Digital Commons Network^™

Corporate Governance Speech, Sarah C. Haan

Seattle University Law Review

The State has always regulated the intra-firm communications that make corporate governance possible, most commonly by mandating disclosures of information by a corporation to its shareholders. Some such laws are labeled “securities regulation,” but securities regulation is a broad category that extends to speech by actors who are outside the corporate enterprise as well. Also, the conventional securities regulation category does not capture all such laws; other examples, including informationforcing mandates, can be found in state corporate law. This Article uses the term “corporate governance speech” to describe the communications among shareholders, directors, and officers through which corporate governance is …

Dark Accounting Matter, Colleen Honigsberg

Seattle University Law Review

Physicists calculate that approximately 85% of the matter in the universe is composed of “dark matter” that “does not absorb, reflect, or emit electromagnetic radiation and is therefore difficult to detect.” The S&P 500 currently trades at a price-to-book value of 4.2, suggesting that book value accounts for less than 20% of the S&P 500’s market value. The remaining 80% appears nowhere in these firms’ balance sheets—it is invisible to contemporary accounting techniques and constitutes “dark accounting matter.”

Some “dark accounting matter” is composed of factors commonly described as components of “ESG.” Human capital, for example, is an intangible asset …

The Employees’ Dilemma: Balancing Internal Reporting, Whistleblowing, And Insider Trading Risks, Geeyoung Min

Seattle University Law Review

The Essay examines how recent developments in insider trading regulations and whistleblower reward programs can lead to unintended and counterproductive results of discouraging employees from using internal reporting channels within corporate compliance programs. While the presence of a robust and well-functioning corporate compliance program is a critical factor both in mitigating the level of public enforcement actions against companies and in protecting corporate managers from liability in private litigation, these programs often provide little incentive for employees to report potential misconduct internally.

Corporate compliance programs are designed to promote the upward information flow within the company, which is essential for …

How The Antidiscrimination Law Of Commercial Transactions Really Works, Helen Norton

Seattle University Law Review

A variety of businesses now cite 303 Creative when seeking First Amendment protection for their refusal to serve certain customers based on those customers’ protected class status. How this litigation will play out remains to be seen. But future courts need not, and should not, repeat the 303 Creative Court’s misunderstanding of how the antidiscrimination law of commercial transactions actually works.

Part I of this Essay explains the Court’s longstanding understanding of the antidiscrimination law of commercial transactions, and then describes the Court’s failure to engage with this precedent in 303 Creative. Part II then identifies the 303 Creative decision’s …

Applicability Of Multilateral Environmental Agreements During International Armed Conflicts, Beatrice L. Hamilton

Loyola University Chicago Law Journal

Armed conflicts increasingly contribute to environmental damage and climate change, yet, as proven by recent and ongoing conflicts, the legal framework for the protection of the environment under the law of armed conflict (LOAC) fails to effectively mitigate these damages. With rising temperatures, already diminishing resources, the counter-acting of mitigation and adaptation efforts due to warfare and geo-political tensions on the rise, there is a strong case for considering the potential for enhancing the protection of the environment during armed conflicts.

This Article examines the terms of applicability of multilateral environmental agreements (MEAs) during international armed conflicts. The article draws …

How Climate Change And Environmental Policies Affect Impoverished Communities, Nicole Skala

Journal of Race, Gender, and Ethnicity

Climate change is a global problem that affects everyone, but not proportionately. Lower income communities face greater physical and economic impacts, and policies often fail to consider their needs. These communities struggle to adapt and recover from disasters due to limited resources, and they lack access to resilient housing. Major corporations like Exxon and Shell profit while their workers are underpaid for dangerous labor. Historically, regions like rural Appalachia have seen exploitation through industries like coal. People of Color (POC) communities experience environmental racism, suffering greater environmental harm due to systemic neglect. Increasing commodity costs can hurt lower income individuals, …

Volume 48 Masthead, Seattle University Law Review

Seattle University Law Review

Volume 48 Masthead

Voting Matters: Materiality Considerations And The Shareholder Vote, Renee M. Jones

Seattle University Law Review

For the shareholder franchise to have meaning, shareholders must have access to relevant information to inform their voting decisions. The securities laws’ disclosure requirements play an essential role in informing the shareholder vote.

This Essay focuses on the question of the materiality of information in the context of shareholder voting. It addresses the question of whether ESG-related information is material, positioning the materiality inquiry within the context of shareholders’ voting decisions. It explores the definition of materiality with a focus on the “reasonable investor” concept embedded within the definition. The Essay argues that the implicit expectations of many commentators that …

Volume 48 Masthead, Seattle University Law Review

Seattle University Law Review

Volume 48 Masthead

Understanding The Big Three’S Wavering Support Of Environmental And Social Shareholder Proposals, Jeff Schwartz, Jefferson Jensen

Seattle University Law Review

Because of their substantial equity portfolios, BlackRock, Vanguard, and State Street (the Big 3) are central players in corporate governance. It is, therefore, critical to understand how they vote. One puzzle is that their support for shareholder proposals on environmental and social matters appears to waiver. In 2020, for instance, BlackRock supported 11.1% of environmental proposals at S&P 500 firms. In 2021, it seemingly reversed course, supporting 55.2%. It then flipped again, supporting 32.1% in 2022. Such statistics suggest that the Big 3 are constantly changing their views on these topics. This Article seeks to better understand whether this is …

Volume 48 Masthead, Seattle University Law Review

Seattle University Law Review

Volume 48 Masthead

Navigating Wastewater: Minnesota Mining Wastewater Permit Challenges And Evolving Compliance Standards, Madelaine Adamich

Journal of Earth and Life Science

February of 2021 marked the beginning of Minnesota clearly establishing that groundwater qualifies as a Class 1 water in a legal battle involving United States Steel, the Minnesota Pollution Control Agency, WaterLegacy, Fond du Lac Band of Lake Superior Chippewa, the Minnesota Court of Appeals, and eventually the Minnesota Supreme Court (MNSC). Minnesota has a water classification system, as required by the federal Clean Water Act, with 7 classes of use. Class 1 waters are waters used for domestic consumption (MPCA 4, n.d.). According to Minnesota Statute § 7050.0220, the acceptable level for sulfate is 250 mg/L in Class 1 …

Renewable Energy Federalism 2.0, Danielle Stokes

Law Faculty Publications

Much like climate change, the clean energy transition presents a “super wicked” problem that is further complicated by prioritizing justice. History has taught us that government regulation, industry innovation, and community engagement are the catalysts of effective transitions. Similarly, the just energy transition requires the support of these interconnected networks. This Essay offers sustainable collaborative governance as a theoretical framework through which decision-makers may filter their assessments, industry can model its metrics, and community can develop language to articulate its needs. Sustainable collaborative governance is also a means of navigating the complexities of renewable energy siting and regulation while fostering …

New York Environmental Legislation In 2024, Michael B. Gerrard

Faculty Scholarship

In 2024, New York State enacted several laws aimed either at dealing with the adverse impacts of climate change such as extreme heat and increasingl severe and frequent storms or at helping to mitigate greenhouse gas emissions to avoid or minimize the adverse impacts. The final bill signed by Governor Kathy Hochul in 2024 was the most high-profile of these laws — the Climate Change Superfund Act, which will require fossil fuel companies to pay for adaptation measures.

Other new laws last year related to extreme heat in schools and prisons, food waste, expanded polystyrene containers, community gardens, and native …

Examining State Climate Superfund Legislation, Madison Calhoun, Rachel Rothschild, Jonathan Binder, Elenda Mihaly, Justin Mankin, Ben Lippard, Mary Wood

Articles

There has been an influx of “climate superfund” bills introduced and adopted in state legislatures across the country. Modeled after the federal Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), these laws are designed to recover costs from large emitters of greenhouse gases (GHGs) to pay for climate adaptation infrastructure. Following CERCLA’s strict liability framework, major polluters in New York and Vermont would be required to pay into state-managed funds in proportion to their shares of total GHG emissions; California, Maryland, Massachusetts, New Jersey, and Oregon have proposed similar bills. On March 19, 2025, the Environmental Law Institute hosted a …

Climate Change And Constitutional Overreach, Jonathan H. Adler

Faculty Publications

The failure of the political process to produce meaningful climate mitigation policies has encouraged activists to pursues aggressive and innovative litigation strategies. An increasing number of climate-related lawsuits seek to control greenhouse gas emissions, impose liability on fossil fuel producers, or otherwise force greater action on climate change. In many of these cases, litigants have made aggressive constitutional claims that stretch the bounds of existing constitutional doctrine and threaten to entrench climate policies outside of the traditional political process. This Article critically assesses some of the constitutional arguments made in climate cases, including Massachusetts v. EPA and Juliana v. U.S. …

West Virginia V. Epa: Considerations For The Future Of Epa Greenhouse Gas Regulation, Shavonnie R. Carthens

Law Faculty Scholarly Articles

When compared to historical levels, the air quality in the United States has improved. However, exposure to air pollution still rises to the top of environmental health risks experienced by Americans. It is estimated that one hundred thousand to two hundred thousand deaths annually are associated with this exposure, which exceeds the deaths from murders and car crashes combined. Further, evidence establishes that “rising concentrations of carbon dioxide, methane, and other greenhouse gases pose serious threats to public health.” Looking to the sources of greenhouse gas emissions, fossil fuel-fired power plants are the largest source of greenhouse gas emissions in …

West Virginia V. Epa: Consideration For The Future Of Epa Greenhouse Gas Regulation, Shavonnie R. Carthens

Kentucky Journal of Equine, Agriculture, & Natural Resources Law

In this article, Shavonnie Carthens examines the implications of West Virginia v. EPA, emphasizing how the Supreme Court’s use of the major questions doctrine creates uncertainty around the Environmental Protection Agency’s (“EPA”) authority to regulate greenhouse gas emissions. It argues that, in light of the doctrine’s growing influence and the end of Chevron deference, Congress should revise the Clean Air Act to explicitly authorize the EPA to regulate greenhouse emissions through system-based transitions to cleaner power-generating sources, public health-conscious considerations, and multi-agency regulatory approaches to ensure durable and effective climate policy.

Pesticide Lies! A Call For Epa Action As Recent Judicial Decisions Reveal The Harmful Truth Resulting From Exposure, Stevi Whitman

Kentucky Journal of Equine, Agriculture, & Natural Resources Law

In this note, Stevi Whitman analyzes the dangers of weak pesticide regulation in the United States. Whitman explains that the EPA’s reliance on the vague “unreasonable adverse effects” standard under the Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA) allows harmful products like Roundup to remain on the market despite strong evidence of health risks. Whitman argues for strengthening U.S. pesticide laws to match the European Union’s stricter safety threshold. She proposes amending FIFRA to require proactive bans on hazardous pesticides and greater accountability from manufacturers to better protect public health and the environment.

Representing Climate Wreckers, Camila Bustos

Elisabeth Haub School of Law Faculty Publications

In recent years, lawyers have become increasingly aware of the implications of the climate crisis for legal practice. Amidst this context, United Nations Secretary General Ant6nio Guterres has urged recent graduates to decline work on behalf of "climate wreckers." This Article examines how professional responsibility rules and principles in the United States should be interpreted on a warming planet, particularly in the context of attorneys representing so-called "climate wreckers" in civil matters. I use the term "climate wrecker" to refer to fossil fuel corporations and trade associations that have engaged in public disinformation campaigns to stall climate action and sow …

Resistance: The Mura Struggle Against Canadian Potash Mining In Brazil’S Amazon, Cardozo Law Institute In Holocaust And Human Rights (Clihhr), Federal University Of Rio Grande Do Sul, Graduate Program In Law (Ppgd/Ufrgs), International Human Rights Program (Ihrp), University Of Toronto Jackman Law, Observatory Of Socio-Environmental Law And Human Rights In The Amazon (Odsdh/Ufam)

CLIHHR Reports & Policy Submissions

A comprehensive human rights and environmental report documenting the Mura Indigenous people’s resistance to Brazil Potash’s Autazes Potash Project in the Brazilian Amazon. The report details environmental risks, human rights violations, failures in consultation processes, litigation history, corporate accountability, and the ongoing struggle for land demarcation.

An Ecofeminist Approach To Climate Risks, Angela Hefti

Michigan Journal of International Law

Climate change poses significant risks to the human right to life. However, international adjudicators have either neglected to examine right to life claims in the context of climate risks or dismissed them as prospective and speculative. International human rights bodies have long applied the standard of imminence to determine whether a threat to the right to life exists and the extent to which it constitutes a violation. In climate change cases, this standard has hardened, requiring a tight temporal connection between climate risks and a violation of the right to life. This article argues that failing to recognize the impact …

Green Dividends: A Case Study In Green Dividends And The Conditions For Private Ordering Solutions, Anne M. Tucker

Seattle University Law Review

This Essay introduces a novel private ordering solution to facilitate corporate investments in pro-social and environmental initiatives: Green dividends. Green dividends are an optional increase in shareholder dividends that are returned to the company to be reinvested in environmental initiatives or kept by a shareholder.

Green dividends pose an alternative to the current gridlocked debate that corporations can’t, won’t, shouldn’t, and shouldn’t even try to act in pro-social or environmental ways. Turning the common refrains on their head converts each narrative into an element for a successful private ordering solution: authority, accountability, shareholder buy-in, and government- backed enforcement. With Green …

Does Climate Disclosure Work To Reduce Greenhouse Gas Emissions? Emerging Evidence Suggests Cautious Optimism, Cynthia A. Williams

Seattle University Law Review

Significant regulatory resources have been spent developing global, voluntary climate and sustainability disclosure standards, such as the TCFD, TNRD, and ISSB’s Sustainability and Climate Disclosure standards, or domestically required disclosures, such as in the EU and in the U.S. Thus, it is important to evaluate whether this disclosure, particularly voluntary, qualitative disclosure, will have the power to shift the allocation of capital, will have a significant effect on the management of climate risk within firms, and ultimately will reduce climate change risk and biodiversity loss.

In this Article, several interrelated questions will be discussed. First, what does the empirical evidence …

Partial Additionality: The Blunt Metric Distorting Carbon Market, Anthony L. Moffa, Joseph Newlen

Faculty Publications

The widespread recognition that climate change presents an existential threat to humanity has spurred the development of numerous technologies, regulatory structures, and voluntary actions aimed to mitigate the pending disaster.

Administrative Forum Shopping, Amy L. Stein

UF Law Faculty Publications

Allowing private parties in litigation to stack the deck in their favor through forum shopping is standard fare in the United States. But not everyone realizes that public legislators engage in a similar exercise when they stack the deck in one party’s favor through “jurisdiction-stripping” or “jurisdiction-channeling” provisions. Congress can strip federal courts of all or some of its jurisdiction, channel jurisdiction over a particular class of cases into one particular court, and even strip the U.S. Supreme Court of its appellate jurisdiction. Understandably, this last category has received the most attention, as scholars are drawn to the penultimate conflict …

Environmental Law—Relatively Impermanent Waters: The Need For State Regulation Of Isolated Wetlands In Arkansas After Sackett V. Environmental Protection Agency, Caroline E. O'Connor

University of Arkansas at Little Rock Law Review

No abstract provided.

Situating Standing In Environmental Litigation, Wyatt Balius

Undergraduate Theses, Professional Papers, and Capstone Artifacts

Controversies over issues of standing in federal civil litigation are hotly contested, as they strike at the heart of separation of powers issues and broader notions of the intent of civil action. Here I identify two competing theories of the purpose of standing and its requirements as such. Restrictive standing, as argued by Professor Ann Woolhandler, seeks to inherently link civil redress with an injury-in-fact requirement for both public and private law claims. Expansive standing, as argued by Professor Cass R. Sunstein, seeks to ground civil redress largely within violations of Congressionally designated causes of action. I argue that the …

Climate Litigation And Third-Party Litigation Finance, Courtney Geiss

Indiana Law Journal

For the last 200 years, human activities have been the main driver of global climate change, particularly the burning of fossil fuels. Increased emissions from fossil fuels have contributed to rising temperatures, food scarcity, and natural disasters, including fires, flooding, and droughts. Although climate change has been an issue in the public eye for the last several decades, global emissions are projected to continue increasing. At this point, it is clear that current actions at the individual and state level are not enough to meaningfully reduce greenhouse gas emissions. In this Note, I will discuss the idea of using third-party …

Jbs’S Initial Public Offering: Threats To Environmental And Human Rights, Kayla Thompson

Indiana Journal of Law and Social Equality

This paper centers around the decision to be made regarding JBS, the world’s largest meat company, wanting to list shares on the New York Stock Exchange (NYSE), and the environmental and social impacts that could result from the Security and Exchange Commission’s (SEC) approval. JBS has been at the center of various controversies over the last several years, including sourcing cattle from ranches acquired through illegal deforestation, engaging in greenwashing practices, incorrectly reporting greenhouse gas emissions, and engaging in human rights abuses. Many environmental groups have filed complaints with the SEC concerning JBS’s bid to list on the NYSE. The …