Resources

Directors’ Duties, Responsibilities and Disclosure Obligations under Philippine Law on Climate Change Risks

November 28, 2022 2829Views

Under Philippine Corporation Law, the risks arising from climate change are - as with other foreseeable financial risks - within the scope of directors' duties to act in the best interest of the corporation and its shareholders, according to a new legal opinion dated 18 October 2022. Additionally, directors owe their duties to stakeholders…

Round-up of biodiversity day at COP27 (16 November 2022)

November 21, 2022 902Views

On 16 November 2022, the focus at COP27 shifted to issues relating to biodiversity, paving the way for the UN Biodiversity Conference (COP15) which is due to take place between 7 and 19 December 2022 in Canada. Key developments of the day included the launch of the Enhancing Nature-based Solutions for Climate Transformation initiative which…

Climate Change Disclosures: What board directors need to know

September 30, 2022 1092Views

Climate-related disclosures are becoming increasingly more common. Several jurisdictions have begun to mandate them, while many others require them on a 'comply or explain' basis and have plans to start mandating them in the coming years. This briefing gives an overview of the importance and relevance of climate-related disclosures to board directors, including a detailed…

Review of second round of public comments to U.S. Securities and Exchange Commission regarding proposed climate change disclosures

September 5, 2022 1168Views

The Commonwealth Climate and Law Initiative (CCLI) has conducted a review of the over 1,000 comments to the US Securities and Exchange Commission (SEC) submitted by commentators other than individuals, in order to gauge support for the proposed rules and the issues raised by commentators. You can read a summary of the CCLI's…

IPBES ‘Methodological Assessment of the Diverse Values and Valuation of Nature’

August 19, 2022 1031Views

The independent intergovernmental biodiversity advisory body called Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) has published its Assessment Report on Diverse Values and Valuation of Nature. Jennifer Ramos, our corporate/finance and biodiversity lawyer, and Zaneta Sedilekova, our biodiversity consultant, summarise points from the report which are relevant for commercial and environmental lawyers in…

Primer on Climate Change: Directors’ Duties and Disclosure Obligations -2nd Edition

July 29, 2022 2210Views

The Commonwealth Climate and Law Initiative (CCLI) has worked with the Climate Governance Initiative (CGI) to produce the second edition to the Primer on Climate Change: Directors’ Duties and Disclosure Obligations. The Primer provides an overview of contemporary evidence that climate change presents foreseeable, and in many cases material, financial and systemic risks that…

The development of the ISSB sustainability standards: What does it mean for directors’ legal duties?

July 28, 2022 1438Views

The IFRS Foundation's International Sustainability Standards Board (ISSB) released two Exposure Drafts of proposed sustainability standards on 31 March 2022. These propose disclosures on climate-related financial risks, both as narrative disclosures and in a company's financial statements. In this white paper, Dr. John Purcell FCPA, formerly CPA Australia’s policy adviser for Environmental, Social and…

Legal Opinion on Directors’ Duties and Disclosure Obligations under Malaysian Law in the context of Climate Change Risks and Considerations

July 26, 2022 7480Views

Directors of Malaysian companies are legally required to incorporate climate change considerations into their decision-making processes, according to a new legal opinion dated 22 July 2022. A failure to do so may be a breach of a director’s legal duties and could expose them to litigation from shareholders or enforcement action from the regulatory authorities.…

Climate Change Litigation: What Board Directors Need to Know

July 5, 2022 1617Views

Climate change litigation is increasing, both in terms of the number of cases being brought and the routes which claimants are taking. Claims against governments can affect the policy and operating environment for companies, or result in delays or rejection of regulatory approvals. Litigation against companies is increasing, and claims are now being brought against…

Review of public comments to U.S. Securities and Exchange Commission regarding proposed climate change disclosures

June 14, 2022 758Views

On 13 June 2022, we published a summary which captures high-level findings of a review of the public comments submitted to the U.S. Securities and Exchange Commission (SEC) in response to its request for comments in respect of potential climate change related disclosures.