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Budweiser Budvar registration failures show ESG impacts of U.K. noncompliance
2024-09-16T18:14:00+01:00By Ruth Prickett
Most businesses think more about their products than what they come wrapped in, but a recent U.K. penalty against Czech brewery Budweiser Budvar indicates packaging is an increasingly important element in sustainability regulations.
FCA delays compliance date for certain parts of ESG rule package
2024-09-10T19:11:00+01:00By Adrianne Appel
The U.K. Financial Conduct Authority is pushing back the date for some firms to comply with its naming and marketing rule amid struggles to prepare for it, the FCA said Monday.
Ian Sherr joins Compliance Week as its new editor-in-chief
2024-09-03T13:47:00+01:00By Ian Sherr
New Compliance Week Editor-In-Chief Ian Sherr shares his thoughts on where compliance is headed as businesses meet the realities of not just following the rules, but staying ahead of the pace of regulatory change at a global scale.
Q&A: APCC chair on culture challenges facing financial services firms
2024-08-21T15:29:00+01:00By Ruth Prickett
Julie Ampadu, chair of the U.K.’s Association of Professional Compliance Consultants, spoke to Compliance Week about why culture is the biggest issue facing financial services firms.
All hands on deck needed to get ESG disclosures right, report finds
2024-08-19T13:29:00+01:00By Aaron Nicodemus
Multiple emerging environmental, social, and governance and disclosure standards pose legal and operational risks to many companies, but also opportunities to improve reporting and get ahead of requirements, a new report found.
Marathon Oil inks $242M settlement with DOJ, EPA over N. Dakota air pollution
2024-07-12T19:17:00+01:00By Adrianne Appel
Marathon Oil Company agreed to pay $241.5 million and bring the company into compliance with federal emissions rules in the vicinity of North Dakota’s Fort Berthold Indian Reservation after years of violations, the Department of Justice said.
New U.K. codes strive to restore falling trust, integrity
2024-07-09T19:08:00+01:00By Ruth Prickett
Codes of ethics and conduct are becoming ubiquitous, yet instilling high standards of corporate integrity still seems an elusive goal. Why is corporate culture such a challenge?
Q&A: Seaco general counsel, compliance head on environmental regulations
2024-07-03T18:17:00+01:00By Ruth Prickett
Dominic Buckwell, general counsel and compliance head at global marine container leasing company Seaco, discussed key themes including anti-money laundering, sanctions, and why the industry needs common environmental reporting standards.
SCOTUS overturns Chevron doctrine, putting thousands of regulations in limbo
2024-06-28T19:55:00+01:00By Aaron Nicodemus
The Supreme Court of the United States overturned a long-held precedent in which courts deferred to federal agencies in interpreting complex or ambiguous regulations–a decision that could make thousands of federal regulations more vulnerable to legal challenges.
Women in Compliance highlights: Mentorship driving DEI; fostering board buy-in
2024-06-27T13:39:00+01:00By Adrianne Appel
Keeping track of regulations and understanding how they affect your business can be a hot mess without proper organization and collaboration, experts said at Compliance Week’s Women in Compliance Summit, held June 3-4, in Atlanta.
EU agencies examine efforts to identify and monitor examples of greenwashing
2024-06-06T17:00:00+01:00By Aaron Nicodemus
The European Securities and Markets Authority, European Banking Authority, and European Insurance and Occupational Pensions Authority issued reports on greenwashing in the financial sector, describing how they plan to call out examples of false or misleading sustainability claims.
Treasury, other agencies issue voluntary carbon market principles
2024-05-28T19:20:00+01:00By Adrianne Appel
The Treasury Department and other U.S. agencies announced a coordinated federal policy concerning carbon credits and other voluntary incentives to encourage businesses and agriculture to cut their carbon footprints.
ESMA guidelines tackle greenwashing via fund names
2024-05-17T17:27:00+01:00By Kyle Brasseur
The European Securities and Markets Authority published its final report containing guidance for the use of environmental, social, and governance- and sustainability-related terminology in fund names.
Fed-led climate scenario analysis highlights data gaps, insurance costs
2024-05-10T19:20:00+01:00By Aaron Nicodemus
The Federal Reserve Board and six large American banks released the results of a pilot climate scenario analysis that explored how resilient the banks’ business models were to climate-related financial risks.
Lululemon facing probe in Canada over greenwashing complaints
2024-05-09T20:36:00+01:00By Adrianne Appel
Athletic apparel company Lululemon is under investigation by the Canadian Competition Bureau regarding whether it made misleading claims about environmental aspects of its business.
EU charts green path forward with ECT withdrawal, new regs
2024-05-03T13:34:00+01:00By Ruth Prickett
The impending decision by the European Parliament to withdraw from the international Energy Charter Treaty and adopt further climate rules sets a clear direction for green regulations in the region.
FCA publishes guidance on anti-greenwashing rule
2024-04-23T19:29:00+01:00By Aaron Nicodemus
The U.K. Financial Conduct Authority issued new guidance on how to comply with its upcoming anti-greenwashing rule, which is set to take effect May 31.
Report: Poor awareness of supply chain disclosure regs leaving firms exposed
2024-04-23T15:44:00+01:00By Ruth Prickett
Compliance failures in the supply chain are hampering organizations’ efforts to implement environmental, social, and governance initiatives and meet disclosure requirements, according to a new report by U.K. law firm Burges Salmon.
U.S. senator calls for Temu ban over forced labor, privacy concerns
2024-04-17T16:32:00+01:00By Jeff Dale
Sen. Tom Cotton (R-Ark.) is calling on the Biden administration to investigate and ban Chinese e-commerce company Temu over forced labor and data privacy violation concerns.
ECHR ruling opens door to climate change litigation on basis of human rights
2024-04-15T13:47:00+01:00By Ruth Prickett
By holding the Swiss government accountable for failing to do more to limit climate change, a ruling by the European Court of Human Rights might have significant implications for legislators and organizations in other countries across the European Union.
Experts: ESG gone mainstream, but new regs still create headaches
2024-04-09T18:24:00+01:00By Aaron Nicodemus
Environmental, social, and governance goals have gained acceptance from senior leadership because of upward pressure from employees, investors, and customers, according to compliance leaders speaking at Compliance Week’s 2024 National Conference.
Data, consumer support key to conveying value of compliance
2024-04-09T11:39:00+01:00By Adrianne Appel
Presenting data to the board and providing examples of positive consumer response to ethical decision-making help compliance departments demonstrate value beyond keeping an organization in line with rules and regulations, experts discussed at Compliance Week’s 2024 National Conference.
SEC concludes VW emissions case with $48.8M judgment
2024-04-08T17:05:00+01:00By Jeff Dale
Volkswagen Group of America Finance was ordered to pay $48.75 million as part of a final judgment obtained by the Securities and Exchange Commission to resolve historical violations related to the automaker’s emissions scandal.
CW2024 leadership panel on navigating scrutiny, prep for more change
2024-04-08T12:34:00+01:00By Kyle Brasseur
The global political landscape should be high on the risk radar of compliance officers in 2024, according to compliance leaders speaking at Compliance Week’s 2024 National Conference, along with increased regulatory scrutiny toward forced labor, ESG, and M&A.
Legal pushback prompts SEC to stay climate-related disclosure rule
2024-04-05T16:40:00+01:00By Aaron Nicodemus
The Securities and Exchange Commission delayed implementation of its climate-related disclosure rule until the courts can rule on appeals filed in response to the controversial policy.
CBP stats show persistent problem areas under UFLPA
2024-04-01T13:33:00+01:00By Adrianne Appel and Aaron Nicodemus
It’s been nearly two years since the Uyghur Forced Labor Prevention Act took effect, and as enforcement statistics and recent reports demonstrate, many businesses are still not adequately vetting their supply chains.
U.K. sets recommendations to address misogyny in finance
2024-03-28T13:59:00+00:00By Ruth Prickett
Sexism, sexual assault, and bullying are rife at financial services organizations, according to a recent report by the U.K. Treasury Committee. “The government and financial regulators have important roles to play in driving change,” the committee said.
EU regs for energy-efficient buildings raise questions for commercial property
2024-03-26T14:00:00+00:00By Ruth Prickett
Organizations with property in the European Union should be asking more questions about their sustainability and emissions in light of revised plans to decarbonize buildings across the region.
Experts: Legal noise around SEC climate disclosure rule no excuse for standing still
2024-03-20T16:03:00+00:00By Aaron Nicodemus
Legal experts are advising their public company clients to move forward with plans to comply with the SEC’s climate-related disclosure rule, despite lawsuits and other challenges being brought against the controversial policy in the aftermath of its approval.
EU due diligence directive back on track, despite concession concerns
2024-03-18T14:57:00+00:00By Ruth Prickett
The future of the EU’s Corporate Sustainability Due Diligence Directive was thrown into doubt when the European Council failed to endorse proposals. The directive is back on track after being agreed upon, albeit in weaker form.
Policy changes underscore need for enhanced child labor due diligence
2024-03-18T13:20:00+00:00By Adrianne Appel and Aaron Nicodemus
Rooting out potential child or forced labor violations in your company’s supply chain can have benefits beyond protecting reputation and being ethically sound. The process can also help your firm comply with pending child labor laws in other jurisdictions.
Departing ABN AMRO risk chief says climate, cyber among priorities
2024-03-15T19:27:00+00:00By Kyle Brasseur
Tanja Cuppen, chief risk officer of ABN AMRO, shared her view on the Dutch bank’s biggest risk focus areas and the accomplishments of her tenure a month ahead of her planned departure.
Study: Climate transition impact reporting still lacking
2024-03-14T14:15:00+00:00By Ruth Prickett
Large polluters are failing to account for climate change impact and adaptation, but policymakers need to harmonize disclosure requirements to drive coherent action.
Want to be an ethical supply chain influencer? It’s all about the ‘collab’
2024-03-13T12:10:00+00:00By Gwendolyn Hassan, CW guest columnist
Supply chain and ethics and compliance professionals could take a page out of the social media influencer playbook and look to collaborate with suppliers more to create their own win-win scenarios.
DOL seeking more authority in crackdown on child labor violations
2024-03-12T16:56:00+00:00By Adrianne Appel
The Department of Labor has stepped up its enforcement of child labor law amid a concerning rise in child labor exploitation, yet the agency acknowledges its resources are not great enough to be a significant deterrent for such misconduct.
Child labor violations are on the rise in U.S. Are they in your supply chain?
2024-03-11T16:31:00+00:00By Aaron Nicodemus
The compliance community has not been spending time addressing a problem mistakenly thought to be a rarity: The proliferation of child labor violations occurring in the United States.
EU to ban sale of products made with forced labor
2024-03-08T15:20:00+00:00By Ruth Prickett
The European Union announced an agreement to ban products made with forced labor, a decision that will oblige organizations to track and declare more information about their supply chains for goods entering EU markets.
Concessions can’t save ‘cursed’ SEC climate disclosure rule from scrutiny
2024-03-07T00:02:00+00:00By Aaron Nicodemus
The Securities and Exchange Commission finally approved its ground-breaking climate-related disclosure rule, nearly two years since it was originally proposed. Though the agency significantly watered down aspects of its proposal, the rule is already facing the prospect of legal challenge.
Experts: What to expect ahead of SEC climate-related disclosure rule vote
2024-03-05T22:06:00+00:00By Aaron Nicodemus
Nearly two years after it was first proposed, the Securities and Exchange Commission is finally poised to approve its climate-related disclosure rule—albeit a watered-down version, by all indications.
NYAG lawsuit: JBS misleading public with sustainability claims
2024-02-29T20:54:00+00:00By Kyle Brasseur
Two U.S. subsidiaries of Brazilian meat processing company JBS are the subject of a lawsuit filed by the New York attorney general accusing the businesses of using misleading statements and marketing regarding their environmental commitments.
Best practices for determining need for a human rights policy
2024-02-29T13:21:00+00:00By Ruth Prickett
Does your business need a human rights policy? An increasing number of organizations believe they do, according to research firm Gartner.
Grewal: Investors care about ESG claims—so do SEC enforcers
2024-02-27T20:34:00+00:00By Adrianne Appel
Environmental, social, and governance issues are increasingly material to investors, and the Securities and Exchange Commission is checking to ensure businesses’ ESG statements are above board, according to the agency’s enforcement director.
Walmart shares successes behind supplier emissions reduction initiative
2024-02-27T12:25:00+00:00By Kyle Brasseur
Retail giant Walmart announced the completion of an initiative to reduce emissions in its supply chain six years earlier than its intended target.
Q&A: ManpowerGroup compliance director on CSRD prep efforts
2024-02-19T14:00:00+00:00By Ruth Prickett
James Levey, compliance director at global recruitment agency ManpowerGroup, discusses with Compliance Week his focus on preparing the group’s European operations to gather the data required for compliance with the EU’s Corporate Sustainability Reporting Directive.
Verifiable data key as companies begin TNFD-aligned disclosures
2024-02-15T14:47:00+00:00By Ruth Prickett
More than 320 organizations worldwide committed to disclosing their impact on nature following the recommendations of the Taskforce on Nature-Related Financial Disclosures.
Jury out on viability of AI in ESG reporting
2024-02-05T12:13:00+00:00By Neil Hodge
Tech vendors believe ESG reporting is a ripe market for artificial intelligence to help companies sift through data and ensure compliance with both mandatory and voluntary reporting standards. Compliance officers appear less sure.
Q&A: LKQ sustainability VP on importance of environmental data
2024-02-01T14:01:00+00:00By Ruth Prickett
Richard Brasher, vice-president of sustainability at multinational automotive parts company LKQ Corp., discusses with Compliance Week his view on the added attention sustainability initiatives are receiving and where improvement remains.
Business groups sue to halt California climate disclosure laws
2024-01-30T21:20:00+00:00By Aaron Nicodemus
A coalition of business groups filed a lawsuit opposing two California laws that require large businesses to make climate-related disclosures, calling it a fight against illegal and excessive government overreach.
Ten things I’d like to see happen in 2024
2024-01-08T16:02:00+00:00By Kyle Brasseur
Election years in the United States, United Kingdom, and at European Parliament, along with ongoing geopolitical tensions, make 2024 difficult to predict—aside from the expectation compliance officers will be busy.
Compliance with CSRD, CS3D, national laws an EU balancing act
2023-12-28T14:50:00+00:00By Neil Hodge
Companies could be in danger of failing to comply with a raft of social responsibility-minded legislation at the European Union and national level because they might mistakenly think duties on corporates overlap when they do not.