Companies must recognise that they are subject to increased expectations in terms of effective identification and management of social issues. A failure to do so – and the resulting inequality – is increasingly seen as representing a systemic risk to the resilience of business operations and value chains. Expectations are reinforced by the wave of
Eye on ESG
Tracking the Transition to Sustainable Business and Finance
Latest from Eye on ESG
Securities Commission Malaysia Publishes Revised Guidelines on Sustainable and Responsible Investment Funds
On February 17, 2023, the Securities Commission Malaysia (“SC”) published the revised Guidelines on Sustainable and Responsible Investment Funds (“Guidelines”) setting out the reporting and disclosure requirements for a fund to qualify as a Sustainable and Responsible Investment (“SRI”) Fund and, under a new chapter added to the Guidelines, an ASEAN Sustainable and Responsible Fund…
Decarbonization: The Requirements for—and Role of—Mining Companies
Mining companies are closely linked to the energy transition, both as businesses for which new requirements apply and as suppliers of critical minerals used to produce electric vehicles batteries, solar panels and wind turbines, among other products. In this Legal Update, we discuss emerging climate change-related guidelines and requirements, give examples of how mining companies…
The Way Forward in Green and Sustainable Financing in Hong Kong – A Reflection from the 2023-24 Budget
Hong Kong’s Financial Secretary, Paul Chan, delivered the 2023-24 budget on 22 February 2023 with the promotion of a green economy, sustainable development and China’s “3060 Dual Carbon Targets” at the forefront.
He laid out his vision to establish Hong Kong as a leading global green technology and financing hub.
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The Directors’ Role Amid Debates over Corporate Purpose, Stakeholders and ESG
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…
Business and Human Rights: first French case-law on the Duty of Vigilance – judges adopt a cautious approach to avoid judicial interference in corporate management
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…
Hong Kong’s push to become an international green technology and financial centre
In the Hong Kong government’s 2023-2024 budget, the Financial Secretary, the Hon Paul MP Chan, unveiled various measures to bolster Hong Kong’s economy following the Covid-19 epidemic, with a strong focus on promoting green and sustainable finance and technology and advancing the virtual assets sector (also reported here).
The following initiatives were announced,…
Alert – Council of the EU and European Parliament reach provisional agreement on European Green Bond Standard
On 28 February 2023, the Council of the European Union and the European Parliament reached a provisional agreement on the creation of the European Green Bond Standard (“EU GBS”).…
Business and Human Rights – the UK Government publishes new guidance on tackling modern slavery in Government Supply Chains
In what marks its latest move to tackle modern slavery, on 10 February 2023, the UK Government published its new guide for commercial and procurement professionals, entitled “Tackling Modern Slavery in Government Supply Chains” (the “Guidance”). The Guidance is aimed at helping procurement and commercial practitioners at all levels who are operating in…
ESG and climate change – new Pensions Regulator campaign
The Pensions Regulator has launched a campaign to ensure that trustees are meeting their ESG and climate change reporting obligations.
Trustees of occupational pension schemes with 100+ members are required to prepare:
- A statement of investment principles (“SIP”) which, among other things, must include the trustees’ policy in relation to financially material ESG and climate