Governance and stewardship news

A new set of UK standards based on the IFRS Sustainability Disclosure Standards are to be rolled out that will enable companies to flag any sustainability-related risks and opportunities that they face.

Some of the world’s largest asset managers are far off track on meeting their 2050 net zero commitments, a study by data tool FinanceMap has found, with many failing to improve their climate performance over the past two years.

Many top corporations unprepared for ESG tax reporting obligations. Just a small minority of large US companies are able to share their total worldwide tax contributions, as pressure from stakeholders and regulators over ESG disclosure grows, a new survey from KPMG shows.

The French national assembly has adopted a “Say on Climate” amendment to its Green Industry Bill, requiring all companies to establish climate and sustainability strategies.

The Republican-led US congressional Financial Services Committee (FSC) has proposed a series of bills that are designed to limit the impact of ESG initiatives.

The Australian Securities & Investments Commission (ASIC) has filed a lawsuit against Vanguard’s Australian entity for not applying appropriate ESG filters on some of its supposedly ethical funds.

The Financial Reporting Council (FRC) has welcomed the UK government’s draft statutory instrument on corporate reporting, which introduces new requirements for companies.

Sustainability advocacy group Investors Agenda has updated its Investor Climate Action Plans (ICAP) Expectation Ladder, with new measures including deforestation actions.

Some of the biggest UK asset managers have withdrawn their support for a shareholder resolution to cut carbon emissions.

The Financial Conduct Authority (FCA) has delayed publishing its final Sustainability Disclosure Requirements (SDR) until Q4 2023.

The US congressional Financial Services Committee has begun investigating the rules that govern proxy voting, the processes through which activists apply pressure to public companies to adopt ESG goals.

A Scottish court has ruled that it will allow a case brought by Kenyan farm workers against a major global tea firm to be heard in Scotland.

A coalition of investment firms representing €2.1tn in AUM has launched to tackle digital harm, focusing on the largest companies in the media, Internet and gaming sectors.

The Pension Regulator (TPR) is calling on trustees to take part in its first diversity and inclusion survey, to build a clearer picture of the make up of UK boards.

The International Corporate Governance Network (ICGN) has called on the European Sustainability Reporting Standards (ESRS) to provide more support for investors to help them meet disclosure requirements.

Democrat senate banking chair Sherrod Brown has gained a rare level of bipartisan support for a bill designed to bring heavier regulation to the US banking sector.