Last week, the SEC released a statement by Division of Corporation Finance Acting Director John Coates on ESG disclosure. In this post, we provide our observations on what his statement may indicate about the direction of globally coordinated efforts on ESG disclosure. Continue reading
Tag Archives: Betty Moy Huber
California Enacts Law Requiring Public Company Boards to Include Members of Underrepresented Communities
by Alan F. Denenberg, Joseph A. Hall, Emily Roberts, Byron B. Rooney, Stephen Salmon, Ning Chiu, Betty Moy Huber, and Sarah Kirk
On September 30, 2020, California Governor Gavin Newsom signed Assembly Bill 979, which will require each NYSE and Nasdaq-listed public company with its principal executive offices in California to have at least one director from an “underrepresented community” on its board by December 31, 2021. On December 31, 2022, the minimum will be:
- three directors from underrepresented communities, if the company has nine or more directors,
- two directors from underrepresented communities, if the company has between five and eight directors, and
- one director from an underrepresented community, if the company has four or fewer directors.
SEC Called Upon to Take Action on Diversity and Inclusion in the Asset Management Industry
by Betty Moy Huber and Alexandra Munson
The SEC’s Asset Management Advisory Committee hosted a meeting on July 16, 2020 to discuss the current state of diversity and inclusion (D&I) in the asset management industry. SEC Chairman Jay Clayton, SEC Commissioner Elad Roisman and Director of the SEC’s Division of Investment Management Dalia Blass opened the meeting. Each expressed an interest in understanding why minority- and women-owned firms make up only approximately 1.3% of the total assets under management in the global asset management industry. They asked what efforts the industry is taking to increase this percentage.
SEC and PCAOB Leadership Announce Potential Relief to Companies Affected by the Coronavirus
by Betty Moy Huber and Paula H. Simpkins
Last week, senior leaders of the Securities and Exchange Commission (SEC) and the Chairman of the Public Company Accounting Oversight Board (PCAOB) issued a joint statement (Statement) noting the potential effect that the coronavirus may have on reporting companies, reminding companies of their disclosure obligations and notifying companies affected by the virus that they may contact the SEC for guidance or a determination of their eligibility for relief from filing deadlines. The Statement comes in the wake of numerous articles contemplating the virus’ effect on businesses that rely on global supply chains. On Tuesday, one Wall Street Journal commentator posited that “the coronavirus could cause supply-chain disruptions that are unlike anything we have seen in the past 70 years.” Continue reading