The age-old debate over the purpose of for-profit corporations has reignited, with two rival theories on offer: shareholder primacy and stakeholder parity. The first posits that the primary purpose of corporations is to maximize shareholder value, while the second urges the equal interests of all other constituents, especially employees, customers, and communities.
While the debate
On 28 February 2023, the Judicial Court of Paris (the “Court”) issued an interim order (the “Order”) in the context of a judicial dispute concerning compliance with the French Law n°2017-399 of 27 March on the Duty of Vigilance (the “French Vigilance Law”). This decision is the result of a lengthy judicial process that started back in 2019 when the defendant was summoned by several NGOs before the Court for an alleged lack of compliance with its obligation of vigilance.
Pipelines: US Fish and Wildlife Service Finds Mountain Valley Pipeline Unlikely to Threaten Existence of Five Regional Species
On Monday, March 1, 2023, the United States Fish and Wildlife Service (FWS) published a revised impact assessment for the proposed Mountain Valley Pipeline, a 304-mile natural gas pipeline that will span from the Wetzel County region
On February 13, 2023, the Internal Revenue Service (“IRS”) issued its “initial guidance”[1] regarding the Low-Income Communities Bonus Credit Program (the “Program”) established by the Inflation Reduction Act of 2022 (the “IRA”)[2] and codified under new Section 48(e) of the Internal Revenue Code (“IRC”) concerning “special rules for certain solar and wind facilities placed in service in connection with low-income communities.” The guidance makes strides to implement the Program required by the IRA, but it also leaves some gaps to be addressed in more guidance to come.
The European Parliament (Parliament) enacted significant change to the proposed European Union (EU) Regulation for a Carbon Border Adjustment Mechanism (CBAM) in June 2022, as reported in an earlier GT Alert.
CBAM would require companies importing cement, electricity, fertilizers, iron, steel, aluminum, and other materials into the EU to pay a carbon adjustment at
In a published decision filed February 16, 2023, the Second District Court of Appeal (Division 7) affirmed a judgment denying a CEQA writ petition challenging approval of a single-family home expansion project because the petitioner group failed to exhaust administrative remedies. Arcadians for Environmental Preservation v. City of Arcadia (Julie Wu, et al., Real Parties in Interest) (2023) 88 Cal.App.5th 418. The Court held that the generalized and unelaborated objections, made by a member of petitioner in the City’s administrative proceedings, to the City’s Class 1 categorical exemption determination for the project failed to fairly apprise the City of petitioner’s specific objections so as to preserve them for litigation.
In February 2023, the US Environmental Protection Agency (EPA)’s Office of Enforcement and Compliance Assurance (OECA) quietly released a Compliance Advisory “What You Need to Know about Producing, Distributing, or Selling Pesticide Devices.” The advisory follows on the heels of similar advisories and provides information to the regulated community about requirements for pesticide devices under the Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA) in order to promote compliance. EPA issued this advisory in response to a “significant increase” in the number of pesticide devices being sold or distributed in the US in which EPA has found “substantial non-compliance” with FIFRA requirements. EPA has also experienced a high volume of inquiries from companies and other regulators seeking clarification about pesticide device requirements. The advisory suggests that EPA remains poised to continue taking enforcement actions against companies that import, distribute or sell pesticide devices that do not comply with FIFRA’s requirements.
Biotechnology: U.S. Trade Representative Announces USMCA Technical Consultations On Mexican GMO Corn Ban
On March 6, 2023, the Office of the U.S. Trade Representative (USTR) announced that it is requesting technical consultations with Mexico “regard[ing] certain Mexican measures concerning products of agricultural biotechnology,” i.e., Mexico’s February 13, 2023, decree prohibiting import of genetically modified corn
In 2023 we will see important steps toward addressing the challenges posed by PFAS contamination.
The Louisiana Supreme Court answered the question of when general damages are recoverable for mental anguish by tort plaintiffs who suffer no physical injury in Spencer v. Valero Refining Meraux, LLC. In this action which involved the claims of four plaintiffs, an accident, fire, and explosion occurred at the Valero refinery in Meraux, Louisiana