The UK government has published a response to its January 2021 consultation on the new climate risk-related governance and reporting requirements that will apply to trustees of larger occupational pension schemes from 1 October 2021. The government has also published the finalised regulations and accompanying statutory guidance.

The requirements under the regulations are essentially unchanged from the consultation version – the changes that have been made are largely technical and are designed to clarify aspects of the requirements. Changes have also been made to the statutory guidance to provide further clarity and support for trustees.

Continue reading for our discussion on the governance and reporting requirements.


Continue Reading UK Climate change risk — new pension scheme trustee duties confirmed

On May 10, 2021, the Securities and Exchange Board of India (SEBI) issued a circular implementing new sustainability-related reporting requirements for the top 1,000 listed companies by market capitalization. New disclosure will be made in the format of the Business Responsibility and Sustainability Report (BRSR), which is a notable departure from SEBI’s existing Business Responsibility Report and a significant step toward bringing sustainability reporting up to existing financial reporting standards.

Continue reading for more details on the disclosure requirements in the new BRSR format.


Continue Reading India Imposes New ESG Reporting Requirements on Top 1,000 Listed Companies

On May 17-19, 2021, Risk.net hosted their ESG and Sustainable Investing conference, bringing together 350 senior directors to explore how ESG principles and sustainable investing will re-shape the global financial market. Speaking on a panel discussing stewardship, fiduciary duty and shareholder engagement – “Using investor influence for a positive, transformational change” – Mark Manning, the Financial Conduct Authority’s (FCA’s) sustainable finance technical specialist, is reported to have said that “an investor either needs to inject capital into new, purposeful and impactful projects, or use active-investor stewardship and influence to drive meaningful change in investing companies’ strategies”.

Continue reading for more details and analysis regarding stewardship and sustainable investing.


Continue Reading Investment Stewardship in the UK: The Regulatory Perspective

On May 7, 2021, in connection with the implementation of China’s Securities Law, which came into effect on March 1, 2020, the China Securities Regulatory Commission (CSRCpublished consultation papers on amendments to the “Standards Concerning the Contents and Formats of Information Disclosure by Companies Offering Securities to the Public No.2 —

EU legislators are being pressed to ensure that, as they progress plans for mandatory human rights and environmental due diligence, they highlight the importance of companies identifying and mitigating corruption.

Global Witness and Transparency International EU published a report in April 2021 which highlights that, despite commitments from every EU country to tackle bribery and corruption, only three of 27 countries (France, Germany and Italy) have enacted legislation that requires companies to prevent and detect corruption.  The report proposes that the EU’s proposed mandatory human rights due diligence legislation should make it clear that companies should address the negative risks and impacts of corruption as part of a broader human rights and environmental due diligence obligation.


Continue Reading Business and Human Rights: The Corruption Dimension

On April 28, 2021, the Securities Commission Malaysia (SCM) updated the Malaysian Code on Corporate Governance (MCCG) to strengthen the corporate governance culture of Malaysia’s listed companies. According to SCM, in this first update since 2017, the MCCG “focuses on the role of the board and senior management in addressing sustainability risks and opportunities of the company”, among other topics. The SCM notes:

“The MCCG 2021 also addresses the urgent need for companies to manage [ESG] risks and opportunities, with the introduction of new best practices that emphasise the need for collective action by boards and senior management. The global commitment and acceleration of efforts to transition towards a net zero economy has resulted in demand for greater action on the part of corporates. The SC[M]’s review of sustainability statements by large listed companies found that some have begun to address climate-related risks but more can and needs to be done.”

In this Blog Post, we provide additional background on the MCCG and highlight ESG-related aspects of the 2021 update, as well as recent, similar efforts to highlight the connection between ESG management and good corporate governance in other Asian jurisdictions.


Continue Reading Malaysian Securities Regulator Incorporates ESG in Updated Corporate Governance Code

On April 16, 2021, the Stock Exchange of Hong Kong Limited (SEHK) issued a consultation paper (the “Consultation“) seeking public comment on proposed amendments to the SEHK’s Corporate Governance Code and Listing Rules intended to promote good corporate governance practices among listed companies and IPO applicants. Amidst the global surge in

On April 6, 2021, the Council of Experts Concerning the Follow-up of Japan’s Stewardship Code and Japan’s Corporate Governance Code (Council) published a consultation on proposed revisions to Japan’s Corporate Governance Code (Governance Code) and Guidelines for Investor and Company Engagement (Guidelines) intended to, among other things, increase attention to sustainability and ESG matters and promote diversity among Japan’s listed companies.

The Governance Code sets out the fundamental principles for effective corporate governance of listed companies in Japan, while the Guidelines provide agenda items for engagement that institutional investors and companies are expected to focus on. The proposed revisions to these two documents could significantly influence the state of ESG and diversity among Japan’s listed companies, with a key emphasis on sustainability-related disclosures.

In this Blog Post, we provide additional background on the Governance Code and the Guidelines, as well as details and analysis of the consultation proposals.


Continue Reading Japan to Promote ESG Disclosures and Diversity for Listed Companies

On March 10, 2021, the UK government concluded its public consultation on climate risk regulations under the Pension Schemes Act 2021. The government is now analyzing public feedback and preparing consultation conclusions.

In a new podcast, Mayer Brown Counsel Beth Brown provides background on the Pension Schemes Act 2021 and outlines the regulations in the

Eye on ESG is proud to celebrate International Women’s Day, a global celebration and platform to showcase women’s social, economic, cultural and political achievements and to promote equity.

Today, Mayer Brown and many other organizations around the world are standing together and choosing to challenge—to acknowledge the proactive role that employers have to play in