Deutsche Bank’s asset-management arm DWS Group agreed to a fine of 25 million euros, or $27 million to the Frankfurt Public Prosecutor’s office to settle allegations of greenwashing. The allegations were brought by Frankfurt prosecutors after its investigation into the firm’s environmental and social investing credentials. Greenwashing is when a Read More
The Securities and Exchange Commission announced, in a letter to the Eighth Circuit court, that it has voted to no longer defend rules requiring companies to disclose climate-related risks, greenhouse gas emissions, and their impact on business operations. The original rules requiring sch disclosure was adopted last year under the Read More
The Securities and Exchange Commission announced the rescission of guidelines, established during Gary Gensler’s tenure as Chair of the agency, that governed the exclusion of certain shareholder proposals from proxy statements, marking a shift that favors companies in shareholder proposal exclusions. The SEC announced its decision in a Staff Legal Read More
The U.S. Senate announced its confirmation of Lee Zeldin as Administrator of the Environmental Protection Agency. Zeldin, who served on President Trump’s legal defense team during his first impeachment, was nominated by the President to lead the EPA. Zeldin previously served in the New York State Senate from 2011-2014 and Read More
G lobal consulting firm McKinsey & Co. has agreed to pay $650 million to settle a Department of Justice investigation into the firm’s consulting work with opioids manufacturer Purdue Pharma. The DoJ had accused McKinsey of fueling the opioid epidemic with its aggressive sales and marketing advice to Purdue, including Read More
I nvesco Advisers is paying the price for misleading clients and investors about how much of its assets were truly aligned with environmental, social, and governance principles. The Atlanta-based investment firm has agreed to pay a $17.5 million civil penalty to settle the Securities and Exchange Commission’s charges that it Read More
The Securities and Exchange Commission voted to finalize its rules on climate-change disclosures titled, “The Enhancement and Standardization of Climate-Related Disclosures for Investors.” In an about face that the SEC began signaling last month, the Commission cut key provisions from the proposal, including a requirement to disclose Scope 3 emissions, Read More
Exxon has recently filed a lawsuit against its activist investors, Arjuna Capital and Follow This, in order to stop them from filing climate-change proposals during the company’s shareholder meeting. The Exxon shareholder proposals ultimately urge the company to “go beyond current plans” to cut its greenhouse gas emissions. The lawsuit Read More
The New York State Department of Financial Services (NYDFS) has issued guidance on managing the financial and operational risks associated with climate change. The guidance applies to New York regulated banks, mortgage bankers, and mortgage servicers, as well as branches and agencies of foreign banks licensed in New York. It Read More
