Financial Regulation

Event/Conference Financial Disclosure Financial Regulation

Unpacking the Proposed SEC Rule on Climate Risk Disclosure

In this webinar EDF+ Business Project Manager Gabriel Malek moderated a conversation with Michael Panfil, Lead Counsel and Director of Climate Risk Strategies of EDF, Wendy Cromwell, Head of Sustainable Investing for Wellington Management, and Fitzann Reid, Deputy General Counsel with Engine No. 1, on key elements of the Securities…

Gabriel Malek, Michael Panfil and OthersApril 7, 2022

Financial Disclosure Financial Regulation Report

Stakeholder Guide to the SEC’s Proposed Rule on Climate-Related Disclosure

This guide provides information on the Securities and Exchange Commission's proposed rule on climate-related disclosure, including a summary of the proposed disclosure standards, an explanation of the importance of these disclosures for investors, and an overview of the public comment process.

Gabriel Malek, Michael Panfil and Stephanie JonesApril 4, 2022

Blog/News Article Financial Disclosure Financial Regulation

Climate Change Creates Financial Risks. Investors Need to Know What Those Are.

This blog explains why the Securities and Exchange Commission's proposed climate disclosure standards are long overdue and a critical step to ensuring investors have access to information about the investment risks faced from climate.

Michael Panfil and David VictorMarch 29, 2022

Blog/News Article Financial Regulation Regulatory Activities

How a Proposed Department of Labor Rule Would Help Protect Retirement Savings From Climate Risk

This blog explains how a Department of Labor proposal would help protect Americans’ retirement savings by highlighting the financial relevance of climate change; undoing harmful Trump administration rules; affirming that fiduciaries should consider ESG factors like climate change when relevant to investment risk-return analysis; applying the same rational principles to…

Stephanie Jones and Alex SongMarch 14, 2022

Adaptation as Risk Management Agency Filing Environmental Justice Financial Disclosure Financial Regulation Regulatory Activities Risk Management

Comments to the OCC on Principles for Climate-Related Financial Risk Management for Large Banks

These comments to the Office of the Comptroller of the Currency (OCC) support the OCC's draft principles on banks' management of climate-related financial risks, and offer recommendations for the OCC as it continues building on these principles with more detailed guidance. The comments recommend that the OCC consider: (1) providing…

Stephanie Jones, Michael Panfil, Jack Lienke and Bridget PalsFebruary 14, 2022

Financial Regulation Regulatory Activities Report

Public Comments Overwhelmingly Support the US Labor Department Proposed Rule Addressing the Inclusion of ESG Criteria and Proxy Voting in ERISA-Governed Retirement Plans

This analysis of public comments found overwhelming support for the Department of Labor's proposed rule Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights, with 97 percent of comments in favor. The proposed rule affirms the ability of retirement plan fiduciaries to consider climate risk and other environmental,…

Eric Pitt, Bryan McGannon, Ginny Brooks, Gabriel Malek, Stephanie Jones and Claire Staib-KaufmanJanuary 25, 2022

Financial Disclosure Financial Regulation Report

Assessing the Costs and Benefits of Mandatory Climate Risk Disclosure

As the Securities and Exchange Commission (SEC) prepares a new climate risk disclosure rule, this report analyzes relevant case law and highlights best practices that the SEC can follow in estimating the rule’s economic impacts. With trade groups expected to challenge any new disclosure requirement by claiming that its costs…

Jack Lienke and Alex SongJanuary 19, 2022

Agency Filing Financial Regulation Regulatory Activities

Comments on Department of Labor Proposed Rule on Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights

These comments support a Department of Labor proposed rule that clarifies that retirement plan fiduciaries should consider climate risk and other ESG factors whenever relevant to financial risk-return analysis for investment and proxy voting decisions. The comments additionally offer suggestions on potential improvements to the proposal for the Department's consideration.

Stephanie Jones, Michael Panfil, Sarah Ladin, Jack Lienke and Alex SongDecember 13, 2021

Adaptation as Risk Management Blog/News Article Environmental Justice Financial Disclosure Financial Regulation Private Governance Risk Management

Climate Change Comes to Insurance

This opinion piece explains the risks climate change poses to insurers, both as underwriters and as investors. It argues that it is necessary to align incentives in the insurance industry to prevent widespread defaults that would leave policyholders unprotected and examine areas where risks are distributed inequitably.

Bridget Pals and Michael PanfilDecember 3, 2021

Adaptation as Risk Management Agency Filing Environmental Justice Financial Disclosure Financial Regulation Private Governance Risk Management

Comments to Federal Insurance Office on the Insurance Sector and Climate-Related Financial Risks

These comments make recommendations to the Treasury Department's Federal Insurance Office on how it can monitor, analyze, and address climate-related risks in the insurance industry.

Jack Lienke, Bridget Pals, Alex Song, Madison Condon, Michael Panfil, Stephanie Jones and Romany WebbNovember 15, 2021