OCC Nudges Banks on Climate Change

climate

One of the country’s top banking regulators has outlined five questions that large banks’ boards should be asking about climate change, with a notable nudge that the banks’ management teams “hopefully should be able to answer these questions with greater accuracy and confidence” within 12 months. In other words, get on with things, banking industry.…

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More on Reporting Climate Change Risks

climate

A nor’easter is blowing through Radical Compliance headquarters today here in New England, so what better time to talk about climate change? We have a few items about climate change risk assessment and disclosure that are worth noting. First is a speech given last week by SEC commissioner Allison Herren Lee, who has spoken about…

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Gensler: Climate Risk Proposal by Year-End

climate

SEC chairman Gary Gensler said today that he wants a draft proposal for mandatory climate risk disclosures by the end of this year, and dropped more hints than ever before about what that proposal might entail. Gensler made his remarks on a webinar hosted by Principles for Responsible Investment, a think tank that supports more…

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The ESG Plans Keep Ramping Up

ESG

Don’t look now, but the Biden Administration continues to position its pieces on the regulatory chessboard to advance the administration’s plans for more corporate disclosure of ESG risks. First, last Thursday the president issued an executive order on the subject, addressing climate change and how the administration might use financial regulation to further enhance climate-change…

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Climate Action Heats Up at SEC!

climate

More news this week about the Securities and Exchange Commission’s approach to climate change: the Enforcement Division has created a new task force to examine corporate disclosures about climate and ESG issues; and the two Republican commissioners on the SEC published a warning shot against the agency’s new climate change enthusiasm. Let’s start with the…

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Senate Hearing on SEC Nominee Gensler

compliance

President Biden’s nominee to run the Securities & Exchange Commission had his confirmation hearing with the Senate Banking Committee today, in a session that touched on plenty of subjects — although not too many that are directly relevant to corporate ethics and compliance officers.  The nominee is Gary Gensler, who previously chaired the Commodities &…

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SEC Warning Shot on Climate Disclosure

climate

The acting head of the Securities and Exchange Commission said today that agency staff will start paying more attention to companies’ climate change disclosures, as a prelude to the SEC updating its original climate change guidance now 11 years old.  Allison Herren Lee, acting chair since the Biden Administration took office in January, released her…

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A Word on Climate Change Risks

climate

So as you may have noticed recently, the world is on fire. And being buffeted by hurricanes. And suffering drought. And watching the polar ice caps melt away like Red Sox playoff hopes every summer.  Put simply, mankind is past the point of preventing the deleterious effects of climate change. Those effects are here now.…

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Climate Change Risk and Supply Chains

climate

Let’s say you are a large manufacturing, retail, or industrial concern; and you want to assure that your supply chain won’t be disrupted by climate change. How would you actually assess and quantify that risk?  That’s not a hypothetical question for large businesses. As global warming continues, extreme weather events become more frequent and more…

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More Thoughts on Climate Costs

climate

Last week we had a post about corporate disclosure of climate change issues, and the challenge of making useful disclosures under our currently crazy-quilt system of frameworks, standards, and scant regulatory direction. Too much noise about planning for better disclosure, not enough signal on how to do it. One Radical Compliance reader emailed to say…

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