Overpromising and underdelivering on climate ambitions could lead to D&O claims, warns lawyer

Overpromising and underdelivering on climate ambitions could lead to D&O claims, warns lawyer

Overpromising and underdelivering on climate ambitions could lead to D&O claims, warns lawyer

Companies must be careful not to overpromise and underdeliver when it comes to climate change adaptation, warned a lawyer at a Commercial Risk webinar. Risk managers were warned that climate-change litigation is on the rise and directors and officers face a very real threat of direct action in the future if they are not careful. Speaking at the webinar titled…

Global body confirms three new sustainability standards for 2021 reports

Global body confirms three new sustainability standards for 2021 reports

Global body confirms three new sustainability standards for 2021 reports

Companies that disclose sustainability reports using Global Reporting Initiative (GRI) standards will need to apply three new and updated standards from this year. GRI said that, effective 1 January 2021, reporting companies must apply the global standard for tax transparency plus those that cover employee wellbeing and water/effluent responsibilities. The independent body said its all of its standards aim to…

Fitch launches interactive ESG dashboard for global financial institutions

Fitch launches interactive ESG dashboard for global financial institutions

Fitch launches interactive ESG dashboard for global financial institutions

Fitch Ratings has rolled out a dashboard that will allow users to see the environmental, social and governance (ESG) scores it has assigned to more than 1,000 global financial institutions. The dashboard covers banks, insurers and non-bank financial institutions (NBFI). Since the scores were launched in February, Fitch said ESG risks influenced its rating decisions for 20% of banks, 3%…

Shipping losses hit new low but Covid-19 threatens improved safety: AGCS

Shipping losses hit new low but Covid-19 threatens improved safety: AGCS

Shipping losses hit new low but Covid-19 threatens improved safety: AGCS

Large shipping losses hit a new low last year with 41 vessels lost worldwide, but total incidents were up year on year and Covid-19 endangers long-term safety improvements, according to Allianz Global Corporate & Specialty (AGCS). The insurer’s annual Safety & Shipping Review analyses reported worldwide shipping losses for vessels weighing more than 100 gross tons. The latest study reveals…

US hands more than $311m of stolen assets back to Nigeria

US hands more than $311m of stolen assets back to Nigeria

US hands more than $311m of stolen assets back to Nigeria

The US Department of Justice has transferred $311,797,876.11 of stolen assets to the Nigerian government, forfeited from former Nigerian dictator Sani Abacha and his co-conspirators. In 2014, US District Judge John D Bates for the District of Columbia entered judgment forfeiting approximately $500m located in accounts around the world, as the result of money laundering involving the proceeds of General…

UK data watchdog happy with risks of contact tracing app

UK data watchdog happy with risks of contact tracing app

UK data watchdog happy with risks of contact tracing app

The UK Information Commissioner’s Office (ICO) has published an opinion on the recently announced joint initiative by Apple and Google to help health authorities with contact tracing (the Contact Tracing Framework, known as CTF) in the fight against Covid-19, saying that despite certain risks it is happy that it would meet data safety standards. Law firm Faegre Drinker Biddle &…

AfDB bars Nigerian company for fraud

AfDB bars Nigerian company for fraud

AfDB bars Nigerian company for fraud

The African Development Bank Group (AfDB) has barred China Zhonghao Nigeria, a civil engineering company registered in Nigeria, for 18 months from any of its projects, for fraudulent practices. An investigation conducted by the bank’s office of integrity and anti-corruption established that China Zhonghao Nigeria, as a member of a joint venture with Oceanic Construction and Engineering Nigeria, was jointly…

IIF calls for short, blunt and coordinated global action to deal with virus crisis

IIF calls for short, blunt and coordinated global action to deal with virus crisis

IIF calls for short, blunt and coordinated global action to deal with virus crisis

The Institute for International Finance (IIF), the Washington D.C.-based body that represents more than 450 financial institutions from approximately 70 countries, has called on the international community to respond to the economic and financial impact of coronavirus with a short, blunt, coordinated and action-oriented statement – backed by actual policies – just as the G7 did with success in 2008…

IIF calls for unity in virus response and level playing field for all

IIF calls for unity in virus response and level playing field for all

IIF calls for unity in virus response and level playing field for all

The Washington-based Institute of International Finance (IIF) has called on international policymakers to maintain a united and coordinated response to the financial and economic threat posed by coronavirus and warned against regulatory arbitrage if some financial centres fail to fall into line. Dr Axel Weber, IIF chairman and chairman of the board of directors at UBS Group, and Tim Adams,…

‘Greenwashing’ could be next big climate change exposure, warns senior lawyer

‘Greenwashing’ could be next big climate change exposure, warns senior lawyer

‘Greenwashing’ could be next big climate change exposure, warns senior lawyer

“Greenwashing” could be the next big litigation against companies that fail to deliver on climate change promises, a senior lawyer has warned. Speaking at Commercial Risk’s Construction Risk Management conference in London, Simon Konsta, partner at Clyde & Co, said those that promise to make their business green but fail to do so could find themselves on the receiving end…

1 2 3 9