Three Key SEC Developments Affecting ESG: Acting Chairman Uyeda’s Climate Rule Statement, SLB 14M and Schedule 13D/G CDIs

On March 6, 2025, Cravath prepared a memo for its clients entitled “Three Key SEC Developments Affecting ESG: Acting Chairman Uyeda’s Climate Rule Statement, SLB 14M and Schedule 13D/G CDIs.” The memo examines these recent actions under the U.S. Securities and Exchange Commission’s new leadership and their potential impact in the environmental, social and governance (ESG) space.

The actions include Acting Chairman Mark Uyeda’s recently issued statement indicating the SEC would be pausing its legal defense of the Enhancement and Standardization of Climate‑Related Disclosures for Investors rule; the staff of the SEC’s Division of Corporation Finance’s recent publication of Staff Legal Bulletin No. 14M; and the recently updated Compliance and Disclosure Interpretations regarding the filing of Schedules 13D and 13G. The memo discusses how these early actions preview that the SEC will generally act to reverse the pro‑ESG actions taken by the prior SEC.

Please click here to read the memo.