Section: October 19, 2023 | Vol. 28, Issue 38
CII Executive Director Amy Borrus to Retire Spring 2024
CII Executive Director Amy Borrus has decided to retire next spring, after more than 17 years at CII, including more than three years as executive director.
California to Implement Detailed, Far-Reaching Climate Disclosure Requirements
Earlier this month, California Governor Gavin Newsom signed into law the Climate Corporate Data Accountability Act, the Climate-Related Financial Risk Act, and the Voluntary Carbon Market Disclosures Act.
FSB Reports Significant Progress on Climate-Related Financial Disclosure
Work to strengthen the relevance, reliability and comparability of climate-related financial disclosures has moved forward rapidly since 2021 when the Financial Stability Board (FSB) published its Report on Promoting Climate-Related Disclosures, reports the FSB in its new publication.
SEC Examinations Division, EU Commission Step Back ESG Efforts
While California passed landmark legislation requiring climate disclosure on a broad scale and the Financial Stability Board (FSB) touted the headway that standard-setting organizations and some jurisdictions have made on climate-related financial disclosure, the SEC Division of Examinations and the European Commission are scaling back their ESG efforts.
New SEC Rules Shed Light on Securities Lending, Short Selling
In an effort to increase the transparency of the securities lending market, the SEC October 13 adopted a new rule that requires lenders of securities to report to FINRA the terms and pricing of securities loans.
Senate Banking Committee Considers Uyeda’s Renomination to SEC
The Senate Banking Committee held a hearing October 19 to consider the renomination of SEC Commissioner Mark Uyeda.
Fifth Circuit Court Upholds Nasdaq’s Board Diversity Rule
The New Orleans-based 5th U.S. Circuit Court of Appeals October 18 upheld Nasdaq's board diversity rule requiring companies listed on the exchange to have women and minority directors on their boards or explain why they do not.
Asset Managers Fight for Elimination of Dual-Class Stock at Target Companies
In two recent high profile cases, large asset managers are pressing target companies to drop their dual-class share structures.
Proxy Advisory Firms Improve Transparency But Still Need to Close Gaps in Disclosure, Oversight Body Finds
The five largest proxy advisory firms continue to make gains in transparency about how they operate, according to an October 16 report by an independent oversight body. The report is the third annual review of disclosures by five firms that are signatories to the 2019 global Best Practice Principles for Shareholder Voting Research.
Proxy Voting by Institutions Falls Again, Broadridge Reports
Voting participation by institutional investors fell in 2023 for the third consecutive year and is at its lowest level in five years, Broadridge Financial Solutions reported in a recent blog post.