In today’s edition of Daily Compliance News:
Tag: UK
Jonathan Armstrong and Tom Fox return for another episode of Life with GDPR. In this episode, they celebrate the 10th anniversary of the initial proposal of the law, which became GDPR. Some of the issues they consider include:
- What was in the original proposal that did not become enacted in the final law?
- Reduction in costs-what happened?
- Right to be Forgotten morphed into something very different than intended.
- Fines, Fines, Fines.
- Evolution of regulatory sophistication.
- Criticism of regulators.
Resources
Check out the Cordery Compliance client alert on this topic; click here. For more information on Cordery Compliance, go to their website here. Also, check out the GDPR Navigator, one of the top resources for GDPR Compliance, by clicking here.
Bryan Sillaman, Head of the Paris office of Hughes Hubbard & Reed LLP, returns to the show to share the breadth and scope of some of the regulatory frameworks already in place, what the green taxonomy is all about and how it relates to an overall ESG program.
▶️ Exploring ESG from the European Perspective with Bryan Sillaman.
Key points discussed in the episode:
(00:30) Bryan Sillaman shares his current practice and interesting evolution from a white-collar defense lawyer to an ESG aficionado.
(01:28) The key differences in the regulatory approach to ESG between the EU and US.
(02:34) The robust and rigorous exercise at a scientific and technical level to define sustainable activity versus not generating different opinions & viewpoints. Bryan expects this lengthy process in the EU in 2021 to become a lot more in 2022.
(03:49): The EU has been ahead a bit on the front where the United States is in terms of the ESG regulatory approach. Sillaman shares that this is part of what’s driven by the regulatory framework, but even more so, as companies face pressure from their investors, employees, unions, NGOs and various stakeholders.
(05:04): Companies claim to be involved in sustainable activities but not really involved. And it comes back to the concern of greenwashing and establishing the taxonomy set out to define at a technical and scientific level what is sustainable and what is not.
(08:07) The sustainable financial disclosure regulation and its operation into an overall ESG framework. It requires asset managers as financial market participants to first disclose how much of their activities are aligned with the taxonomy.
(09:19) The Corporate Sustainability Reporting Directive and how it fits in.
(10:50) With directives defined, Bryan shares where he sees EU reporting standards for ESG headed and envisioned as the technical criteria will evolve over time.
(12:57) ESG has become a really top-of-mind issue for many companies and institutions. Sillaman shares that this is part of what’s driven by the regulatory framework, but even more so, as companies face pressure from their investors, employees, unions, NGOs and various stakeholders.
(14:13) Interesting trends for 2022 following the regulatory Bryan cites interesting cases and lawsuits brought by NGOs to pursue reductions in carbon emissions and other damages against companies.
(17:30) Several countries pass enhanced disclosure and due diligence requirements on the supply chain, and companies are operating in their jurisdiction focus on human rights issues.
(19:20) The S or social aspect part of ESG gets more attention, perhaps not as much as the environmental or E piece that focuses on gender issues
(20:36) A company that wants to start an ESG Program should first figure out who the key stakeholders are. It covers a broad set of issues that naturally implicates a lot of different stakeholders within the company.
Bryan J. Sillaman is Managing Partner of the firm’s Paris office. During his time at Hughes Hubbard, Bryan has counseled clients across a range of governance and compliance issues, including the development of policies and procedures, due diligence relating to third-parties and joint venture partners, and internal reviews and audits of their global operations. Bryan has spent significant time advising clients in connection with independent corporate monitorships and has traveled extensively in connection with his activities, including to Angola, Brazil, China, Indonesia, Malaysia, the Middle East, Nigeria, Russia, Thailand and Venezuela.
Prior to joining Hughes Hubbard, Bryan was an attorney in the Division of Enforcement of the US Securities and Exchange Commission (SEC) where he earned a Division Director Award.
Connect: bryan.sillaman@hugheshubbard.com
—————————————————————————-
Do you have a podcast (or do you want to)? Join the only network dedicated to compliance, risk management, and business ethics, the Compliance Podcast Network. For more information, contact Tom Fox at tfox@tfoxlaw.com.
The Kitchen takes a look at the annual report on strategic export controls published by the UK, the export licensing stats as well as enforcement actions and goods seizures levels for the last year.
Categories
Data Transfers into the UK
Following the EU’s adoption of Adequacy Decisions that the Kitchen covered in a prior episode, the UK’s Department for International Trade issued an updated guidance on data transfers into the UK. The Kitchen takes a look at the guidance that points to sources on data transfers, IP, copyright and data protection both coming into and leaving the UK.
