September 16, 2021
Markets

Investors and Regulators Turning up the Heat on Climate-Change Disclosures: Attempting to Make Sense of the State of Play in the US, EU, and UK | Cadwalader, Wickersham & Taft LLP

As investors’ calls for greater climate-related corporate accountability grow louder, the “E” in ESG—environmental, social and governance—looms larger than ever, particularly from the perspective of directors facing oversight responsibilities and the challenge of providing adequate disclosure.  That reality became even clearer when a little-known hedge fund with a relatively small stake in ExxonMobil successfully elected three insurgent directors at the company’s annual meeting after quietly garnering the support of other stakeholders by appealing to their interest in environmental and governance issues.

Of course, investors have been signaling the importance of environmental issues for years.  In 2007, the $240 billion California State Teachers’ Retirement System (“CalSTRS”) formed a Green Initiative Task Force focused solely on “managing…

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