Four Decades for Justice
Environmental, Social and Governance (ESG)
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:
- Understanding and navigating the complex environment of ESG‑related framework providers, standard‑setting bodies and ratings providers, including international ESG‑related regulatory requirements;
- Responding to ESG‑related shareholder communications or shareholder proposals;
- Reviewing and assisting with the preparation of sustainability reports and other ESG‑related disclosure;
- Advising on the set‑up of ESG programs, including advice on appropriate disclosure controls and procedures for sustainability reporting;
- Establishment of ESG governance processes and procedures for the supervision of ESG risks and strategies; and
- Preparing for likely requirements for ESG disclosures in reporting in the future, including recently proposed SEC climate reporting rules.
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:
- Understanding and navigating the complex environment of ESG‑related framework providers, standard‑setting bodies and ratings providers, including international ESG‑related regulatory requirements;
- Responding to ESG‑related shareholder communications or shareholder proposals;
- Reviewing and assisting with the preparation of sustainability reports and other ESG‑related disclosure;
- Advising on the set‑up of ESG programs, including advice on appropriate disclosure controls and procedures for sustainability reporting;
- Establishment of ESG governance processes and procedures for the supervision of ESG risks and strategies; and
- Preparing for likely requirements for ESG disclosures in reporting in the future, including recently proposed SEC climate reporting rules.
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
September 07, 2023
Michael Arnold Co‑Chairs Panel at the American Bar Association’s 2023 Business Law Section Fall Meeting
On September 7, 2023, Cravath partner Michael L. Arnold participated in the American Bar Association’s 2023 Business Law Section Fall Meeting, which was held from September 7‑9, 2023, virtually and in Chicago, IL. Michael co‑chaired a panel entitled “Global ESG Legislation and Regulation Affecting American Companies,” which reviewed some of the most significant international ESG developments that could impact American companies, including those stemming from Europe, Canada and with the International Financial Reporting Standards Foundation, and how U.S. companies with international operations can be prepared.
Activities & Publications
July 13, 2023
Jennifer Leete, Elad Roisman and Lisa Kohl Author Article for The Review of Securities & Commodities Regulation on SEC Regulatory and Enforcement Developments
Cravath partners Jennifer Leete and Elad Roisman and of counsel Lisa Kohl authored an article entitled “SEC Regulatory and Enforcement Developments: What Boards of Directors and Audit Committees Need to Know,” which was published by The Review of Securities & Commodities Regulation on June 28, 2023. The article reviews the U.S. Securities and Exchange Commission’s recent rulemaking and enforcement activity relating to clawbacks, cybersecurity, Rule 10b5‑1 plans, and environmental, societal and governance topics. The article also examines how rulemaking and enforcement efforts reinforce one another as the agency continues to focus on board oversight, governance and controls.
Activities & Publications
June 29, 2023
Mark Greene and Eric Hilfers Speak at Stanford Law School’s 2023 Directors’ College
Cravath partners Mark I. Greene and Eric W. Hilfers spoke at Stanford Law School’s 28th Annual Directors’ College, which was held from June 26‑28, 2023, virtually and in Stanford, CA.
Activities & Publications
June 15, 2023
Elad Roisman Speaks at Lead Director Network Meeting
On June 13, 2023, Cravath partner Elad Roisman participated in the Lead Director Network Meeting, which was hosted by Tapestry Networks in New York. Elad spoke on a panel entitled “Implications for Directors related to the SEC’s Activities on Board Oversight of Risk, Cyber, and ESG.”
Activities & Publications
June 02, 2023
Michael Arnold Speaks at Westchester County Association’s 2023 Sustainable Business Conference
On June 1, 2023, Cravath partner Michael L. Arnold participated in “Profit & Purpose ’23,” Westchester County Association’s 2023 Sustainable Business Conference, which was presented in partnership with the Elisabeth Haub School of Law at Pace University in White Plains, NY. Michael spoke on a panel entitled “Mandatory Climate Risk and ESG Disclosure,” which reviewed pending SEC rules that will require companies to provide an accounting of their greenhouse gas emissions, climate‑related risks and risk management and other climate‑related disclosures, as well as other recent developments in voluntary and European ESG disclosure standards and what companies should be doing to respond to these developments.
Activities & Publications
September 07, 2023
Michael Arnold Co‑Chairs Panel at the American Bar Association’s 2023 Business Law Section Fall Meeting
On September 7, 2023, Cravath partner Michael L. Arnold participated in the American Bar Association’s 2023 Business Law Section Fall Meeting, which was held from September 7‑9, 2023, virtually and in Chicago, IL. Michael co‑chaired a panel entitled “Global ESG Legislation and Regulation Affecting American Companies,” which reviewed some of the most significant international ESG developments that could impact American companies, including those stemming from Europe, Canada and with the International Financial Reporting Standards Foundation, and how U.S. companies with international operations can be prepared.
Activities & Publications
July 13, 2023
Jennifer Leete, Elad Roisman and Lisa Kohl Author Article for The Review of Securities & Commodities Regulation on SEC Regulatory and Enforcement Developments
Cravath partners Jennifer Leete and Elad Roisman and of counsel Lisa Kohl authored an article entitled “SEC Regulatory and Enforcement Developments: What Boards of Directors and Audit Committees Need to Know,” which was published by The Review of Securities & Commodities Regulation on June 28, 2023. The article reviews the U.S. Securities and Exchange Commission’s recent rulemaking and enforcement activity relating to clawbacks, cybersecurity, Rule 10b5‑1 plans, and environmental, societal and governance topics. The article also examines how rulemaking and enforcement efforts reinforce one another as the agency continues to focus on board oversight, governance and controls.
Activities & Publications
June 29, 2023
Mark Greene and Eric Hilfers Speak at Stanford Law School’s 2023 Directors’ College
Cravath partners Mark I. Greene and Eric W. Hilfers spoke at Stanford Law School’s 28th Annual Directors’ College, which was held from June 26‑28, 2023, virtually and in Stanford, CA.
Activities & Publications
June 15, 2023
Elad Roisman Speaks at Lead Director Network Meeting
On June 13, 2023, Cravath partner Elad Roisman participated in the Lead Director Network Meeting, which was hosted by Tapestry Networks in New York. Elad spoke on a panel entitled “Implications for Directors related to the SEC’s Activities on Board Oversight of Risk, Cyber, and ESG.”
Activities & Publications
June 02, 2023
Michael Arnold Speaks at Westchester County Association’s 2023 Sustainable Business Conference
On June 1, 2023, Cravath partner Michael L. Arnold participated in “Profit & Purpose ’23,” Westchester County Association’s 2023 Sustainable Business Conference, which was presented in partnership with the Elisabeth Haub School of Law at Pace University in White Plains, NY. Michael spoke on a panel entitled “Mandatory Climate Risk and ESG Disclosure,” which reviewed pending SEC rules that will require companies to provide an accounting of their greenhouse gas emissions, climate‑related risks and risk management and other climate‑related disclosures, as well as other recent developments in voluntary and European ESG disclosure standards and what companies should be doing to respond to these developments.
Cravath Bicentennial
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