and new Rule 14Ad-1 under the Securities Exchange Act of 1934 (Amendments). The Amendments expand the proxy voting information that registered investment companies (Funds) report on Form N-PX, and require, for the first time, Form 13F filers (Managers) to report annually on Form N-PX how they voted proxies concerning certain shareholder advisory votes on executive compensation (“say-on-pay” votes).

Australian Regulatory Update – 2 November 2022

Nov 02 2022

By Jim Bulling and Anabelle Weinberg

1. ASIC takes its first ‘greenwashing’ action

ASIC has taken its first ‘greenwashing’ action against Tlou Energy Limited (Tlou). Tlou has paid a total of $53,280 to comply with four infringement notices issued by ASIC over concerns about alleged false or misleading sustainability-related statements. Tlou have not admitted guilt.

Australia: Regulatory update – 17 October 2022

Oct 17 2022

By Jim Bulling and Hugo Chow

ASFI releases its first report on the Australian sustainable finance taxonomy

The Australia Sustainability Finance Institute (ASFI) is working closely with the government and regulators to develop an Australian sustainable finance taxonomy.

The Report outlines the key considerations that will inform the development of an Australian sustainable finance taxonomy that will consist of credible, science-based definitions.

Asia: Proposed Code of Conduct for ESG Evaluation and Data Providers Presents Significant Implications for Asset Management and Investor Communities

Aug 05 2022

By Yuki Sako

On 12 July 2022, as widely anticipated, the Financial Services Agency of Japan (“FSA”) proposed “the Code of Conduct for ESG Evaluation and Data Providers” (“Proposed Code”), and is soliciting comments from the public until 5 September 2022.

The stated focus of the Proposed Code is to provide a set of principles and guidelines for ESG evaluation and data providers (“Provider(s)”) that would require Providers who decide to endorse such code to “comply or explain” such code, i.e., a Provider would be required to comply with, or provide an explanation as to why the Provider is departing from, such code.

Australia: Superannuation Fund Investment – ESG and Valuations

Jul 28 2022

By Jim Bulling and Hugo Chow

The Australian Prudential Regulation Authority (APRA) has released its final revisions to Prudential Standard SPS 530 Investment Governance (SPS 530).

The more significant amendments are in relation to valuation governance, proposed guidance for environmental, social and governance (ESG) risk management and some new issues for stress testing programs.

Australia: New Greenwashing Guidance

Jun 16 2022

By Jim Bulling and Alex Morrison

ASIC has released Information Sheet 271 (INFO 271) to assist responsible entities of managed funds, corporate directors of CCIVs and trustees of registerable superannuation funds (Product Issuers) in avoiding ‘greenwashing’ when offering sustainability-related products (Products). INFO 271 describes greenwashing and provides a comprehensive overview of the current regulatory setting for communications about sustainability–related products.

United States: What’s in a Name? SEC Proposes Amendments to Fund Names Rule & ESG Disclosure Requirements

May 26 2022

By: Clair Pagnano

In a significant departure from the SEC’s long-standing position on the use of fund names, the SEC is proposing amendments to Rule 35d-1 that would expand the Names Rule to include terms denoting strategies, thereby subjecting funds that use the terms “Growth,” “Value,” and funds that use ESG-related terms in the fund’s name to the rule. It would also prohibit funds from using ESG-related terms in their names if ESG factors are considered to the same extent as other screening factors in the management of the fund (so-called “integration” funds). These and other key aspects of the proposed rule include:

Australia: ESG Investing a target for the New Government?

May 23 2022

By Jim Bulling and Kithmin Ranamukhaarachchi

A Federal election in Australia was held at the weekend which resulted in a change of Government. One of the signature priorities of the incoming Government is to introduce policies which more comprehensively address climate change challenges.

Category:ESG