Toomey Presses SEC on New Climate Enforcement Task Force | United States Committee on Banking, Housing, and Urban Affairs

U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) wants more information from the U.S. Securities and Exchange Commission (SEC) about its recently announced climate and environmental, social, and governance (ESG) enforcement task force. In a letter to Acting Chair Allison Herren Lee, Senator Toomey wrote: “These announcements appear to presage major changes in longstanding…

Acting SEC Chair Lee on Proxy Voting

Acting SEC Chair Allison Herren Lee made a groundbreaking speech about proxy voting to the attendees at the Mutual Funds and Investment Management Conference. We publish it here in full with emphasis added. 2021 ICI Mutual Funds and Investment Management Conference March 17, 2021 Good afternoon everyone, and thank you to the ICI for inviting…

SEC May Adopt ESG Disclosure Standards

Harvard Law School’s John Coates, Acting head of the SEC’s Division of Corporate Finance, told attendees at an International finance conference that the SEC may adopt ESG disclosure standards. This is another step toward the SEC’s recognizing that ESG data is material information relating to investment risk. And he made it clear that the SEC…

SEC Announces Enforcement Task Force Focused on Climate and ESG Issues

The Securities and Exchange Commission announced the creation of a Climate and ESG Task Force in the Division of Enforcement.  The task force will be led by Kelly L. Gibson, the Acting Deputy Director of Enforcement, who will oversee a Division-wide effort, with 22 members drawn from the SEC’s headquarters, regional offices, and Enforcement specialized…

SEC denies J&J request to exclude racial-audit proposal | Corporate Secretary

The SEC has rejected a request from Johnson & Johnson that it exclude from its proxy statement a shareholder proposal that it conduct a ‘civil rights audit.’ Trillium Asset Management, on behalf of Christopher and Anne Ellinger, has submitted the measure requesting that Johnson & Johnson ‘conduct and publish a third-party audit… to review its…

Whistle-Blowing Soars to Record With Americans Working From Home – Bloomberg

The work-from-home phenomenon has triggered a fresh frustration for U.S. corporations: Americans are blowing the whistle on their employers like never before. The proof is in the data, with the U.S. Securities and Exchange Commission receiving 6,900 tips alleging white-collar malfeasance in the fiscal year that ended Sept. 30, a 31% jump from the previous…

Comment From Doug Chia on NASDAQ Board Diversity Proposal

Doug Chia‘s comment on the NASDAQ proposal for board diversity disclosure is well worth reading in full (see below). An excerpt; Nasdaq’s proposed rules are purely disclosure-based. The new rules would require listed companies to disclose information about the gender, ethnicity, and sexual orientation of their boards.1 This is disclosure about a board’s diversity or lack thereof. It would…