Four Decades for Justice
Environmental, social and governance (ESG) considerations have become an increased area of focus and importance for both value creation and risk mitigation to investors, regulators and various other stakeholders. Cravath delivers unparalleled legal expertise and business judgment in advising our corporate clients and their boards of directors on evolving, and often novel, challenges and opportunities associated with ESG issues, whether clarifying the highly‑fractured private ESG space, understanding the direction of travel at the SEC and other regulatory bodies or strategically addressing shareholder and other stakeholder concerns.
Our lawyers bring together an exceptional depth of experience in corporate governance and public reporting obligations, as well as environmental, climate and other sustainability matters, to counsel clients on developments in the ESG space. Our multi‑disciplinary approach allows us to engage in the full range of the questions and bespoke issues that may arise. Additionally, Cravath serves as a trusted advisor to senior management and boards of directors. Our deep client relationships translate to a thorough understanding of the legal and business objectives to provide strategic solutions for our clients’ ESG needs.
Lawyers in our ESG practice also provide expert counsel with respect to disclosure responsibilities and opportunities in the ESG space, whether arising as a result of legally required disclosures, as part of our clients’ sustainability reporting processes or in response to inquiries from shareholders or ESG ratings agencies or scorecard providers. We are experienced in working with our clients to establish appropriate governance procedures and controls processes so that ESG risks and strategies can be appropriately monitored by boards and management, and information can be presented in a way that is relevant, comparable, consistent and reliable. Cravath regularly advises companies in connection with ESG shareholder proposals and other year‑round shareholder engagement and communications around ESG issues. We also handle investigations and litigation arising from ESG‑related matters.
Our ESG capabilities include:
Cravath’s experienced ESG team includes previous leaders at the SEC, including the former Director of the Division of Corporation Finance who initiated the project that later became the 2010 Commission Guidance Regarding Disclosure Related to Climate Change. Having shaped the dialogue surrounding ESG disclosure for many years, our lawyers continue to influence the conversation, as well as the education around and development of this dynamic and ever‑changing area.
Our lawyers bring together an exceptional depth of experience in corporate governance and public reporting obligations, as well as environmental, climate and other sustainability matters, to counsel clients on developments in the ESG space. Our multi‑disciplinary approach allows us to engage in the full range of the questions and bespoke issues that may arise. Additionally, Cravath serves as a trusted advisor to senior management and boards of directors. Our deep client relationships translate to a thorough understanding of the legal and business objectives to provide strategic solutions for our clients’ ESG needs.
Lawyers in our ESG practice also provide expert counsel with respect to disclosure responsibilities and opportunities in the ESG space, whether arising as a result of legally required disclosures, as part of our clients’ sustainability reporting processes or in response to inquiries from shareholders or ESG ratings agencies or scorecard providers. We are experienced in working with our clients to establish appropriate governance procedures and controls processes so that ESG risks and strategies can be appropriately monitored by boards and management, and information can be presented in a way that is relevant, comparable, consistent and reliable. Cravath regularly advises companies in connection with ESG shareholder proposals and other year‑round shareholder engagement and communications around ESG issues. We also handle investigations and litigation arising from ESG‑related matters.
Our ESG capabilities include:
Cravath’s experienced ESG team includes previous leaders at the SEC, including the former Director of the Division of Corporation Finance who initiated the project that later became the 2010 Commission Guidance Regarding Disclosure Related to Climate Change. Having shaped the dialogue surrounding ESG disclosure for many years, our lawyers continue to influence the conversation, as well as the education around and development of this dynamic and ever‑changing area.
Activities & Publications
April 11, 2024
On April 10, 2024, Cravath partner and former Commissioner and Acting Chairman of the U.S. Securities and Exchange Commission Elad Roisman testified before the United States House Financial Services Committee. The hearing focused on the U.S. Securities and Exchange Commission’s recently adopted final rules requiring climate‑related disclosures for public companies and their potential impact on American markets.
Activities & Publications
April 09, 2024
On April 5, 2024, the Harvard Law School (HLS) Forum on Corporate Governance published an article written by Cravath partners John W. White, Matthew Morreale, Elad Roisman, Michael L. Arnold and Kimberley S. Drexler entitled “A Deeper Dive into the SEC’s Landmark Climate Disclosure Rules for Public Companies.” The article examines the U.S. Securities and Exchange Commission’s recently adopted final rules requiring climate‑related disclosures for public companies, outlining key takeaways of the final rules and the timeline for compliance. The article was originally prepared by Cravath as part of a longer memo for clients in March 2024.
Activities & Publications
April 08, 2024
On April 4, 2024, Cravath partner John W. White participated in “New SEC Developments – Climate Disclosure,” an event hosted by NYU School of Law’s Institute for Corporate Governance & Finance in New York. John spoke on a panel which reviewed the content of the U.S. Securities and Exchange Commission’s recently adopted final rules requiring climate‑related disclosures for public companies, analyzed the SEC’s stay of those rules and explored practical advice for companies and their boards as they prepare to comply with the new rules.
Activities & Publications
April 05, 2024
On April 4, 2024, Cravath partner Michael L. Arnold participated in the American Bar Association’s 2024 Business Law Section Spring Meeting, which was held from April 4‑6, 2024, virtually and in Orlando, FL. Michael chaired a panel entitled “Putting More ‘E’ in ESG Disclosure: Latest Developments in Climate‑Related Disclosure,” which reviewed the latest developments in mandatory and voluntary climate‑related disclosure regimes, including the rules from the SEC requiring climate disclosures from public companies and developments in California, Europe and in private ordering.
Activities & Publications
March 29, 2024
On March 27, 2024, Cravath partner Michael L. Arnold participated in a webinar entitled “SEC Climate Rule & Materiality: Great in Principle, Harder to Apply in Practice,” which was hosted by Socialsuite. The virtual panel reviewed the key components of the U.S. Securities and Exchange Commission’s recently adopted final rules requiring climate‑related disclosures for public companies, as well as how to apply the principle of materiality to determine if companies are required to disclose under the rules.
Activities & Publications
April 11, 2024
On April 10, 2024, Cravath partner and former Commissioner and Acting Chairman of the U.S. Securities and Exchange Commission Elad Roisman testified before the United States House Financial Services Committee. The hearing focused on the U.S. Securities and Exchange Commission’s recently adopted final rules requiring climate‑related disclosures for public companies and their potential impact on American markets.
Activities & Publications
April 09, 2024
On April 5, 2024, the Harvard Law School (HLS) Forum on Corporate Governance published an article written by Cravath partners John W. White, Matthew Morreale, Elad Roisman, Michael L. Arnold and Kimberley S. Drexler entitled “A Deeper Dive into the SEC’s Landmark Climate Disclosure Rules for Public Companies.” The article examines the U.S. Securities and Exchange Commission’s recently adopted final rules requiring climate‑related disclosures for public companies, outlining key takeaways of the final rules and the timeline for compliance. The article was originally prepared by Cravath as part of a longer memo for clients in March 2024.
Activities & Publications
April 08, 2024
On April 4, 2024, Cravath partner John W. White participated in “New SEC Developments – Climate Disclosure,” an event hosted by NYU School of Law’s Institute for Corporate Governance & Finance in New York. John spoke on a panel which reviewed the content of the U.S. Securities and Exchange Commission’s recently adopted final rules requiring climate‑related disclosures for public companies, analyzed the SEC’s stay of those rules and explored practical advice for companies and their boards as they prepare to comply with the new rules.
Activities & Publications
April 05, 2024
On April 4, 2024, Cravath partner Michael L. Arnold participated in the American Bar Association’s 2024 Business Law Section Spring Meeting, which was held from April 4‑6, 2024, virtually and in Orlando, FL. Michael chaired a panel entitled “Putting More ‘E’ in ESG Disclosure: Latest Developments in Climate‑Related Disclosure,” which reviewed the latest developments in mandatory and voluntary climate‑related disclosure regimes, including the rules from the SEC requiring climate disclosures from public companies and developments in California, Europe and in private ordering.
Activities & Publications
March 29, 2024
On March 27, 2024, Cravath partner Michael L. Arnold participated in a webinar entitled “SEC Climate Rule & Materiality: Great in Principle, Harder to Apply in Practice,” which was hosted by Socialsuite. The virtual panel reviewed the key components of the U.S. Securities and Exchange Commission’s recently adopted final rules requiring climate‑related disclosures for public companies, as well as how to apply the principle of materiality to determine if companies are required to disclose under the rules.
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