Shareholders at ExxonMobil Vote in Favor of Climate Change Reporting

On May 31, shareholders at Exxon Mobil Corp. (“ExxonMobil”) voted in favor of a climate change resolution asking the company to publish an annual report on the business impact of measures designed to limit global temperature increases to 2 degrees centigrade, the target set by the Paris Agreement.

The non-binding resolution passed with more than 62% of the votes cast. Specifically, the resolution asks that,… More

Five on Friday – Five Recent Developments that We’ve Been Watching Closely

It’s Friday iStock_000011057325XSmalland time for another overview of developments in the field of business and human rights that we’ve been monitoring.

This week’s post includes: a new report on the state of corporate human rights reporting; the passage of a shareholder resolution on climate change at Occidental Petroleum; and the latest Ministerial Declaration from the Labour and Employment Ministers of the G20.

Foley Hoag Releases Summary Report on Good Practices for Oil Pipelines, as Commissioned by the Dakota Access Consortium of Lenders

On May 9, we released a public summary of our report “Good Practice for Managing the Social Impacts of Oil Pipelines in the United States.” A copy of the public summary of the report is available here.

The independent report was prepared by Amy LehrCicely Parseghian, and Gare Smith.… More

Five on Friday – Five Recent Developments that We’ve Been Watching Closely

It’s Friday iStock_000011057325XSmalland time for another overview of developments in the field of business and human rights that we’ve been monitoring.

This week’s post includes: a jury verdict in the Quinteros v. DynCorp litigation; the latest GAO report on corporate conflict mineral disclosures; and a statement from the Scottish Parliament that investments agreements should only be signed after appropriate human rights due diligence.

  • On March 29,…
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The SEC and the Conflict Minerals Rule: What You Need to Know about the Latest Developments

It is clear that Michael Piwowar, Acting Chairman of the Securities Exchange Commission (“SEC”) is not a fan of the conflict minerals rule. Earlier this month, the Acting Chairman and the Division of Corporation Finance released two statements regarding rule, both of which clearly state that the regulation will not be an enforcement priority.

By way of background, the statements were published after long-running litigation regarding the conflict minerals rule finally reached a formal conclusion.… More

Five on Friday – Five Recent Developments that We’ve Been Watching Closely

It’s Friday iStock_000011057325XSmalland time for another overview of developments in the field of business and human rights that we’ve been monitoring.

This week’s post includes: an effort by Twitter to enjoin U.S. Government demands for information regarding a user account critical of the Trump Administration; an announcement that seven telecommunications companies have joined the Global Network Initiative; and a decision by EITI to make project-level payment reporting mandatory.… More

Alien Tort Case Development: The U.S. Supreme Court Will Review the Question of Corporate Liability

On Monday, April 3, the U.S. Supreme Court granted a petition for a writ of certiorari filed by plaintiffs in Jesner v. Arab Bank, No. 16-499. The case may once and for all determine whether companies are appropriate defendants in cases filed pursuant to the Alien Tort Statute (“ATS”).

The petition was filed after the Second Circuit Court of Appeals upheld the dismissal of plaintiffs’ claims in five consolidated cases against Arab Bank,… More

Five on Friday – Five Recent Developments that We’ve Been Watching Closely

It’s Friday iStock_000011057325XSmalland time for another overview of developments in the field of business and human rights that we’ve been monitoring.

This week’s post includes: the European Parliament’s adoption of a new conflict minerals regulation; the French Constitutional Council’s review of the proposed duty of vigilance legislation; the dismissal of the Doe v. Nestle litigation; and the release of a new Corporate Accountability Index by Ranking Digital Rights.… More

Investors Don’t Think That Climate Change Is A Hoax: BlackRock Is Losing Its Patience

This post, written by Seth Jaffe, a Partner in firm’s Environmental practice, was originally posted on the firm’s Law and the Environment blog.

BlackRock, which manages more than $5 trillion in assets, has released a statement on how it “engages with climate risk.”  The statement has three main elements.  

  • Support for the Financial Stability Board’s Task Force on Climate-Related Disclosures
  • Engagement with companies over assessment on climate risks
  • An indication of potential support for shareholder resolutions on climate risk, where such resolutions “address a gap in investment-decision and stewardship”, and “management’s response to our prior engagement has been inadequate.”

The statement emphasizes BlackRock’s long-term approach to investing, which is the source of the best line in the statement.  In summarizing letters from BlackRock’s CEO, Larry Fink, to CEOs, BlackRock notes that:

While we are patient investors, we are not infinitely patient.

I’m picturing James Earl Jones as Darth Vader saying that.  I wonder what energy executives are hearing.

Five on Friday – Five Recent Developments that We’ve Been Watching Closely

It’s Friday iStock_000011057325XSmalland time for another overview of developments in the field of business and human rights that we’ve been monitoring.

This week’s post includes: new reports on the U.S. National Action Plan on Responsible Business Conduct, corporate disclosures pursuant to the California Transparency in Supply Chains Act, and shareholder proposals on social and environmental issues; the second discussion paper published by the Thun Group of Banks;… More