Weekly Roundup: July 23-29, 2021

This roundup contains a collection of the posts published on the Forum during the week of July 23-29, 2021.

EESG Activism After ExxonMobil

Posted by David A. Katz and Laura A. McIntosh, Wachtell, Lipton, Rosen & Katz, on Friday, July 23, 2021

Tags: Boards of Directors, Climate change, Engine No. 1, Environmental disclosure, ESG, ExxonMobil, Institutional Investors, Proxy contests, Shareholder activism, Shareholder proposals, Shareholder voting, Sustainability

Corporate Governance in the Face of an Activist Investor

Posted by Jonathan R. Macey (Yale), on Friday, July 23, 2021

Tags: Boards of Directors, Duke Energy, Engagement, Firm performance, Hedge funds, Institutional Investors, Management, Shareholder activism

Commenters Weigh in on SEC Climate Disclosures Request for Public Input

Posted by Gabriel Rosenberg, Margaret Tahyar, and Betty Huber, Davis Polk & Wardwell LLP, on Saturday, July 24, 2021

Tags: Climate change, Environmental disclosure, ESG, Liability standards, SEC, SEC rulemaking, Securities regulation, Sustainability

Was the Exxon Fight a Bellwether?

Posted by Thomas Ball, James Miller, and Shirley Westcott, Alliance Advisors, on Saturday, July 24, 2021

Tags: BlackRock, Boards of Directors, Climate change, Engine No. 1, ESG, ExxonMobil, Index funds, Institutional Investors, Proxy advisors, Proxy contests, Shareholder activism, Vanguard

SEC Increasingly Turns Focus Toward Strength of Cyber Risk Disclosures

Posted by Vivek Mohan, David Simon, and Richard Rosenfeld, Mayer Brown LLP, on Sunday, July 25, 2021

Tags: Cybersecurity, Disclosure, Risk, Risk disclosure, Risk management, SEC, SEC rulemaking, Securities regulation

Connecting the Dots: Breaking the ESG Code

Posted by Dan Romito and Addison Holmes, Pickering Energy Partners, on Sunday, July 25, 2021

Tags: Boards of Directors, Disclosure, Environmental disclosure, ESG, Index funds, Institutional Investors, Materiality, Stakeholders

Buybacks: Look Before You Leap

Posted by Allen He, FCLTGlobal, on Monday, July 26, 2021

Tags: Capital allocation, Firm performance, Long-Term value, Pay for performance, Repurchases, Shareholder value, Short-termism

Outsourcing Active Ownership in Japan

Posted by Icko Suzuki (Waseda University), on Monday, July 26, 2021

Tags: Hedge funds, Institutional Investors, International governance, Japan, Shareholder activism

Stewardship Excellence: ESG Engagement In 2021

Posted by Subodh Mishra, Institutional Shareholder Services, Inc., on Monday, July 26, 2021

Tags: Engagement, Environmental disclosure, ESG, Institutional Investors, International governance, Proxy advisors, Stewardship, Sustainability

Voluntary Environmental and Social Disclosures

Posted by Marc S. Gerber, Caroline S. Kim, and Jeongu Gim, Skadden, Arps, Slate, Meagher & Flom LLP, on Tuesday, July 27, 2021

Tags: Disclosure, Environmental disclosure, ESG, Oversight, SEC, Securities regulation, Stakeholders, Sustainability

Open Access, Interoperability, and the DTCC’s Unexpected Path to Monopoly

Posted by Dan Awrey (Cornell) and Joshua Macey (University of Chicago), on Tuesday, July 27, 2021

Tags: Antitrust, Clearing houses, DTC, Financial regulation, Securities regulation

Spotlight on Boards and Board Oversight of Business Strategy and Risk Management in a Post-Pandemic World

Posted by Martin Lipton, Wachtell, Lipton, Rosen & Katz, on Tuesday, July 27, 2021

Tags: Board oversight, Boards of Directors, Climate change, COVID-19, Cybersecurity, Diversity, ESG, Human capital, Management, Risk, Risk oversight, Stakeholders, Sustainability

Supreme Court’s Impending Decision Concerning Whether PSLRA Discovery Stay Applies in State Court

Posted by Andrew Clubok, Melissa Sherry, and Gavin Masuda, Latham & Watkins LLP, on Wednesday, July 28, 2021

Tags: California, Discovery, Jurisdiction, PSLRA, Securities litigation, State law, Supreme Court, U.S. federal courts

SEC’s Recent Decision Regarding “Qualified Client” Status

Posted by David Blass, Michael Wolitzer, and Allison Bernbach, Simpson Thacher & Bartlett LLP, on Wednesday, July 28, 2021

Tags: Asset management, Investment advisers, Investment Advisers Act, Investor protection, SEC, SEC rulemaking, Securities regulation

Managing ESG Data and Rating Risk

Posted by Anna Hirai and Andrew Brady, SquareWell Partners, on Wednesday, July 28, 2021

Tags: Artificial intelligence, Asset management, Climate change, Disclosure, Engagement, ESG, Institutional Investors, International governance, Materiality, Ratings agencies, SASB, Sustainability

Delaware Supreme Court’s Response to Chancery for Turning Away Stockholder’s Claims

Posted by Jason M. Halper, Jared Stanisci, and Victor Bieger, Cadwalader, Wickersham & Taft LLP, on Thursday, July 29, 2021

Tags: Boards of Directors, Delaware cases, Delaware law, Fair values, Fairness review, Firm valuation, Merger litigation, Mergers & acquisitions, Shareholder voting

Does Socially Responsible Investing Change Firm Behavior?

Posted by Daniele Macciocchi (University of Miami), on Thursday, July 29, 2021

Tags: Corporate Social Responsibility, Environmental disclosure, ESG, Institutional Investors, Responsible investing, Stakeholders, Sustainability

Remarks by Chair Gensler Before the Principles for Responsible Investment “Climate and Global Financial Markets” Webinar

Posted by Gary Gensler, U.S. Securities and Exchange Commission, on Thursday, July 29, 2021

Tags: Climate change, Disclosure, Environmental disclosure, ESG, Institutional Investors, Risk disclosure, SEC, Securities regulation, Sustainability