Author Archives: Tarik Samman

SEC Continues Enforcement Scrutiny of ESG Claims by Investment Advisers

By Tarik Samman | Published Tuesday, January 17, 2023

In November 2022, the SEC announced a settlement with Goldman Sachs Asset Management, L.P. (GSAM), including a penalty in the amount of $4 million, in which the SEC alleged that GSAM initially failed to adopt procedures to ensure compliance with certain ESG claims made to GSAM clients/investors and then, once adopted, failed to follow such procedures. Like […]

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ESG Momentum Remains Strong but May Face Headwinds in 2023

By Tarik Samman | Published Monday, January 16, 2023

Key Points ESG is expected to remain a priority in 2023, with investors, employees and other stakeholders continuing to press for climate change and diversity policies and disclosures. Companies in the U.S., U.K. and EU will face new government ESG mandates and proposals in the new year. Businesses should closely monitor developments in legal challenges […]

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Investment Stewardship Global Principles 2023

By Tarik Samman | Published Friday, January 13, 2023

Introduction to BlackRock BlackRock’s purpose is to help more and more people experience financial well-being. We manage assets on behalf of institutional and individual clients, across a full spectrum of investment strategies, asset classes, and regions. Our client base includes pension plans, endowments, foundations, charities, official institutions, insurers, and other financial institutions, as well as […]

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Weekly Roundup: January 6-12, 2023

By Tarik Samman | Published Friday, January 13, 2023

2023 Annual Letter to Boards Posted by Pamela Marcogliese, Freshfields Bruckhaus Deringer LLP, on Friday, January 6, 2023 Tags: Activism, Corporate governance, Executive Compensation, Fiduciary duties, M&A, Privacy, Risk oversight D&O Insurers as ESG Monitors Posted by Amelia Miazad (UC Davis School of Law), on Friday, January 6, 2023 Tags: Board monitoring, Climate change, D&O […]

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Prioritizing Human Capital — Modern Challenges and the Board’s Role

By Tarik Samman | Published Thursday, January 12, 2023

Introduction Many corporate boards are devoting increasing amounts of time to one of their most important assets, their workers. Profound, disruptive shifts in the marketplace and worker expectations coupled with growing demands for transparency and action on environmental, social, and governance (ESG) issues, are elevating a variety of human capital risks and opportunities to boardroom […]

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SEC Rule 14a-8 Shareholder Proposals: No-Action Requests, Determinants, and the Role of SEC Staff

By Tarik Samman | Published Thursday, January 12, 2023

Background Since 1947, no-action letters under Securities and Exchange Commission (SEC) Rule 14a-8 have allowed SEC staff members to regulate shareholder voice upon management’s request, acting as intermediaries between shareholders and management on matters related to shareholder proposals. Specifically, no-action relief under 14a-8 allows management to exclude shareholder proposals from the annual proxy with SEC […]

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Homophily versus monitoring: Do all female board directors drive the gender assignment of audit partners?

By Tarik Samman | Published Wednesday, January 11, 2023

Introduction In many countries, women are poorly represented in the upper echelons of the accounting profession, where the greatest responsibility and power lies (i.e., partnership position). Nevertheless, female audit partners are found to be associated with ethical audit decision-making and reduced opportunistic accounting practices. One potential argument in favour of engaging female audit partners could […]

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Sustainable finance: The road so far and a look ahead

By Tarik Samman | Published Tuesday, January 10, 2023

ESG, sustainability, climate change adaptation and mitigation, social impact investing and related themes have become ubiquitous concepts that seem to be top of mind for every board director, financier and investor. While there is no universal consensus on the precise meaning of these terms (and there may never be, nor does there necessarily need to […]

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How Important Is Corporate Governance? Evidence from Machine Learning

By Tarik Samman | Published Monday, January 9, 2023

A significant body of research on corporate governance has emerged in recent decades. Much of this research has focused on individual governance provisions, such as staggered boards or CEO duality. Yet, a careful reading of this research suggests that for most governance provisions, the evidence is mixed. Some papers will find that a provision is […]

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US M&A Levels Remain Healthy

By Tarik Samman | Published Monday, January 9, 2023

Key Points Volatile global financial markets and recessionary fears have led to declining boardroom confidence and a decrease in deal activity from 2021’s record levels but are still healthy by historical standards. Strategic drivers of M&A activity are in place, and high levels of corporate and financial sponsor dry powder are available to support deal […]

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