Tag Archives: Ning Chiu

Amid Storm of Controversy, SEC Adopts Final Climate Disclosure Rules

by Stephen A. Byeff, Ning Chiu, Joseph A. Hall, Margaret E. Tahyar, Ida Araya-Brumskine, Loyti Cheng, Michael Comstock, and David A. Zilberberg

photos of authors

Top from left to right: Stephen A. Byeff, Ning Chiu, Joseph A. Hall, Margaret E. Tahyar.
Bottom left to right: Ida Araya-Brumskine, Loyti Cheng, Michael Comstock, and David A. Zilberberg. (Photos courtesy of Davis Polk & Wardwell LLP).

Changes from the proposal include elimination of Scope 3 disclosures, scaled back attestation requirements, additional materiality qualifiers and narrower financial statement triggers. Given the lack of explicit congressional authorization for this new sweeping disclosure regime, its political sensitivity, complexity, cost and the substantial challenges already underway in federal courts, we anticipate rapid developments and possibly confusing stops and starts to unfold over the coming weeks.

Continue reading →

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.

Continue reading →