Archive
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The week in GRC: Court upholds Nasdaq’s board diversity rule and Florida Bar considers requiring client consent to use AI
This week’s governance, compliance and risk-management stories from around the web – Reuters (paywall) reported that Florida attorneys may soon have to get their clients’ consent before using artificial intelligence (AI) on their legal matters. The Florida Bar is drafting a new advisory opinion focused on the use of AI and has asked lawyers in the state to weigh in. Florida bar leaders have asked the Florida Board Review Committee on Professional Ethics to create rules around the use of generative AI, such as OpenAI’s ChatGPT, Google Bard or Microsoft’s Bing. In addition to a requirement that lawyers obtain client…
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ESG backlash fails to deter investors, research finds
Recent politics have not put asset managers and institutional investors off ESG goals The anti-ESG movement has failed in its bid to push asset managers away from responsible investment goals, according to new research. None of the asset managers polled for a Cerulli survey say they are moving away from a responsible investing remit. Equally, no participants surveyed plan to stop incorporating ESG considerations into their own investment decisions or expect to stop offering ESG/sustainable investment products. They are, however, taking a more careful approach, finds Cerulli in its new report titled US environmental, social and governance investing 2023: Regulation…
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Enbridge names successor to legal chief
Reggie Hedgebeth will take over as CLO on January 1 Calgary, Alberta-based energy company Enbridge has appointed Reggie Hedgebeth executive vice president of external affairs and chief legal officer (CLO), effective January 1. The move follows the decision by Bob Rooney, executive vice president and CLO, to step down on December 31, 2023, after which he will be an executive adviser to Enbridge to support the transition and outstanding projects until retiring in mid-2024. In his new role, Hedgebeth will be responsible for legal services, ethics and compliance, corporate security, public affairs, communications and sustainability and aviation matters. According to…
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Companies’ climate failings most common reason for investor blacklisting
Thousands of companies have been dropped from portfolios New research compiled by a network of non-governmental organizations (NGOs) finds that there have been 4,842 companies blacklisted by 87 financial portfolios in 16 countries due to climate and social failings. Of all the excluded companies placed on a global tracker, the top cause for omission by financial institutions is climate-related issues, with 40 percent of firms finding themselves on the list for this reason. A further 17 percent of companies are excluded for being in the weapons industry. ‘Public exclusion is a very important way for investors to exercise influence when…
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Charter Communications hires general counsel from MSG Entertainment
Jamal Haughton will succeed Rick Dykhouse, who is retiring Broadband and cable operator Charter Communications has recruited Jamal Haughton as executive vice president, general counsel and corporate secretary, effective November 6. Haughton will succeed Rick Dykhouse who earlier this year announced his intention to retire. Dykhouse will remain as executive counsel to president and CEO Chris Winfrey and to help support the transition. Haughton will join Charter from MSG Entertainment, where he has been the executive vice president, general counsel and corporate secretary of Madison Square Garden Entertainment Corp. In that role he has overseen all legal, transactional, litigation and…
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Canadian companies need to increase disclosure to meet ISSB standards, research shows
Canadian authorities have indicated incorporation of ISSB disclosures into domestic reporting rules Canadian companies will need to boost their climate-related disclosures if they are to meet the requirements of the International Sustainability Standards Board (ISSB), according to new research by Millani, an ESG consultant. In June, the ISSB issued its first two standards – IFRS S1 and IFRS S2 – which cover general sustainability information and climate-related disclosures, respectively. Canada is expected to incorporate these standards into its domestic reporting rules. The study, which covers 227 members of the S&P/TSX Composite Index, finds that ‘86 percent conducted materiality assessments to…
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The week in GRC: Peltz makes fresh bid for Disney board seats and SEC adopts beneficial ownership reporting amendments
This week’s governance, compliance and risk-management stories from around the web – The Wall Street Journal (paywall) reported that activist investor Nelson Peltz is planning a new effort to gain board seats at The Walt Disney Company. Peltz’s Trian Fund Management, now one of Disney’s largest shareholders, is expected to request multiple seats including one for Peltz, according to people familiar with the matter. If the company declines, Trian could nominate directors that would be voted on at Disney’s AGM next spring. Peltz launched a run for a seat on Disney’s board earlier this year but withdrew his nomination in…
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Biggest companies lead on AI use in M&A due diligence, survey finds
Only 8 percent of respondents say their company has so far used AI and machine learning for M&A due diligence Larger companies are more likely than smaller firms to use artificial intelligence (AI) in researching M&A targets but the tool is so far limited in its uptake, according to research from Corporate Secretary. Due diligence around M&A transactions has traditionally been a lengthy, labor-intensive process, and new technologies such as AI offer the potential for companies and their legal teams to reduce the reliance on manual tasks. But just 8 percent of respondents to the survey, Corporate transactions and the…
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California’s Newsom signs landmark climate reporting laws
Legislation includes Scope 3 emissions California Governor Gavin Newsom on Saturday signed into law two landmark climate disclosure bills for the state that are finalized before the SEC’s proposed climate risk reporting rule and in some respects go further than the agency’s plan. Senate Bill 253 (SB 253) orders the California Air Resources Board (CARB) by January 1, 2025 to implement regulations requiring companies with total annual revenues of more than $1 bn that operate in California to disclose their GHG to an emissions reporting organization. According to a notice from law firm Skadden, Arps, Slate, Meagher & Flom, SB…
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Xcel Energy makes legal leadership changes
Legal chief Amanda Rome takes on new executive role with company Female general counsel at large US companies took home more in compensation than their male peers last year, according to a study from Equilar. The research finds that women general counsel received a median $3.2 mn in compensation last year, almost 8 percent more than their male counterparts. It is the second time since the research began in 2018 that top female in-house lawyers have been awarded more than men, the other year being 2020. Although there have been annual fluctuations in compensation, over the study period female general…