On April 26, 2021, the Central Bank of Brazil (BCB) launched a new public consultation (No. 86/2021, the “Consultation”) on a proposed regulation for mandatory disclosure of social, environmental, and climate risks by financial institutions.

Climate-related risks must be disclosed in accordance with the TCFD Recommendations (“Recommendations”), including both

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

Following in the footsteps of other central banks around the world, and in face of the pressing need for an inclusive and sustainable economic recovery after the COVID-19 pandemic, on April 7, 2021, the Central Bank of Brazil (BCB) launched public consultation No. 85/2021 (Consultation). The Consultation includes proposed amendments and new rules governing the management of social, environmental and climate risks by financial institutions (and other institutions with operations authorized by the BCB), as well as the requirements to be observed by these institutions in the elaboration and implementation of their respective Social, Environmental and Climate Responsibility Policy (PRSAC).

The BCB joined the Network for Greening the Financial System (NGFS) on March 25, 2020, and, on September 8, 2020, launched the “Sustainability Dimension” of its work agenda (Agenda BC#), which aims to promote sustainable finance, proper management of social, environmental and climate risks in the National Financial System (SFN), and integration of ESG variables into BCB’s decision-making process.Continue Reading Brazil’s Central Bank Set to Incorporate Social, Environmental and Climate Factors into Financial Regulation

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

On March 25, 2021, the New York Department of Financial Services (NYDFS) issued for public comment “Proposed Guidance for New York Domestic Insurers on Managing the Financial Risks of Climate Change” (Guidance). Comments must be submitted by 11:59 p.m. EDT on Wednesday, June 23, 2021, and must be made

In another step toward the integration of climate factors into the US corporate disclosure landscape, Acting Chair of the US Securities and Exchange Commission (SEC), Allison Herren Lee, issued a request for public input on climate change disclosures on March 15, 2021.

The request seeks input relating to 15 climate-related disclosure topics, including:

On March 1, 2021, the European Banking Authority (EBA) released its consultation regarding draft technical standards for Pillar 3 disclosures of ESG risks, including reporting templates and instructions.

The European Union’s Capital Requirements Regulation (EU) No. 575/2013 (CRR) includes under Article 449a the requirement to disclose prudential information on ESG

The drive towards sustainable change looks set to continue in 2021, with climate change issues continuing to receive attention from ESG-minded businesses and governmental bodies. The legal community is likewise keen on reducing the environmental impact of dispute resolution activities, in particular, in the (previously) jet-setting world of international arbitrations.

One such initiative is the Campaign for Greener Arbitrations which aims to significantly reduce the carbon footprint of the arbitration industry. In this Blog Post, read about the proposed framework and six protocols for greener arbitrations that are currently in public consultation and how these might feature in arbitration proceedings in the near future.Continue Reading Greener Arbitrations – The Way Forward in International Dispute Resolution?

The UK’s Pension Schemes Act 2021 recently received Royal Assent on February 11, 2021. The Act addresses a range of initiatives intended to strengthen protections for pension scheme members, including a framework for new climate risk-related governance and reporting requirements for trustees of larger pension schemes.

The government is currently consulting on the details of