Esg compliant

Share to Twitter Share to Linkedin In February 2023, ClientEarth , an environmental law charity, filed a lawsuit against the board of directors of Shell plc for failure of the directors to take significant action to mitigate climate change. Specifically, ClientEarth wants Shell to move away from fossil fuels, in alignment with the Paris Accords’ goal to be net zero by 2050. Their rationale is based on a relatively new legal theory, that corporate directors have a duty to prevent climate change. The business sector needs to follow this case closely, because, if it is successful, it will redefine how businesses operate and open the door to litigation around the world. The concept is relatively simple, while a bit of a leap. First, consider the traditional view of the fiduciary duty of a director. A director of a company has a duty to maximize profits for the shareholders. That is a gross generalization, but it serves the purpose. Second, accept that climate … [Read more...] about How A U.K. Case Could Impact Corporate Directors And ESG

Share to Twitter Share to Linkedin Florida Governor Ron DeSantis was joined by 18 Governors, all Republicans, in an announced alliance against environmental, social, and governance (ESG). The announcement specifically calls for the utilization of their respective state pension funds to undermine ESG efforts in the United States. The statement emphasized the following: “We as freedom loving states can work together and leverage our state pension funds to force change in how major asset managers invest the money of hardworking Americans, ensuring corporations are focused on maximizing shareholder value, rather than the proliferation of woke ideology.” Divesting state pension funds from ESG linked investments has become a first step for states wanting to take action against ESG. State pension funds are typically managed by a small board who make decisions based on their fiduciary duty, as defined under state statutes. In Florida, the Trustees of the State … [Read more...] about The Implications Of DeSantis’ 19 State Anti-ESG Alliance

Divya Karyza (The Jakarta Post) PREMIUM Jakarta   ● Tue, March 21 2023 Indonesia is expected to miss out on potential investment in the downstream mining sector if no significant effort is made to enforce the implementation of environmental, social and governance (ESG) principles, an expert has warned. A global push to meet the country’s energy transition and net zero targets has zeroed in on pushing electric vehicle (EV) adoption, but experts have questioned whether there is enough of a focus on ESG in the development of Indonesia’s downstream nickel industries. As they seek opportunities in a global EV market estimated to reach a size of US$1.318 trillion by 2028, according to market intelligence provider Fortune Business Insights, mining companies face the challenge of balancing a significant ramp-up in the production of critical minerals with the need for sustainable mining practices in line with ESG principles. to Read Full Story SUBSCRIBE NOW … [Read more...] about Lack of ESG compliance to cost Indonesia investment prospects: Analysts

Share to Twitter Share to Linkedin President Joe Biden issued his first veto , reinstating an ERISA rule regarding the use of ESG in pension funds. If you are a bit confused, you are not alone. There are a lot of complex terms being thrown around in the wake of the veto. A very nuanced topic has been propelled to national attention, with little explanation. I’ve been involved in it for four years, and I still get lost. The starting point in this battle begins in 1974, with the passage of the Employee Retirement Income Security Act (ERISA). When Congress passed ERISA, they delegated authority to the United States Department of Labor (DOL) to regulate standards for pension plans, like your 401k. Rather than Congress having to pass every minor detail of how a 401k operates, lawmakers told the DOL to figure it out. This is common because Congress moves slow and are not equipped for detail work. When an agency, like the DOL, works out the details, it is … [Read more...] about Biden’s First Veto: How We Got Here In The ESG Debate

Share to Twitter Share to Linkedin By Dharmarajan Sankara Subrahmanian , Founder & CEO, Impactsure Technologies. With rising ESG investments, investor demand for AI-ML-based ESG data analytics solutions is increasing. The World Economic Forum in Davos, which concluded recently, revolved around the core theme of sustainability. We are in a phase where the regulators worldwide rule for nonfinancial or sustainability reporting in coordination with financial reporting or a grade of integrated reporting. Organizations worldwide use leading standards such as Corporate Sustainability Reporting Directive ( CSRD ), Global Reporting Initiative ( GRI ), Sustainability Accounting Standards Board ( SASB ), International Integrated Reporting Council ( IIRC ) and a few more for sustainability reporting. Unlike financial reporting, which has predefined parameters in balance sheet and income statements such as assets, liabilities, operating … [Read more...] about ESG Data Analytics—Need Of The Hour

President Joe Biden vetoed the first bill of his presidency on Monday, halting a Republican-led effort to overturn a federal rule allowing retirement plan advisers to take environmental, social and corporate governance (ESG) factors into account. “I just signed this veto because the legislation passed by the Congress would put at risk the retirement savings of individuals across the country. They couldn’t take into consideration investments that would be impacted by climate, impacted by overpaying executives. And that’s why I decided to veto it. It makes sense to veto it,” Biden said in a video. I just vetoed my first bill. This bill would risk your retirement savings by making it illegal to consider risk factors MAGA House Republicans don’t like. Your plan manager should be able to protect your hard-earned savings — whether Rep. Marjorie Taylor Greene likes it or not. pic.twitter.com/PxuoJBdEee — President Biden (@POTUS) March 20, 2023 “This bill would risk your … [Read more...] about Biden Vetoes Republican-Led Bill On ESGs

As promised, President Joe Biden vetoed an attempt by House and Senate Republicans to strike down the Department of Labor's (DOL's) ESG rule Monday. "I just signed this veto because the legislation passed by the Congress would put at risk the retirement savings of individuals across the country," Biden said in a video posted on Twitter. "They couldn't take into consideration investments that would be impacted by climate, impacted by overpaying executives and that's why I decided to veto it." The rule allows ERISA retirement plan fiduciaries to consider environmental, social, and governance (ESG) factors when making investments or creating offerings. It will remain in effect, barring a 2/3 majority vote to override the veto, which is considered highly unlikely. Key Takeaways Biden's veto of Congressional legislation striking down the new ESG rule means the rule remains in place, barring a 2/3 majority override by Congress. The new rule retains core fiduciary … [Read more...] about What Biden’s ESG Bill Veto Means For Your Retirement

Sheena Suparman (The Jakarta Post) Jakarta   ● Tue, March 21, 2023 2023-03-21 10:53 0 5fceed71997e5776a1634d25dc3005d2 4 Companies APRIL-Group,sustainability,summit Free Businesses need to prioritize environmental, social and governance (ESG) practices in their operations to build a sustainable future. ESG has become a critical aspect that companies cannot ignore if they want to succeed in the long run. The topic was addressed during the panel at Fortune Indonesia Summit with the theme “Change the World for a Better Planet”. During that session, Nadine Zamira Syarief, sustainability and esg manager at APRIL Group , highlighted APRIL’s commitment to ESG, alongside East Ventures partner Avina Sugiarto and GoTo Group sustainability head Tanah Sullivan. The pulp and paper producer, based in Pangkalan Kerinci, Riau Province, has several initiatives that include a one-for-one conservation commitment, investing in landscape conservation funded by US$1 per … [Read more...] about Why prioritizing ESG practices is crucial for building a sustainable future

Share to Twitter Share to Linkedin Adrian Carr is CEO of global master data management solution provider Stibo Systems , which empowers companies through data transparency. The noise in the data universe right now is deafening. Words like data mesh and metaverse buzz in our ears as we try to keep up. Sometimes, we understand—or think we understand—what they mean, and other times, it can feel baffling. If you’re like most people, you probably aren’t automatically connecting sustainability to data issues and trends. Initiatives to reduce emissions are top of mind right now for decision makers as they take a long, hard look at the impact on their business. According to the results of a PWC survey, half of the consumers now factor in sustainability before buying new products. Brands are differentiating themselves from the competition with social and environmental actions and making ESG performance increasingly important in vendor and supplier … [Read more...] about Your Business Is Reducing Emissions—But Can You Prove It?

Share to Twitter Share to Linkedin We often marvel that we don’t actually know how many federal agencies exist . And the number of “commissions” and programs (many expired and now unauthorized )? Forget it. That in turn implies we don’t know how many rules and regulations there are. Sure, agencies issue over 3,000 rules every year, and we can easily count those. But they also issue thousands of guidance documents, “interpretative” rules and policy statements , plus scads of other materials not exposed to the sunshine of public notice-and-comment. These can affect everything from labor policy to higher education to finance, yet these don’t always (almost never) wind up in the Federal Register like ordinary rules do. Granted, guidance documents are ostensibly non-binding — but are you going to argue with an agency holding permitting authority over your business? Besides, influencing policy, not mere offering position statements, is prevalent. … [Read more...] about The “Guidance Out Of Darkness Act” Is The Low-Hanging Fruit Of Regulatory Reform