Council of Institutional Investors

Section: December 1, 2022 | Vol. 27, Issue 44
DOL Issues Final Rule Letting Funds Consider ESG Factors When Investing, Voting
The U.S. Department of Labor (DOL) November 22 issued a final rule that allows private-sector retirement plan fiduciaries to consider climate change and other environmental, social and governance factors when they select retirement investments and vote proxies
CII Finds NYSE’s Fixes to Proposed Rule Change on Direct Listings Deficient

In a December 1 letter to the SEC, CII calls inadequate the NYSE’s attempt to correct concerns CII expressed previously about the exchange’s proposed rule change to allow companies to modify certain pricing limitations for companies conducting a direct listing with a capital raise.
European Council Approves Corporate Sustainability Reporting Directive
All 27 members of the European Council (EC) voted November 28 to approve the adoption of the Corporate Sustainability Reporting Directive (CSRD), which will require EU companies--and some non-EU firms, too--to report on “sustainability matters such as environmental rights, social rights, human rights and governance factors,” with a phase-in beginning in 2024.
Chamber Claims in Court Filing that Rollback of Proxy Advice Rules Harmed Its Members
In a declaration filed in the U.S. Middle District of Tennessee, the Chamber of Commerce claims that two of its members were harmed when the SEC rolled back its 2020 rules on proxy voting advice in July 2022.
New ISS Voting Guidelines Get Tough on High Emitters' Climate Risk Disclosure
ISS’s 2023 Benchmark Proxy Voting Guidelines, released December 1, extend geographically the disclosure expectations for high emitting companies - identified as those in the Climate Action 100+ Focus Group.
SEC Commissioner Uyeda Casts Doubt on Sustainability of ESG Investing
SEC Commissioner Mark Uyeda encouraged all market participants to question whether the trend toward ESG investing is sustainable over the long term in a November 17 speech on financial regulation at the Cato Institute.
FASB Responds to Criticism from the SEC’s Investor Advisory Committee
The Financial Accounting Standards Board (FASB) is pushing back against recent criticism from the SEC’s Investor Advisory Committee (IAC) that it is falling behind in meeting the needs of investors.
Oxfam Proposals Ask Oil Companies to Disclose More on Tax Payments
Global anti-poverty NGO Oxfam announced November 28 that it filed three identical shareholder proposals at ExxonMobil, Chevron and ConocoPhillips that ask the firms to increase the transparency of their tax disclosures in accordance with Global Reporting Initiative (GRI) standards.