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Climate change science is back in the headlines and social
media. New York is attempting to use its powers under the Martin
Act to investigate prior corporate disclosures on climate change.
In early November, New York Attorney General Eric Schneiderman
issued a subpoena to Exxon and sources say New York is
investigating Exxon's disclosures to the Securities and
Exchange Commission (SEC) in light of recent allegations that Exxon
suppressed internal investigations on climate science over the last
40 years. The Exxon investigation follows on the heels of Los
Angeles Times and InsideClimate reviews of Exxon
archived documents earlier this year. According to Exxon, these
reports distort ExxonMobil's history of climate research
through selective, out-of-context use of publicly available company
documents. Exxon has made the documents available on its website so
that readers can make their own evaluation.
New York also completed another climate change-related Martin
Act investigation this month. Attorney General Schneiderman reached
an agreement with Peabody Energy after several years of
investigation of Peabody's disclosures on climate change under
the Martin Act. As part of the settlement, Peabody Energy will have
to revise its shareholder disclosures to include statements that
"concerns about the environmental impacts of coal combustion .
. . could significantly affect demand for our products or our
securities." This regulatory activity has put the spotlight
back on what companies may need to include in their corporate
disclosures on climate change and whether these disclosures or
required changes to them are a source of liability.
What could this regulatory action mean for your company?
Increased cost of defending media allegations, regardless of
ultimate merit
Increased scrutiny of all corporate disclosures including
non-voluntary and voluntary disclosures (e.g., SEC, FTSE, Carbon
Disclosure Project, NAIC)
Potential for more investigations under the Martin Act
Questions about insurance (for insurers, is there any exposure
and for insureds, is there any coverage?)
Increased shareholder action
The potential for follow-on lawsuits
Possible SEC and Justice Department investigations of SEC
disclosures
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Dentons is delighted to support a global IT services and consulting firm Miratech as an event host partner at their annual conference called M-Force18 New York on September 27th. The event will be held at Dentons New York office in the heart of Midtown Manhattan, opposite Rockefeller Center.
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This seminar includes one ethics hour. Number of hours and credits are pending accreditation. This seminar is offered free of charge and is by invitation only.
On August 21, in a memorandum to the Regional Administrators (the Memorandum), the U.S. Environmental Protection Agency (EPA) Office of Enforcement and Compliance Assurance communicated the agency's plan to transition its enforcement framework ...
In May, EPA issued its 2016 Final Effluent Guidelines (ELG) Program Plan, which is EPA's first screening step to selection of industries for possible revision or development of technology-based limits on wastewater discharges ...
As the Trump administration is pushing forward on its deregulatory agenda and, in particular, its efforts to improve the Endangered Species Act (ESA) and its implementation by the US Fish and Wildlife Service (FWS) ...
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We May Not Always Have Paris, But Perhaps We Can Do Better Than Paris (Video)
