Although the absence of a Senate-confirmed Chair hasn’t stopped the existing Commissioners from articulating disclosure & enforcement priorities these past few months, rulemaking will likely accelerate once the new Chair is confirmed and all of the leadership positions get finalized. The Senate was previously scheduled to vote on Gary Gensler’s confirmation last week, but that didn’t happen. The legislative calendar now says that the session is scheduled for Tuesday, April 12th – but it’s possible it will get bumped back again.
In 2017, former Chair Jay Clayton was confirmed in early May. He appointed Bill Hinman as the Director of Corp Fin about a week later.
ESG: Not Just For Public Companies
Earlier this year, BlackRock’s Larry Fink made a point of saying that large private companies and public debt issuers need to embrace the Task Force on Climate-related Financial Disclosures. John also blogged a couple of weeks ago that private company climate change disclosure is one of the points for which Acting SEC Chair Allison Herren Lee is soliciting comments.
This announcement from ISS ESG that it’s launching a scorecard for private companies is more evidence that it isn’t just public shareholders who want this info. Here’s how ISS expects the data to be used:
Use cases for ESG Scorecards include the assessment of ESG risk exposure of investee companies during due diligence processes for private equity portfolios, the evaluation of ESG risk during credit risk assessment, and to facilitate engagement with private companies regarding sustainability.
Tomorrow’s Webcast: “Shareholders Speak – How This Year’s Expectations Are Different”
There is always some uncertainty during proxy season, but this year it is more pronounced. Tune in tomorrow for our webcast, “Shareholders Speak: How This Year’s Expectations Are Different” – to hear Rob Main of Sustainable Governance Partners, Yumi Narita of the Office of the NYC Comptroller, Ryan Nowicki of State Street Global Advisors and Danielle Sugarman of BlackRock explain how this year’s in-season engagements and voting expectations might be different from prior years.
Bonus: If you attend the live version of this 60-minute program, CLE credit will be available in most states! You just need to submit your state and license number and complete the prompts during the program.
Members of this site are able to attend this critical webcast at no charge. If you’re not yet a member, subscribe now. The webcast cost for non-members is $595. You can renew or sign up online – or by fax or mail via this order form. If you need assistance, send us an email at firstname.lastname@example.org – or call us at 800.737.1271.
– Liz Dunshee