This update summarizes key recent developments regarding legislative, regulatory, litigation, and enforcement updates related to environmental, social, and governance (ESG), with a particular focus on federal agency enforcement trends and executive orders, state proxy voting and disclosure laws, and climate initiative updates.

ESG investing continues to be subject to political attention, with related regulatory and litigation challenges. From state laws regulating ESG-investment considerations and disclosure mandates to efforts by the US administration to rescind or replace prior federal guidance, the ESG landscape is rapidly evolving in both substance and focus. For asset managers, fiduciaries, and companies, these developments raise increasingly complex compliance considerations and legal risks.

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