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AgencyActionDateNotesSourceAdditional comments
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SECClimate change disclosure guidance issued2/8/2010SEC issues Commission Guidance Regarding Disclosure Related to Climate Change.75 FR 6289
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SECConcept Release -- Business and Financial Disclosure Required by Regulation S-K4/22/2016SEC issues a concept release seeking public comment on modernizing disclosure requirements. It includes requests for comment on considering climate-related and ESG information in disclosure requirements.81 FR 23915
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POTUS (Trump)EO 13868 (ordering DOL to review ERISA plan guidance)4/10/2019Former President Trump issued a directive to the Department of Labor in 2019 to review data on Employee Retirement Income Security Act (ERISA) plans, identify trends in investments in the energy sector, and review guidance on fiduciary responsibilities.Executive Order 13868, Promoting Energy Infrastructure and Economic Growth, 84 Fed. Reg. 15495 (April 10, 2019).
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Fed of SFPublishes “Strategies to Address Climate Change Risk in Low- and Moderate-income Communities.”10/1/2019October 2019 issue of Community Development Innovation Review was titled “Strategies to Address Climate Change Risk in Low- and Moderate-income Communities.”Strategies to Address Climate Change Risk in Low- and Moderate-income Communities, COMMUNITY
DEVELOPMENT INNOVATION IN REVIEW, Vol. 14, Issue 1 (Oct. 2019).
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Fed of SFHeld Economics of Climate Change conference11/19/2019“The Economics of Climate Change,” Economic Research Conference held by the Federal Reserve Bank of San Francisco (Nov. 19, 2019)https://www.frbsf.org/economic-research/events/2019/november/economics-of-climate-change/
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SECOffice of Compliance Inspections and Examinations1/7/2020The SEC listed the “accuracy and adequacy” of registered investment advisors' (RIAs) ESG disclosures as one of its examination priorities for 2020.2020 Examination Priorities; Press Release, SEC Office of Compliance Inspections and Examinations Announces 2020 Examination Priorities (Jan. 7, 2020).
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SECChairman Clayton Statement on ESG disclosure1/30/2020SEC Chairman Jay Clayton issued a statement supportive of the agency’s current approach to ESG disclosures and encouraged “market participants to continue to engage” with the SEC on the topic.Chairman Jay Clayton, "Statement on Proposed Amendments to Modernize and Enhance Financial Disclosures; Other Ongoing Disclosure Modernization Initiatives; Impact of the Coronavirus; Environmental and Climate-Related Disclosure" (Jan. 30, 2020).
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FedTFCR established - US Fed co-chairing2/1/2020The Federal Reserve is co-chairing the Basel Committee on Banking Supervision's Task Force on Climate-Related Financial Risks (TFCR)Kevin J. Stiroh, "The Basel Committee's Initiatives on Climate-Related Financial Risks," remarks at the 2020 IIF Annual Membership Meeting," October 14, 2020.
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Fed of NYStiroh talks climate change3/4/2020Kevin Stiroh, “Climate Change and Risk Management in Bank
Supervision,” Remarks delivered at Harvard Business School.		Kevin J. Stiroh, Speech, "Climate Change and Risk Management in Bank Supervision" (March 4, 2021). There are many examples of Stiroh speaking about climate change. He was also the co-chair of the Basel Committee on Banking Supervision’s high level Task Force on Climate-related Financial Risks (TCFR), established in February 2020 with the goal of developing supervisory practices to mitigate climate-related risks.
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DOL-EBSAProposed Rule - Financial Factors in Selecting Plan Investments6/30/2020EBSA proposes "Financial Factors in Selecting Plan Investments" rule that would make it more difficult for ERISA fiduciaries to invest in ESG related funds.85 FR 39113
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CFTCMRAC Sub-committee Climate Risk Report9/9/2020The CFTC’s Market Risk Advisory Committee (MRAC) released a report on climate-related systemic risk. The report identifies and examines climate-related risks and provides specific recommendations for addressing them.https://www.cftc.gov/PressRoom/PressReleases/8234-20
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FedClimate change included in Financial Stability Report11/1/2020The Fed's Financial Stability Report includes climate change for the first time.Board of Governors for the Federal Reserve System, “Financial Stability Report,” (Nov. 2020).
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SECFinal Rule - Procedural Requirements and Resubmission Thresholds Under Exchange Act Rule 14a-811/4/2020SEC publishes final rule "Procedural Requirements and Resubmission Thresholds Under Exchange Act Rule 14a-8" that amends procedural requirements and the provision relating to resubmitted proposals under the shareholder-proposal rule. The new rule raises the threshold for resubmitting a proposal among other changes.85 FR 70240See Martin Levy (JD 2020)'s discussion of the rule as it was initially proposed here.
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FedSupervision & Regulation Report discusses climate11/9/2020The Federal Reserve's Supervision & Regulation Report discusses climate change and microprudential risks: "The effects of climate change can manifest as traditional microprudential risks, including through credit, market, operational, legal, and reputational risk. ... The industry is adapting governance, risk identification and management, and scenario analysis and disclosures to better account for climate-related risks. The assessment and management of climate-related risks, however, present several challenges. ... Supervisors will seek to better understand, measure, and mitigate climate-related financial risks, including through analysis of transmission channels of climate change risk to the banking sector, measurement methodologies, and data gaps and challenges. Supervisors will also continue to work closely with other agencies and authorities, including through the Basel Committee on Banking Supervision’s Task Force on Climate-Related Financial Risks and the Financial Stability Board. " Supervision and Regulatory Report (Nov. 2020).
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FedFederal Reserve has requested membership in NGFS11/10/2020Federal Reserve Vice Chair for Supervision Randal Quarles tells the Senate Banking Committee that the Federal Reserve has requested membership in the Network for Greening the Financial System.https://www.bloomberg.com/news/articles/2020-11-11/fed-set-to-join-ngfs-the-climate-change-club-for-central-banks
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DOL-EBSAFinal Rule - Financial Factors in Selecting Plan Investments11/13/2020EBSA's final rule on Financial Factors in Selecting Plan Investments cautioned against considering ESG factors in ERISA-covered plan investments, emphasizing financial outcomes over other considerations, and restricted fiduciaries from offering ESG-themed funds as default options.Employee Benefits Security Administration, Department of Labor, Final Rule - Financial Factors in Selecting Plan Investments, 85 Fed. Reg. 72846 (Nov. 13, 2020),
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SEC Asset Management Advisory Committee releases “Potential Recommendations of ESG Subcommittee (Discussion Draft)” 12/1/2020AMAC's ESG Subcommittee released draft recommendations for discussion that included recommending that the SEC adopt standards for corporate issuers on disclosing material ESG risks, utilizing standard setters' frameworks for these required disclosures, and requiring that material ESG risks be disclosed in a manner consistent with the presentation of other financial disclosures. It preliminarily recommended that the SEC suggest best practices to enhance ESG investment product disclosure, including alignment with the taxonomy developed by the ICI ESG Working Group, and clear description of each product's strategy and investment priorities, including description of non-financial objectives. The potential recommendations were released for discussion and feedback from the AMAC with the goal of submitting final recommendations at the next AMAC meeting.SEC Asset Management Advisory Committee, Discussion Draft, Potential Recommendations of ESG Subcommittee (Dec. 1, 2020).
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FedFed joins NGFS12/15/2020Federal Reserve Board announced it has formally joined the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) as a member.Board of Governors for the Federal Reserve System, Press Release, (Dec. 15, 2020), https://www.federalreserve.gov/newsevents/pressreleases/bcreg20201215a.htm
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DOL-EBSAFinal Rule - Fiduciary Duties Regarding Proxy Voting and Shareholder Rights12/16/2020EBSA finalized a rule on ERISA fiduciary’s duties for proxy voting and exercising shareholder rights. The regulation clarifies that plan fiduciaries are not required to vote all proxies, but emphasizes that votes they do make should be based on pecuniary factors. The rule lists specific principles a plan fiduciary must consider when deciding whether to exercise shareholder rights, including not using plan assets to further “policy-related or political issues, including ESG issues.”EBSA, Final Rule, “Fiduciary Duties Regarding Proxy Voting and Shareholder Rights,” 85 Fed. Reg. 81658.
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OCCFinal Rule - Fair Access to Financial Services1/14/2021The Office of the Comptroller of the Currency (OCC) finalized a rule designed to prevent banks from refusing to finance categories of projects or companies, requiring them to undergo individual risk assessments to support their decision to deny services to any particular potential costumer.OFFICE OF THE COMPTROLLER OF THE CURRENCY, Final Rule, “Fair Access to Financial Services,” RIN 1557-AF05 at 36 (Jan. 14, 2021). See also, Press Release, "OCC Finalizes Rule Requiring Large Banks to Provide Fair Access to Bank Services, Capital, and Credit" (Jan. 14, 2021).
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TreasuryYellen promises climate team1/19/2021"In a hearing before the Senate Finance Committee, Yellen said she planned to start a new Treasury "hub" that would examine financial system risks arising from climate change and on related tax policy incentives. She also intends to appoint a "very senior-level" official to lead climate efforts."Zachary Warmbrodt, Yellen vows to set up Treasury team to focus on climate, in victory for advocates,
POLITICO (Jan. 19, 2021).
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FedStiroh to lead a Supervision Climate Committee1/25/2021NY Fed announces that Kevin Stiroh will step down to take on a role leading the newly formed Supervision Climate Committee at the Federal Reserve System. The Supervision Climate Committee (SCC) is a System-wide group bringing together senior staff across the Federal Reserve Board and Reserve Banks. The SCC will further build the Federal Reserve’s capacity to understand the potential implications of climate change for financial institutions, infrastructure, and markets.Press Release, "Kevin Stiroh to Step Down as Head of New York Fed Supervision to Assume New System Leadership Role at Board of Governors on Climate" (Jan. 25, 2021). Avery Ellfeldt, 'Enormously big deal': Fed creates climate committee, E&E NEWS (Jan. 25, 2021),
https://www.eenews.net/stories/1063723523; Pete Schroeder, U.S. Fed taps official to lead new climate
change team, REUTERS (Jan. 25, 2021), https://www.reuters.com/article/usa-fed-climate/u-s-fed-taps-official-tolead-new-climate-change-team-idUSL1N2K02GM.
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OCCOCC halts Fair Access rule1/28/2021The week after President Biden took office, the Comptroller of the Currency placed a pause on its Fair Access rule, halting its publishing in the Federal Register in order to allow the next Comptroller of the Currency time to review it. Press Release, OCC Puts Hold on Fair Access Rule, Office of the Comptroller of the Currency (Jan. 28, 2021).
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SECSatyam Khanna Named Senior Policy Advisor for Climate and ESG2/1/2021Satyam Khanna will serve as Senior Policy Advisor for Climate and ESG in the office of Acting Chair Allison Herren Lee. In this new role, Mr. Khanna will advise the agency on environmental, social, and governance matters and advance related new initiatives across its offices and divisions.Press Release, Satyam Khanna Named Senior Policy Advisor for Climate and ESG (Feb. 1, 2021).
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Fed of SFEconomic Letter on Climate Change as a Source of Financial Risk2/8/2021The Federal Reserve Bank of San Francisco released a report on climate change as a financial risk that describes “how uncertainty about the magnitude, scope, and timing of the economic damages from climate change translates into financial risk, which can adversely affect financial markets, asset classes, and institutions as well as the income and balance sheets of businesses, households, and governments.”Glenn D. Rudebusch, Climate Change Is a Source of Financial Risk, Federal Reserve Bank of San Francisco
Economic Letters (Feb. 8, 2021).
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TreasuryYellen planning a "climate hub"2/12/2021WSJ reports that Janet Yellen is considering Sarah Bloom Raskin for a position to lead a new "climate hub" at Treasury.Kate Davidson, "Yellen Is Creating a New Senior Treasury Post for Climate Czar," Wall Street Journal (Feb. 12, 2021).
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FedGov. Brainard speech at climate finance summit2/18/2021Federal Reserve Governor Brainard recognized the possible need for scenario analysis as a supervisory tool to complement stress testing in a speech on "The Role of Financial Institutions in Tackling the Challenges of Climate Change.""The Role of Financial Institutions in Tackling the Challenges of Climate Change," Speech at 2021 IIF U.S. Climate Finance Summit: Financing a Pro Growth Pro Markets Transition to a Sustainable, Low-Carbon Economy.
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SECLee directs CorpFin to enhance focus on climate disclosure2/24/2021Lee directs the Division of Corporation Finance to enhance its focus on climate-related disclosure in public company filings, including updating the 2010 guidance and assessing existing compliance.“Statement on the Review of Climate-Related Disclosure” (Feb. 24, 2021).
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SECEnvironmental, Social and Governance (ESG) Funds – Investor Bulletin2/26/2021SEC issues an Investor Alert & Bulletin titled "Environmental, Social and Governance (ESG) Funds – Investor Bulletin" saying: "Funds such as mutual funds and ETFs that focus on environmental, social, and governance principles (ESG Funds) have gained popularity with investors over time. Investors may hear about these funds from financial professionals, from investment-focused online sites, or even from popular media. The SEC's Office of Investor Education and Advocacy is issuing this bulletin to educate investors about ESG Funds, including important questions to ask if considering whether investing in them is right for you."Environmental, Social and Governance (ESG) Funds – Investor Bulletin. (Feb. 26, 2021)
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SECDivision of Examinations includes climate change in 2021 examination priorities3/3/2021The Division of Examinations prioritizes climate change it its examinations, noting upon its release: “This year, the Division is enhancing its focus on climate and ESG-related risks by examining proxy voting policies and practices to ensure voting aligns with investors’ best interests and expectations, as well as firms’ business continuity plans in light of intensifying physical risks associated with climate change,” said Acting Chair Allison Herren Lee. “Through these and other efforts, we are integrating climate and ESG considerations into the agency’s broader regulatory framework.”

“Our priorities reflect the complicated, diverse, and evolving nature of the risks to investors and the markets, including climate and ESG,” said Division Director Pete Driscoll. “In this unprecedented time, the Division is committed to continuing to adapt examination processes and find innovative ways to enhance the effectiveness of examinations and our risk-based approach. However, the bedrock of our examination program remains unchanged. The work we do, from examinations to publishing risk alerts and conducting outreach, serves our mission to promote compliance and protect investors,” Driscoll continued.		Press Release, SEC Division of Examinations Announces 2021 Examination Priorities (March 3, 2021)."Due to investor demand, RIAs are increasingly offering investment strategies that focus on sustainability. These strategies may include products and services that are referred to by a variety of terms such as sustainable, socially responsible, impact, and ESG conscious. The Division will focus on products in these areas that are widely available to investors such as open-end funds and ETFs, as well as those offered to accredited investors such as qualified opportunity funds.21 The Division will review the consistency and adequacy of the disclosures RIAs and fund complexes provide to clients regarding these strategies, determine whether the firms’ processes and practices match their disclosures, review fund advertising for false or misleading statements, and review proxy voting policies and procedures and votes to assess whether they align with the strategies." (p. 28 of Examination Priorities)
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SECDivision of Enforcement creates Climate and ESG Enforcement Task Force3/4/2021The Division of Enforcement announces the creation of the Climate and ESG Task Force to develop initiatives to proactively identify ESG-related misconduct. The task force will also coordinate the effective use of Division resources, including through the use of sophisticated data analysis to mine and assess information across registrants, to identify potential violations. The initial focus will be to identify any material gaps or misstatements in issuers’ disclosure of climate risks under existing rules. The Task Force will evaluate and pursue tips, referrals, and whistleblower complaints on ESG-related issues, and provide expertise and insight to teams working on ESG-related matters across the Division. Press Release, SEC Announces Enforcement Task Force Focused on Climate and ESG Issues (March 4, 2021).
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DOL-EBSANot enforcing ESG Investment & Proxy Rules3/10/2021"The U.S. Department of Labor’s Employment Benefits Security Administration today announced that it will not enforce recently published final rules on “Financial Factors in Selecting Plan Investments” and “Fiduciary Duties Regarding Proxy Voting and Shareholder Rights.” ... Until the publication of further guidance, the department will not enforce either final rule or otherwise pursue enforcement actions against any plan fiduciary based on a failure to comply with those final rules with respect to an investment, including a Qualified Default Investment Alternative, or investment course of action or with respect to an exercise of shareholder rights."Press Release, US DEPARTMENT OF LABOR RELEASES STATEMENT ON ENFORCEMENT OF ITS FINAL RULES ON ESG INVESTMENTS, PROXY VOTING BY EMPLOYEE BENEFIT PLANS (March 10, 2021).
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SECRequest for public comment on climate change disclosures3/15/2021Requests comments on a number of questions to inform its efforts to improve climate-related corporate disclosures. Comment period open for 90 days. Public Statement, "Public Input Welcomed on Climate Change Disclosures" (March 15, 2021). Commissioner Lee also speaks at CAP on March 15th outlining the actions taken so far by the SEC on climate and ESG issues. https://www.sec.gov/news/speech/lee-climate-change
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CFTCCreated Climate Risk Unit (CRU)3/17/2021CFTC announces the creation of the Climate Risk Unit (CRU). Comprised of staff from across the CFTC’s operating divisions and offices, the CRU will support the agency’s mission by focusing on the role of derivatives in understanding, pricing, and addressing climate-related risk and transitioning to a low-carbon economy. Press Release, Interdivisional Group Will Focus on Derivatives Markets’ Role in Addressing Climate-Related Risk and Transitioning to Low-Carbon Economy (March 17, 2021).
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SECAsset Management Advisory Committee Meeting, ESG on agenda3/19/2021AMAC discussed the potential recommendations to the SEC on ESG reporting. Commissioner Roisman delivered opening remarks and a panel discussed the recommendations. See the meeting agenda and webcast.See also, Commissioner Roisman's comments at the March 19, 2021 AMAC meeting: https://www.sec.gov/news/speech/roisman-amac-2021-03-19
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SECSEC Launches Climate & ESG webpage3/22/2021SEC launches "SEC Response to Climate and ESG Risks and Opportunities" page that lists its actions in this area.Press Release, SEC Responds to Investor Demand by Bringing Together Agency Information About Climate and ESG Issues (March 22, 2021).
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FedLael Brainard announces Financial Stability Climate Committee (FSCC)3/23/2021Fed Governor Brainard announces the creation of the Financial Stability Climate Committee in a speech: "To complement the work of the SCC, the Federal Reserve Board is establishing a Financial Stability Climate Committee (FSCC) to identify, assess, and address climate-related risks to financial stability. The FSCC will approach this work from a macroprudential perspective—that is, one that considers the potential for complex interactions across the financial system." ... "Given the importance of consistent, comparable, and reliable disclosures to financial stability and prudential objectives, mandatory disclosures are ultimately likely to be important." ... "There are situations, however, where microprudential and macroprudential goals do not fully align so that it is important to take into account the implications both for individual firms' safety and soundness and also for the broader financial system. For example, the use of climate-related risk mitigants such as insurance or financial derivatives may shift risk away from a particular financial institution but may not reduce or eliminate risk from the system as a whole. In developing a framework to address climate-related financial risks, we need to be mindful of this cascade of effects and the implications across the Federal Reserve's range of responsibilities." ... "We are building the requisite institutional capacity and knowledge to deepen our understanding of these risks and vulnerabilities. The new FSCC is a Systemwide committee charged with developing and implementing a program to assess and address climate-related risks to financial stability. The broad goals of the FSCC are to promote the resilience of the financial system to climate-related financial risks, to ensure coordination with the Financial Stability Oversight Council (FSOC) and its member agencies, and to increase the Federal Reserve's international engagement and influence on this issue. The FSCC will work in close coordination with the SCC—as well as with our community development, payments, international coordination, and economic research and data areas—to build a coordinated approach to integrating climate-related risks where they affect our responsibilities."Speech by Gov. Brainard, "Financial Stability Implications of Climate Change," at "Transform Tomorrow Today" Ceres 2021 Conference, Boston, Massachusetts (via webcast) (March 23, 2021).
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SEC (action by Congress)Congress introduces CRA resolution to reverse 14a-8 rule3/26/2021CRA resolution would disapprove the rule finalized in Nov. 2020 that revised requirements and resubmission thresholds for Rule 14a-8 governing shareholder proposals. (see Martin Levy's (JD 2020) discussion of the rule as it was initially proposed here)S.J. Res. 16
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SECDivision of Examinations Risk Alert on ESG Investing4/9/2021SEC's Division of Examinations issues a Risk Alert that notes the rapid growth in ESG products and services lacks standardization, presenting risks. This Risk Alert explains deficiencies and internal control weaknesses the division has observed in its examinations of investment advisers and funds as well as observations of effective practices. It also explains how it is examining these issues.Risk Alert, The Division of Examinations’ Review of ESG Investing (April 9, 2021).
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SEC (action by Congress)SEC Chairman Gensler confirmed4/14/2021The Senate confirms Pres. Biden's choice for SEC Chair, Gary Gensler. Gensler said during his confirmation hearing “There’s tens of trillions of dollars of invested assets that are looking for more information about climate risk,” Mr. Gensler said during his confirmation hearing. “I think then the SEC has a role to play to help bring some consistency and comparability to those guidelines.”Paul Kiernan, "Gary Gensler Is Confirmed as SEC Chairman by Senate," Wall Street Journal (April 14, 2021).
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SECSEC Chairman Gensler sworn in4/17/2021Gensler sworn into office as a member of the Commission.Press Release, "Gary Gensler Sworn in as Member of the SEC" (April 17, 2021).
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FedFed seeking climate-related information from lenders5/13/2021It was reported that the Federal Reserve has been asking for information on what lenders are doing to mitigate climate-related risks, including asking them "to detail the measures they are taking to understand how their loan books would perform under certain climate change scenarios." Pete Schroeder, "EXCLUSIVE Fed privately presses big banks on risks from climate change," Reuters, 5/13/2021
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DOL-EBSAExecutive Order on Climate-Related Financial Risk5/20/2021President Biden directed DOL to consider proposing a rule to suspend, revise, or rescind “Financial Factors in Selecting Plan Investments,” 85 Fed. Reg. 72846 (November 13, 2020), by September 2021.Executive Order on Climate-Related Financial Risk (May 21, 2021), Sec. 4(b)
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DOL-EBSAExecutive Order on Climate-Related Financial Risk5/20/2021President Biden directed DOL to consider proposing a rule to suspend, revise, or rescind “Fiduciary Duties Regarding Proxy Voting and Shareholder Rights,” 85 Fed. Reg. 81658 (December 16, 2020), by September 2021.Executive Order on Climate-Related Financial Risk (May 21, 2021), Sec. 4(b)
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POTUS (Biden)Executive Order on Climate-Related Financial Risk5/20/2021Requests a Climate-Related Financial Risk Strategy, an Assessment of Climate-Related Financial Risk by Financial Regulators and reconsideration of two DOL EBSA rules. Instructs Labor to identify actions that can be taken under ERISA and other relevant laws to protect savings and pensions from climate-related financial risk and to assess how the Federal Retirement Thrift Investment Board takes ESG, including climate-related financial risk, into account and to submit a report on this ,the ERISA review, and the rules to the White House. The EO also requests the development of recommendations for the National Climate Task Force on approaches related to the integration of climate-related financial risk into Federal financial management and financial reporting and for the consideration of amendments to the Federal Aquisition Regulation. Asks USDA, HUD, and the VA to consider how to integrate climate-related financial risk into underwriting standards, loan terms and conditions, and asset management and servicing procedures for federal lending policies and programs. Reinstates EO 13690 that established the Federal Flood Risk Management Standard (FFRMS). The EO also instructs OMB and others as to how to better incorporate climate-related costs and risks into the federal government's budget planning.Executive Order on Climate-Related Financial Risk (May 21, 2021)
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SECGensler announces policy team7/16/2021Chariman Gensler announced his policy team which includes a Climate Counsel. Mika Morse was announced as Gensler's Climate Counsel. She previously worked for U.S. Senator Brian Schatz, supporting his work on the Banking, Commerce, and Appropriations Committees.Press Release, "Chair Gensler Announces Composition of Policy Team," (July 16, 2021).
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Treasury - Federal Insurance OfficeRequest for Information re: "FIO's future work relating to the insurance sector and climate-related financial risks"8/31/2021In response to the 5/20/2021 EO on Climate-Related Financial Risk, FIO asks for comments, which can be submitted through Nov. 15, 2021, on three climate-related priorities as well as on how its data collection and dissemination authorities can be used to support those priorities and "to monitor and assess the insurance sector and climate-related financial risks." The three climate-related priorities are: 1) insurance supervision and regulation, 2) insurance markets and mitigation/resilience, and 3) insurance sector engagement.86 Fed. Reg. 48814
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SECCorpFin releases sample letter to companies regarding climate change disclosures9/22/2021SEC's Division of Corporation Finance released a sample letter a company might receive following a review by the division of its disclosures with additional questions and guidance on climate-related disclosures. This is a guidance document focused on disclosure under existing standards and rules. https://www.sec.gov/corpfin/sample-letter-climate-change-disclosures?utm_medium=email&utm_source=govdelivery&source=email#_ftnref3
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FedStaff Report on Climate Stress Testing9/2021In Staff Report Number 977, researchers at the NY Federal Reserve Bank "develop a stress testing procedure to test the resilience of financial institutions to climate-related risks. Specifically, we introduce a measure called CRISK, systemic climate risk, which is the expected capital shortfall of a financial institution in a climate stress scenario. We use the measure to study the climate-related risk exposure of large global banks in the collapse of fossil-fuel prices in 2020."Staff Report Number 977, Climate Stress Testing (NY Fed, Sept. 2021)
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DOL-EBSAProposed Rule - Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights10/14/2021DOL-EBSA releases its proposed rule "Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights" amending the Investment Duties regulation under ERISA. It clarifies how ERISA fiduciaries can consider climate change and ESG in their investment decisions. This rule responds to changes made by EBSA to these regulations in 2020 that were seen as "putting a thumb on the scale against the consideration of ESG factors, even when those factors are financially material." The proposed rule "makes clear that climate change and other ESG factors are often material and that in many instances fiduciaries to [sic] should consider climate change and other ESG factors in teh assessment of investment risks and returns."Oct. 13 pre-publication proposed rule released. DOL Press Release, Oct. 13, 2021. Published in the Federal Register on Oct. 14, 2021. 86 Fed. Reg. 57272.
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FSOCReport on Climate-Related Financial Risk10/21/2021FSOC publishes a report stating that climate change is a threat to financial stability. Dept. of Treasury Press Release, Oct. 21, 2021. Full Report and Recommendations.
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SECShareholder Proposals: Staff Legal Bulletin No. 14L (CF)11/3/2021SEC's Division of Corporation Finance (CorpFin) issues a staff legal bulletin on shareholder proposals and Rule 14a-8 that rescinds three prior staff legal bulletins (Staff Legal Bulletin Nos. 14I, 14J and 14K). The bulletin "outlines the Division’s views on Rule 14a-8(i)(7), the ordinary business exception, and Rule 14a-8(i)(5), the economic relevance exception" and republishes, "with primarily technical, conforming changes, the guidance contained in SLB Nos. 14I and 14K relating to the use of graphics and images, and proof of ownership letters." It also provides "guidance on the use of e-mail for submission of proposals, delivery of notice of defects, and responses to those notices."SEC CorpFin Staff Legal Bulletin No. 14L (CF), Nov. 3, 2021.
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