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
March 19, 2024
On March 19, 2024, Cravath partner Michael L. Arnold participated in a webinar entitled “Navigating the SEC’s Climate‑Related Disclosure Ruling,” which was hosted by Nasdaq. The virtual panel reviewed the U.S. Securities and Exchange Commission’s final rule which requires the disclosure of climate‑related matters, including which types of companies are impacted, assurance requirements, rollout timeline and recommendations for publicly traded companies to get ahead of requirements and mitigate compliance risk.
Activities & Publications
March 18, 2024
On March 18, 2024, Cravath prepared a memo for its clients entitled “A Deeper Dive into the SEC’s Landmark Climate Disclosure Rules for Public Companies.” The memo examines in depth the U.S. Securities and Exchange Commission’s recently adopted final rules requiring climate‑related disclosures for public companies. The memo outlines key takeaways of the final rules; the timeline for compliance; the background of the SEC’s focus on disclosure regarding climate change; the concept of materiality as used in the rules; the rules’ applicability to FPIs and other issuers; ongoing litigation challenging the validity of the rules; and next steps for public companies and their advisors to plan for compliance.
Activities & Publications
March 13, 2024
On March 12, 2024, Cravath partner Elad Roisman served as the keynote speaker in a webcast entitled “First Look at the SEC Climate Disclosure Rules,” which was hosted by PwC. During the webcast, Elad discussed how the SEC’s newly released climate disclosure rules will impact public companies and the importance of starting to prepare soon.
Activities & Publications
March 08, 2024
On March 8, 2024, Cravath prepared a memo for its clients entitled “SEC Adopts Climate Disclosure Rules for Public Companies.” The memo examines the U.S. Securities and Exchange Commission’s recently adopted final rules requiring climate-related disclosures for public companies. It provides a high-level summary of the key requirements of the final rules relevant to public companies and their advisors.
Activities & Publications
February 26, 2024
On February 21, 2024, Cravath partners John W. White and Michael L. Arnold participated in a program hosted by the University of Delaware’s John L. Weinberg Center for Corporate Governance entitled “The Evolving ESG Landscape: Practical Advice for Boards and Companies in 2024.” The program explored how boards and their advisors can navigate the evolving ESG landscape and examined challenging emerging issues, including board involvement in interactions with investors, employees and other stakeholders; responses to ESG backlash; board responsibility for integration of ESG into strategy, operations and control environment; ESG activists; and shareholder proposals.
Activities & Publications
March 19, 2024
On March 19, 2024, Cravath partner Michael L. Arnold participated in a webinar entitled “Navigating the SEC’s Climate‑Related Disclosure Ruling,” which was hosted by Nasdaq. The virtual panel reviewed the U.S. Securities and Exchange Commission’s final rule which requires the disclosure of climate‑related matters, including which types of companies are impacted, assurance requirements, rollout timeline and recommendations for publicly traded companies to get ahead of requirements and mitigate compliance risk.
Activities & Publications
March 18, 2024
On March 18, 2024, Cravath prepared a memo for its clients entitled “A Deeper Dive into the SEC’s Landmark Climate Disclosure Rules for Public Companies.” The memo examines in depth the U.S. Securities and Exchange Commission’s recently adopted final rules requiring climate‑related disclosures for public companies. The memo outlines key takeaways of the final rules; the timeline for compliance; the background of the SEC’s focus on disclosure regarding climate change; the concept of materiality as used in the rules; the rules’ applicability to FPIs and other issuers; ongoing litigation challenging the validity of the rules; and next steps for public companies and their advisors to plan for compliance.
Activities & Publications
March 13, 2024
On March 12, 2024, Cravath partner Elad Roisman served as the keynote speaker in a webcast entitled “First Look at the SEC Climate Disclosure Rules,” which was hosted by PwC. During the webcast, Elad discussed how the SEC’s newly released climate disclosure rules will impact public companies and the importance of starting to prepare soon.
Activities & Publications
March 08, 2024
On March 8, 2024, Cravath prepared a memo for its clients entitled “SEC Adopts Climate Disclosure Rules for Public Companies.” The memo examines the U.S. Securities and Exchange Commission’s recently adopted final rules requiring climate-related disclosures for public companies. It provides a high-level summary of the key requirements of the final rules relevant to public companies and their advisors.
Activities & Publications
February 26, 2024
On February 21, 2024, Cravath partners John W. White and Michael L. Arnold participated in a program hosted by the University of Delaware’s John L. Weinberg Center for Corporate Governance entitled “The Evolving ESG Landscape: Practical Advice for Boards and Companies in 2024.” The program explored how boards and their advisors can navigate the evolving ESG landscape and examined challenging emerging issues, including board involvement in interactions with investors, employees and other stakeholders; responses to ESG backlash; board responsibility for integration of ESG into strategy, operations and control environment; ESG activists; and shareholder proposals.
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