Law Commons^™

Esg Factors In Municipal Securities Disclosures: Toward A Materiality Concept, Justin Marlowe

Northern Illinois University Law Review

State and local governments in the United States finance most of their infrastructure investment with debt instruments known as municipal bonds. The federal government does not directly regulate when or how municipal issuers access the municipal bond market, and only indirectly regulates the content of municipal borrowers’ disclosure to investors. A consequence of that unique regulatory structure is that municipal borrowers have wide discretion on whether to disclose falling property values, rising crime rates, and other long-term threats to their ability to repay investors. This is at odds with the ever-expanding information needs of investors who seek to align their …

Participation In Paradise?: Indigenous Participation And Environmental Decisionmaking In HawaiʻI, Lindsay Peterson

American Indian Law Journal

No abstract provided.

Esg Implementation In Emerging & Frontier Markets: Lessons Cultivated From Sri Lanka And Beyond, Ahmed Qaisi

University of Miami Business Law Review

Crippling debt accrued within emerging and frontier market nations forces developing governments to enact policies contrary to the well-being of their overall economies. The influence of credit rating agencies as well as organizations like the World Bank and the International Monetary Fund (“IMF”) have handcuffed governments into implementing Environmental, Social, and Governance (“ESG”) policies that are unrealistic and unfeasible and have therefore caused detrimental societal impacts. This note examines how the application of ESG policies and governmental corruption resulted in Sri Lanka’s devastating economic collapse. Also scrutinized are those countries which have taken on debt but have managed well throughout …

The Missing "T" In Esg, Danielle A. Chaim -- Assistant Professor, Gideon Parchomovsky -- Professor Of Law

Vanderbilt Law Review

Environmental, social, and governance (“ESG”) philosophy is the zeitgeist of our time. The rise of ESG investments came against the perceived failure of the government to adequately promote socially important goals. And so, corporations are now being praised and credited for stepping up where the government has fallen short. In this Essay, we contend that the standard narrative of ESG suffers from a major flaw. The reason for this discrepancy is taxes. The companies that are widely perceived as saviors of the ESG era are in fact the cause of some of the main deficiencies ESG seeks to redress. Astoundingly, …

Boden Lecture: Of Chameleons And Esg, Ann M. Lipton

Marquette Law Review

Ever since the rise of the great corporations in the late nineteenth and early

twentieth centuries, commenters have debated whether firms should be run

solely to benefit investors, or whether instead they should be run to benefit

society as a whole. Both sides have claimed their preferred policies are

necessary to maintain a capitalist system of private enterprise distinct from

state institutions. What we can learn from the current iteration of the debate—

now rebranded as “environmental, social, governance” or “ESG” investing—

is that efforts to disentangle corporate governance from the regulatory state

are futile; governmental regulation has an inevitable …

Green Amendments Land Use And Transportation: What Could Go Wrong?, Michael Lewyn

Scholarly Works

Numerous states have amended their constitutions to include a green amendment (that is, an amendment providing that the state's citizens have a right to a healthy environment). Unfortunately, the vagueness of these amendments leaves an enormous amount of interpretative power to courts. This article examines how some courts have interpreted green amendments and how these interpretations risk the misuse of green amendments. Additionally, this article examines how such misuse may be avoided.

Federal Common Law, Climate Torts, And Preclusion, Tom Boss

Washington and Lee Law Review Online

Municipalities have been trying for decades to hold energy companies accountable for their role in the climate change crisis. In an effort to prevent suits, these companies are pushing the novel legal theory that federal common law provides a basis for jurisdiction in federal court over these claims. Once in federal court, the defendants argue that the very federal common law that served as the basis for removal has been displaced by the Clean Air and Clean Water Acts. This would then justify dismissal of the entire case for failure to state a claim. Luckily for the plaintiffs, nearly all …

What Do We Know About Shareholders' Potential To Solve Environmental And Social Problems?, Bryce C. Tingle

Georgia Law Review

Securities regulators around the world are attempting to assist socially conscious shareholders in driving changes in the way corporate America operates. At a time when legislative solutions to some of our most pressing social and environmental problems seem far away, many market actors have come to hope that shareholders can succeed in regulating and reforming corporate practices.

This paper summarizes the empirical evidence regarding the behavior of shareholders with explicit ESG mandates, the difficulties outsiders experience in evaluating ESG performance, and the outcomes generated by the limited tools available to shareholders under corporate law. It concludes there is little evidence …

A Fireside Chat With A Senator Sheldon Whitehouse, Roger Williams University School Of Law

School of Law Conferences, Lectures & Events

No abstract provided.

Law Library Blog (March 2023): Legal Beagle's Blog Archive, Roger Williams University School Of Law

Law Library Newsletters/Blog

No abstract provided.

A Wrong Turn With The Rights Of Nature Movement, Noah M. Sachs

Law Faculty Publications

Environmentalists have long dreamed of granting enforceable legal rights to nature, and their vision has recently become reality. Governments in the United States and abroad are enacting Rights of Nature laws, and many scholars have championed this burgeoning movement as one of the best hopes for preserving the environment.

Legal rights for nature seem visionary, but policymakers and scholars are overlooking considerable problems with this approach. This Article spotlights these problems, including the vague and incoherent content of nature’s rights, the difficulty of defining the boundaries of natural entities, the absence of limiting principles for the rights, and the legislation’s …

The Hidden Cost Of Contracting For Esg: A New Perspective On Private Ordering, Juliet P. Kostritsky, Jillian T. Fox, Blake Spiller

Faculty Publications

Currently, despite the increasing pressure on corporations to account for Environmental Social Governance (ESG) factors in their disclosures and actions, a lack of clarity on the meaning of ESG persists. ESG might be equivalent to stakeholderism, in which companies can sacrifice firm or shareholder market value to serve non-financial values. A second meaning would permit companies to pursue ESG only if it advanced the firm’s financial value. The second meaning poses no new challenges for corporate law.

This Article will address how the lack of clarity on ESG makes it difficult to assess whether a provision in a contract of …

Teaching Sustainable Business Law & The Role Of Esg Lawyers, Jason J. Czarnezki, Joshua Ulan Galperin, Brianna M. Grimes

Elisabeth Haub School of Law Faculty Publications

This Article is the second paper in a series laying out the emergence of sustainable business law and the role of ESG lawyers. The first paper, Sustainable Business Law? The Key Role of Corporate Governance and Finance, argues “that ‘sustainable business law’ has emerged as a distinct area of law” and “serves as an introductory explanation to define and understand the growing subject matter at the intersection of sustainability, business, and the law.” That paper also explores the key role that corporate governance and finance play in achieving sustainability, and suggests that “[a] future project for scholars ... is to …

Commentary: Dan Mandelker—A Land-Use Legacy Unlike Any Other, Patricia E. Salkin

Scholarly Works

It is an honor to share thoughts about the importance of Professor Daniel Mandelker’s legacy to the field of land-use and zoning law. The word “legacy” means, among other things, “something that is part of your history or that remains from an earlier time.” At ninety-two, he was the longest actively teaching land use law professor in the United States. His academic career began in 1949 when he was appointed an Assistant Professor at Drake Law School, with relatively short stints at the University of Indiana Law School and Columbia Law School, followed by his appointment at Washington University School …

Dynamic Disclosure: An Exposé On The Mythical Divide Between Voluntary And Mandatory Esg Disclosure, Lisa Fairfax

All Faculty Scholarship

In March 2022, for the first time in its history, the Securities and Exchange Commission (the “SEC”) proposed rules mandating disclosure related to climate change. The proposed rules are remarkable because heretofore many in the business community, including the SEC, vehemently resisted climate-related disclosure, based primarily on the argument that such disclosure is not material to investors. This resistance is exemplified by the current lack of any SEC disclosure mandates for climate change. The proposed rules have sparked considerable pushback including allegations that the rules violate the First Amendment, would be too costly, and focus on “social” or “political” issues …

The Environmental, Social, Governance (Esg) Debate Emerges From The Soil Of Climate Denial, Lawrence J. Trautman, Neal Newman

Faculty Scholarship

It has been almost six decades since Rachel Carson’s ominous warning of pending environmental disaster. During 2019 the United Nations requested urgent action from world leaders, given that “just over a decade is all that remains to stop irreversible damage from climate change.” With every passing year, damage resulting from destructive climate change causes increased pain, suffering, death and massive property loss. During 2020 and 2021 alone, severe weather events have included: destructive fires in California; record breaking freeze, power outage, and threat to the electrical grid in Texas; continuation of disruptive drought in U.S. Western states; and record-breaking high …

Board Committee Charters And Esg Accountability, Lisa Fairfax

All Faculty Scholarship

We are currently witnessing a sharp increase in corporate attention on environmental, sustainability, and governance (“ESG”). The steep rise in corporate focus on ESG has prompted considerable criticism, not only from those concerned about how best to ensure that corporations are held accountable for their ESG commitments, but also from those who strenuously insist that corporate commitment to ESG is merely rhetorical or otherwise merely a passing fad. In an effort to shed light on the concerns around ESG accountability, and gain perspective about the potential illusory or short-term nature of ESG, I conducted my own survey of the committee …

Deciphering Lessons From The Ashes: Saving The Amazon, Shannon K. Woulfe

Natural Resources Journal

For over forty years, Brazil, its subnational governments, Indigenous communities, other nations, non-governmental organizations, corporations, and individuals have worked to conserve the Amazon rainforest through a staggering number of diverse international initiatives. While some initiatives have supported Brazil in decreasing the rate of deforestation over the past fifteen years, the 2019 fires demonstrated that destruction continues. Left unchecked, this irreversible destruction promises to amplify. Fortunately, the long history of global involvement in Amazon conservation provides ample lessons for effective, place-based deforestation prevention. Thoughtful and coordinated international action can address the current lethal combination of destructive factors: Brazil’s environmentally hostile federal …

Confronting Complexity With Regulatory Excellence: Recommendations In The Wake Of The Philadelphia Refinery Explosion, Cary Coglianese

All Faculty Scholarship

Following the June 2019 explosion at the Philadelphia Energy Solutions (PES) refinery, the city of Philadelphia now confronts major challenges associated with the future of the refinery site. Whether the site is reopened as a refinery or other chemical-processing operation, or redeveloped for other uses, the city will face challenges endemic to all kinds of public policy issues: complexity, uncertainty, dynamism, tradeoffs, and value choices. This testimony, delivered to the City of Philadelphia Refinery Advisory Group’s Environment Committee, offers three main suggestions to help guide Philadelphia officials in dealing with the future of the PES refinery site. First, city officials …

The Covid–19 Pandemic Highlighted The Need For Mandated Esg Disclosures: Now What?, Nicholas P. Mack

University of Miami Business Law Review

This is not simply your run–of–the–mill COVID–19 article. Instead, this article highlights a salient issue that has been right in front of our eyes this whole time and COVID–19 simply took our blinders off. ESG—short for environmental, social, and governance—is gaining significant momentum both at the firm level and in investment strategy, yet the SEC is trailing behind in ensuring the market is adequately informed of firms’ ESG information. It is important to note that the COVID–19 pandemic initially threw the market into an unanticipated downward spiral; however, many ESG funds still managed to outperform the market in the midst …

Law School News: National Housing Advocate Named To Lead Rwu's New Real Estate Initiatives 02/08/2022, Roger Williams University School Of Law

Life of the Law School (1993- )

No abstract provided.

Stakeholderism, Corporate Purpose, And Credible Commitment, Lisa Fairfax

All Faculty Scholarship

One of the most significant recent phenomena in corporate governance is the embrace, by some of the most influential actors in the corporate community, of the view that corporations should be focused on furthering the interests of all corporate stakeholders as well as the broader society. This stakeholder vision of corporate purpose is not new. Instead, it has emerged in cycles throughout corporate law history. However, for much of that history—including recent history—the consensus has been that stakeholderism has not achieved dominance or otherwise significantly influenced corporate behavior. That honor is reserved for the corporate purpose theory that focuses on …

Feature Comment: The Inflation Reduction Act: A New Role For Green Procurement?, Christopher R. Yukins, Nathaniel Green

GW Law Faculty Publications & Other Works

The 2022 Inflation Reduction Act of 2022 (IRA) (H.R. 5376, now P.L. 117-169) marks one of the most significant steps forward in U.S. environmental policy in decades. The IRA provides for hundreds of billions of dollars in energy and climate spending. While federal procurement provisions do not play a central role in the IRA, the legislation does include significant provisions related to federal spending, for example regarding federal purchases of environmentally sound building products. Even more importantly, taken in context, the IRA follows a number of other steps taken to advance “green” procurement by the Biden administration. The legislation thus …

Recognizing A Fundamental Right To A Clean Environment: Why The Juliana Court Got It Wrong And How To Address The Issue Moving Forward, Robert Kemper

FIU Law Review

As the existential threat of climate change becomes increasingly prevalent, U.S. plaintiffs, lawyers, and activists have begun seeking redress in federal courts arguing for recognition of a constitutional right to a clean environment. Recently, in Juliana v. United States, the Ninth Circuit explicitly recognized the grave threat of climate change for the health, well-being, and security of the American people and the nation as a whole. Additionally, the court found that the U.S. government has contributed to climate change through both inaction and policy decisions that promote the use of fossil fuels. The plaintiffs claimed that they had a constitutional …

Securities Law: Overview And Contemporary Issues, Neal Newman, Lawrence J. Trautman

Faculty Scholarship

This is not your grandfather’s SEC anymore. Rapid technological change has resulted in novel regulatory issues and challenges, as law and policy struggles to keep pace. The U.S. Securities and Exchange Commission (SEC) reports that “the U.S. capital markets are the deepest, most dynamic, and most liquid in the world. They also have evolved to become increasingly fast and extraordinarily complex. It is our job to be responsive and innovative in the face of significant market developments and trends.” With global markets increasingly interdependent and interconnected and, “as technological advancements and commercial developments have changed how our securities markets operate, …

Do Esg Funds Deliver On Their Promises?, Quinn Curtis, Jill E. Fisch, Adriana Z. Robertson

All Faculty Scholarship

Corporations have received growing criticism for their role in climate change, perpetuating racial and gender inequality, and other pressing social issues. In response to these concerns, shareholders are increasingly focusing on environmental, social, and corporate governance (ESG) criteria in selecting investments, and asset managers are responding by offering a growing number of ESG mutual funds. The flow of assets into ESG is one of the most dramatic trends in asset management.

But are these funds giving investors what they promise? This question has attracted the attention of regulators, with the Department of Labor and the Securities and Exchange Commission (SEC) …

Protecting The Environment In Sharia (Islamic Law)- حماية البيئة في الشريعة الإسلامية, Professor Mohamed Ahmed Abu Leil

UAEU Law Journal

The paper discusses some environmental connotations and values under Islamic guidelines leading to protecting a livable environment t, as follows:

I. The Holy Qur’an verses on the various aspects of environment. I l. The extent of human control over environmental resources, and forbidding its destruction. Ill Positive measures i n Islamic legislations for environment protection.

The Case For A Climate-Smart Update Of The Africa Mining Vision, Perrine Toledano, Martin Dietrich Brauch, Karan Bhulwaka, Kojo Busia

Columbia Center on Sustainable Investment Staff Publications

The 2009 Africa Mining Vision (AMV) provides guidance for the industrialization of African countries by leveraging their mining sector. However, the global context has changed since its adoption. As a result, it does not include guidance on how governments should embrace the climate change agenda as an opportunity for better and further industrialization, deeper linkages, and sustainable development.

There are many ways to look at the implications of international climate change policy for Africa, including through the increased extraction of minerals needed in clean energy application and the greening of mines. The localization of global value chains – induced by …

Quantitative Valuation In Environmental Law, Arden Rowell

Notre Dame Law Review

Quantitative valuations of environmental impacts affect and sometimes determine the substance and stringency of many environmental laws. At the same time, a constellation of psychological factors makes environmental impacts unusually difficult for individuals to see, understand, and care about. As a result, the environmental valuations that inform environmental law are particularly vulnerable to contextual cues, small shifts in framing, and methodological choice, and can lead to sincere but wildly varying valuations of the same underlying environmental impacts. These distortions become increasingly apparent when valuations are quantified, and in fact can be used predictably to push quantified valuations “up” and “down” …

The Right Of Access To Environmental Information, A Fundamental Human Right?, Musa Shehada

UAEU Law Journal

The aim of this research is to discuss the right of access to information on issues of environment as a fundamental human right. The research reviews the international, European and French efforts being exerted to approve"the right to environment" as well as"the right of access to environmental information" as a principle among the general principles of the environmental law in addition to the means and effect of approving such right.

The research stressed in its conclusion that the right to acquire information on environmental issues is deemed as "right of freedom" among the general freedoms according to Article No. 34 …