ESG/Social Responsibility

Materiality, Scope 3 emissions elicit debate in SEC climate rule comments

2022-07-06T13:40:00+01:00By Aaron Nicodemus

Comment letters in response to the SEC’s climate-related disclosure rule have laid out opponents’ issues with the proposal, while supporters have used the process to buttress the agency’s case for implementing it.

SEC spring rulemaking agenda signals potentially hectic fall for compliance

2022-06-23T22:08:00+01:00By Aaron Nicodemus

Final action by the Securities and Exchange Commission on its climate-related disclosure rule, whistleblower amendments, unimplemented elements of Dodd-Frank, and more could all take place by the end of the year, according to the agency’s spring agenda.

Assessing the scope of FASB’s environmental credits project

2022-06-16T14:48:00+01:00By Maria L. Murphy

The Financial Accounting Standards Board added a project to its technical agenda on environmental credits that will include recognition, measurement, accounting presentation, and disclosure.

July 26 | How to align E&C with ESG: A roadmap

2022-06-15T16:24:00+01:00Provided by SAI360

As companies move toward transparency and walking the talk by aligning corporate culture to stated ESG values, the historical function of ethics and compliance rolls up naturally to support these efforts.

CPE Webcast: How prepared is your organization for the SEC’s proposed climate-related disclosure rule?

2022-06-14T14:00:00+01:00Provided by CohnReznick

This webinar will reveal results of the recent Compliance Week and CohnReznick co-sponsored survey asking respondents how prepared they are for the SEC’s proposed rule requiring registrants to include certain climate-related disclosures in their registration statements and periodic reports.

e-Book: Delivering on ESG: An inside look at FedEx’s corporate transparency

2022-06-09T15:24:00+01:00Provided by Workiva

It’s one thing to talk about being a sustainable company, to conduct business in a sustainable way. It is another thing entirely to set sustainability goals, track the progress of those goals, and be transparent about decisions being made.

CPE Webcast: SEC climate disclosure proposed mandate: What you need to know

2022-06-09T14:00:00+01:00Provided by Workiva

What might the SEC’s proposed climate disclosure mandate mean as finance and sustainability teams begin implementing and maturing their programs to deliver both business and ESG value?

Fiat Chrysler pleads guilty in $300M emissions fraud case

2022-06-06T18:24:00+01:00By Jeff Dale

The U.S. arm of Fiat Chrysler Automobiles pleaded guilty to conspiracy to defraud the United States, wire fraud, and violating the Clean Air Act for “making false and misleading representations” regarding emissions control systems on more than 100,000 vehicles.

CFTC comment request gauging future action on climate-related risks

2022-06-03T13:44:00+01:00By Kyle Brasseur

The Commodity Futures Trading Commission is seeking public comment on climate-related financial risks that could inform the agency’s future guidance, interpretations, policy statements, and/or rulemaking.

Investment advisers fret over SEC’s proposed ESG disclosure rule

2022-06-02T22:29:00+01:00By Aaron Nicodemus

Investment advisers and companies worry a recently proposed rule by the SEC that would require enhanced disclosures about funds that claim ESG strategies drive investment choices would have “substantial impact” without providing useful information to investors.

Survey: Legal heavily involved in ESG strategy, less so in compliance

2022-06-02T16:57:00+01:00By Adrianne Appel

Less than one-fifth of global corporate legal departments in a recent survey reported heavy involvement with environmental, social, and governance compliance, though three-quarters said they had been extremely involved in drafting their companies’ ESG strategy.

Real talk: How Best Buy manages challenges of DEI goals

2022-06-02T11:45:00+01:00By Aly McDevitt

Two years into its diversity, equity, and inclusion action plan, Best Buy leaders attended Compliance Week’s National Conference to discuss—in a refreshingly blunt manner—the retailer’s learnings.

Deutsche Bank asset management head resigns amid greenwashing probe

2022-06-01T18:10:00+01:00By Aaron Nicodemus

Asoka Woehrmann, chief executive of DWS Group, has resigned amid an investigation by German officials into allegations of greenwashing within the asset management unit’s investment portfolio.

Compliance leadership panel: Current state, future trends, more

2022-05-31T11:51:00+01:00By Kyle Brasseur

Four senior compliance practitioners shared their insights on maintaining an ethical culture, embracing data analytics, determining compliance’s role in measuring ESG metrics, and more as part of a panel discussion at Compliance Week’s National Conference.

Court rules Lafarge to face crimes against humanity charges

2022-05-31T11:51:00+01:00By Neil Hodge

A French court ruled Lafarge should face charges of complicity in crimes against humanity after its subsidiary allegedly paid up to €13 million (U.S. $14 million) to armed groups—including the Islamic State—to keep its Syrian cement factory running between 2012-14.

SEC rule proposal would order investment firms to back up ESG claims

2022-05-25T22:52:00+01:00By Aaron Nicodemus

The Securities and Exchange Commission proposed a new rule that would require registered investment advisers, investment companies, and business development companies to submit enhanced disclosures about funds that claim ESG strategies drive their investment choices.

CPE Webcast: The CISO’s role in ESG: Aligning with your business’ goals

2022-05-24T14:00:00+01:00Provided by OneTrust ESG

Compliance policies must expand to align with ESG objectives, especially as the Securities and Exchange Commission proposes new rules for climate disclosures.

BNY Mellon fined $1.5M by SEC for misstatements on ESG mutual funds

2022-05-23T17:30:00+01:00By Aaron Nicodemus

BNY Mellon Investment Adviser has agreed to pay a $1.5 million fine to the Securities and Exchange Commission for making “misstatements and omissions” on environmental, social, and governance mutual funds it managed over three years.

Carnival CECO Peter Anderson resigns

2022-05-19T16:49:00+01:00By Kyle Brasseur

Peter Anderson, Carnival’s first chief ethics and compliance officer and a central figure in leading the cruise line giant through its environmental compliance monitorship, has resigned. Richard Brilliant, Carnival’s chief audit officer, will replace Anderson in the new role of chief risk and compliance officer.

Expert: Combating modern slavery starts with understanding the issue

2022-05-18T15:13:00+01:00By Kyle Brasseur

Matthew Friedman, an expert on international human trafficking with more than 30 years of experience, discussed the importance of companies addressing modern slavery in their supply chains as part of a virtual fireside chat on the human factor of ESG at Compliance Week’s National Conference.

SEC commissioners address CCO liability, crypto regulation, more at CW2022

2022-05-17T17:15:00+01:00By Aaron Nicodemus

Two SEC commissioners from opposite sides of the political aisle took slightly different positions on how to assess the liability of poor performing chief compliance officers as part of the Day 2 opening keynote at Compliance Week’s National Conference.

Commitment to kindness earns Snap honor of Compliance Program of the Year

2022-05-16T16:00:00+01:00By Kyle Brasseur

For Snap, kindness has long been a core value, but only last year did the company overhaul its code of conduct to thrust the term to the forefront of its internal communications. Snap was recognized as Compliance Program of the Year at the 2022 Excellence in Compliance Awards.

FedEx’s social mission: Diversity drives better business

2022-05-13T11:00:00+01:00By Aaron Nicodemus

FedEx’s DEI strides—including becoming a minority-majority employee company in the U.S. for the first time in its history in fiscal year 2018—are not by accident. The company’s long history of hiring a diverse workforce and promoting from within is among the keys to its success.

Growth vs. green: FedEx’s environmental balancing act

2022-05-12T11:00:00+01:00By Aaron Nicodemus

When FedEx published its first Global Citizenship Report in 2008, its greenhouse gas emissions were already top of mind. Yet, the company has struggled to strike a balance between achieving year-over-year decreases in total emissions while it has expanded in the last decade-plus.

‘A marathon, not a sprint’: FedEx carbon-neutral pledge tests longtime ESG efforts

2022-05-11T11:00:00+01:00By Aaron Nicodemus

In March 2021, FedEx announced an audacious goal: to achieve carbon-neutral operations globally by 2040. How did the company develop this pledge, and how will it track its progress and hold itself accountable to intermediate goals?

Desire for transparency launches FedEx on ESG journey

2022-05-10T11:00:00+01:00By Aaron Nicodemus

Since 2008, FedEx has produced detailed reports on its ESG initiatives. The company’s chief sustainability officer discusses the decision-making process behind the first report, determining materiality, and more in Part 1 of this four-part special report, published in partnership with the ICA.

SEC extends comment period on climate-related disclosure rule

2022-05-09T19:40:00+01:00By Aaron Nicodemus

The Securities and Exchange Commission has extended the comment period for its controversial climate-related disclosure rule to allow interested parties more time to consider the issues and share feedback.

Need to know: SEC climate-related disclosure attestation requirements

2022-05-09T18:29:00+01:00By Maria L. Murphy

While the Securities and Exchange Commission’s proposed climate-related disclosure rule is being finalized, affected companies should begin considering new attestation requirements for accelerated and large accelerated filers regarding greenhouse gas emissions.

New DOJ office to lead environmental justice efforts

2022-05-06T19:30:00+01:00By Aaron Nicodemus

The Department of Justice announced the creation of the Office of Environmental Justice to serve as a “central hub” for a federal environmental enforcement strategy that will pursue cases regarding environmental crime, pollution, and climate change.

FRC report findings suggest overhaul needed for Modern Slavery Act

2022-05-03T12:06:00+01:00By Neil Hodge

The U.K. Modern Slavery Act has often been described as “world leading,” yet companies are still failing to meet requirements by providing a statement outlining what they are doing to prevent modern slavery in their businesses and supply chains.

Put principles to practice with ‘Bias Interrupted’

2022-05-03T12:00:00+01:00By Aly McDevitt

Legal scholar Joan Williams’s book delivers an avalanche of evidence-based research on structural biases in the workplace and teaches how to course correct broken systems over time by interrupting basic business functions now.

CW National 2022 Q&A: Todd Hartman on intersection of DEI and compliance

2022-05-02T12:30:00+01:00By Aly McDevitt

Todd Hartman, EVP, general counsel and chief risk officer at Best Buy, previews his panel titled, “The Intersection of DEI & Compliance & Ethics—Lessons Learned from Best Buy’s Journey,” at CW’s National Conference in Washington, D.C. from May 16-18.

SEC accuses Vale of safety audit manipulation in 2019 dam collapse

2022-04-29T17:21:00+01:00By Jeff Dale

Brazilian mining company Vale was accused by the Securities and Exchange Commission of making false and misleading safety audit and disclosure claims prior to the January 2019 collapse of its Brumadinho dam.

Breaking the glass ceiling in ethics and compliance

2022-04-18T13:11:00+01:00By Jane Levine, CW guest columnist

Jane Levine, chief compliance officer at DailyPay, shares three suggestions for ensuring women are empowered within the ethics and compliance profession.

California judge strikes down state’s board diversity law

2022-04-06T16:59:00+01:00By Aaron Nicodemus

A California state superior court judge struck down a diversity mandate that ordered public companies in the state to have at least one minority board member by the end of 2021.

Wells Fargo appoints first chief sustainability officer

2022-04-06T16:36:00+01:00By CW Staff

Wells Fargo & Company announced the appointment of Robyn Luhning to the newly created role of chief sustainability officer.

Greenwashing under the spotlight

2022-04-05T11:59:00+01:00By James Thomas, International Compliance Association

Financial institutions have outlined commitments to reduce their CO2 emissions, though many observers have noted a disconnect between what institutions are saying about climate change and what they are doing about it.

Q1 roundup: SEC tackles climate disclosures, businesses navigate Russia restrictions, more

2022-04-01T12:00:00+01:00By Julie DiMauro

Regulation and guidance from U.S. agencies and the White House, plus compliance challenges stemming from a two-year global pandemic and Russia’s ongoing invasion of Ukraine, made the first quarter of 2022 a novel risk environment for regulated businesses.

Five insights gleaned from PCAOB audit committee chair report

2022-03-28T15:19:00+01:00By Kyle Brasseur

The Public Company Accounting Oversight Board published its annual report highlighting feedback received from its discussions with audit committee chairs at U.S. public companies during the previous year.

How to prepare for SEC’s climate-related disclosure rule

2022-03-23T22:07:00+00:00By Aaron Nicodemus

The Securities and Exchange Commission’s proposed climate-related disclosure rule would force companies that have been reluctant to initiate a self-examination of their environmental impact to do so, posthaste. Experts weigh in on where to start.

‘Anti-Racist Leadership’ demystifies DEI for intentional leaders

2022-03-22T13:00:00+00:00By Aly McDevitt

Many business leaders wish to be better stewards of diversity, equity, and inclusion at their organizations. James and Krista White’s “Anti-Racist Leadership” debuts a rare playbook for instigating cultural transformation and making DEI an engine of business performance.

SEC releases highly anticipated climate-related disclosure rule

2022-03-21T21:09:00+00:00By Aaron Nicodemus

After months of anticipation, the Securities and Exchange Commission issued its proposed climate-related disclosure rule, a sweeping potential mandate that would force all public companies to quantify, measure, and disclose their effect on the environment.

Where are we heading with ESG?

2022-03-21T17:49:00+00:00By Rhodri Kettle, International Compliance Association

Climate change is no longer a niche interest. If the trend continues, long-term views and ambitions will overtake short-term, “at any cost” profitability because appetites will change. Where must companies focus?

SEC Commissioner Allison Herren Lee to not seek second term

2022-03-15T15:45:00+00:00By Aaron Nicodemus

Allison Herren Lee announced she will not seek a second term as a commissioner at the Securities and Exchange Commission once her current term expires in June.

Deutsche Bank monitorship extended after breach of DPA

2022-03-14T17:49:00+00:00By Jaclyn Jaeger

Deutsche Bank disclosed the Department of Justice determined it breached its obligations under a 2021 deferred prosecution agreement. As a result, the term of an independent compliance monitor at the bank has been extended until February 2023.

SEC to discuss climate-related disclosure rule on March 21

2022-03-11T19:02:00+00:00By Aaron Nicodemus

The Securities and Exchange Commission will discuss its anticipated new rule ordering public companies to issue climate-related disclosures at its open meeting March 21.

Top 10 reasons to attend Compliance Week 2022

2022-03-09T18:12:00+00:00By Dave Lefort

A keynote with two SEC commissioners; interactive sessions on global sanctions, ESG, and ethical leadership; and a new conference location and format highlight Dave Lefort’s list of reasons to be excited for CW’s first in-person event in nearly three years.

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ESG/Social Responsibility