While public companies tend to adjust their behavior when forced to disclose information, they also adjust to those adjustments, potentially resulting in a range of downstream effects that are less likely in a regime of voluntary disclosure. About the Alternative Credit Council (ACC): The Alternative Credit Council (ACC) is a global body that represents asset management firms in the private credit and direct lending space. The ESG Integrated Disclosure Project provides a clear and transparent approach for the disclosure of ESG information, and provides clarity to companies regarding the information investors need. By 2019, a number of other global non-governmental ESG frameworks had been launched, including: In addition to the foregoing, there are an increasing number of other frameworks and standards as well. Instead, any investor complaints regarding these disclosures should arise from, and be limited by, traditional materiality principles. We are delighted to officially launch this resource harmonization is the critical next step in improving the availability of consistent, reliable ESG information and furthering the responsible growth of ESG in credit markets., Carmen Nuzzo, Head of Fixed Income at the PRI, stated: Taking the cue from the PRIs ESG Factor Map, which pointed out the substantial overlapping of many competing ESG standards and frameworks, this new template will allow private creditors to have a bigger voice during the investment process. In a move to improve transparency and consistency regarding environment, social and governance disclosures for private companies and credit investors, a group of alternative asset managers have launched a template for ESG disclosure. Addressing the packed conference room, Tess Virmani of. The ESG IDP represents a year-long industry collaboration to harmonize ESG reporting to address the key challenges in the private credit and syndicated loan markets. As these trends take shape, we also expect to see more pressure emerge for uniform disclosure measures. This conference was aimed at senior and middle management professionals working in the UK, Europe, and the US and it was an ideal opportunity to, Alternative Credit Managers Launch ESG Integrated Disclosure Tool, LSTA/Refinitiv Mark-to-Market Pricing Data, Morningstar LSTA Leveraged Loan Index Analysis, Register for The Corporate Lawyers Guide to Credit Agreements. We look forward to working with our members and partners to support the widespread adoption of this disclosure template., Tess Virmani, Executive VP and Head of ESG at LSTA, said: Investors and regulators have made it clear that the status quo is untenable, and the credit market recognizes the need for harmonized ESG reporting. It also asked whether new reporting standards are appropriate or whether ESG considerations should be incorporated in existing mainstream financial reporting. JP Morgan estimated that assets in ESG funds doubled in 2020, to over $7.2 trillion. The Carbon Disclosure Project, or CDP, was founded in 2000. For more information, please visit https://curleyglobalir.com. The need to properly . Michael Kashani, Head of ESG Credit at Apollo and the inaugural Chair of the ESG IDP, said: I am thrilled to be a part of the ESG IDP as it represents an important step in addressing ongoing ESG disclosure challenges in the private credit markets. (go back), 4See CDP, Why disclose as a company, available here. The LMA are delighted to support such a valuable project. Mark S. Bergman, Brad S. Karp, and Richard A. Rosen, are partners at Paul, Weiss, Rifkind, Wharton & Garrison LLP. Broad requirements for ESG reporting could be viewed as an attempt to shoehorn disclosures that may be relevant to society and stakeholders, but are financially immaterial to investors, into a system that was historically built for that narrower focus. S&P Global Settles Mortgage-backed Security Case with SEC, 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 /. As the ESG data collection field advances, the Novata platform will adapt. This is fundamental to the successful execution of its tripartite missionto protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation and key to the legitimacy of its actions. As ESG disclosure becomes more mainstream, these five leading sustainability organizations have taken steps toward a more unified reporting system. (go back), Posted by Mark S. Bergman,Brad S. Karp, Richard A. Rosen, Paul, Weiss, Rifkind, Wharton & Garrison LLP, on, Harvard Law School Forum on Corporate Governance, on ESG Disclosures: Frameworks and Standards Developed by Intergovernmental and Non-Governmental Organizations, The Illusory Promise of Stakeholder Governance. Effective disclosure would allow stakeholders to understand both the potential upside opportunities and the downside risks to balance sheets across the corporate landscape, and would allow capital to be better allocated to fund sustainable solutions. The template is accessible to anyone. "The harmonized template allows for data consistency, as well as broader market education on what the industry is looking for with respect to ESG disclosure. Companies may access the template themselves or it may be shared with them by their lender(s) (or the arranger in a syndicated loan). It is the political power of the fossil fuel industry. Alternative Asset Managers Release Tool for ESG Disclosure, S&P Global Settles Mortgage-backed Security Case with SEC, 2023 Retirement Plan Adviser of the Year Finalists, Senators Propose Repealing Social Security Cuts to Public Pensioners, Human Interest Targeting 401(k)s for Hourly Workers, Financial Finesse to Launch Financial Literacy Certification Program for All US College Athletes, A Reminder to Avoid Fraudulent Hardship Withdrawals, With SECURE 2.0, the Cash Balance DB Plan May Be Back, Many Providers Are Prioritizing Participant Financial Advice in 2023, OneAmerica Teams Up With Benartzi on New Retirement Income Product, An SEC Update: Marketing Rule Implementation and Reg BI Enforcement, 2022 RPAY - George Fraser, Fraser Group at RBG. The LSTA is a not-for-profit trade association that includes commercial banks, investment banks, broker-dealers, hedge funds, mutual funds, insurance companies, fund managers and other institutional lenders. Reshaping the existing framework of financial materiality to include non-financially material ESG disclosure would entail a significant regulatory shift. The template includes both a standardized reporting tool, as well as a guide to borrowers on lenders ESG expectations. environmental, social and ethical-related disclosures in the annual or integrated reports of a sample of mining companies in South Africa. The project is led by the Alternative Credit Council-the private credit affiliate of the Alternative Investment Management Association-the . As a society, it is important to ask whether the SECs reporting framework would be an effective or appropriate venue for shaping corporate policy and driving corporate activity, whether the repurposing of that framework would be a legitimate exercise of regulatory authority, and finally, whether all of these questions are more appropriately resolved through public discourse than by regulatory fiat. Investors are increasingly recognising the need for biodiversity and nature-related data, even as still nascent information streams prove difficult to navigate. The ESG IDP aligns with sponsor interests and addresses questionnaire fatigue felt by companies.. Please read our, ESG IDP Methodology for Identifying Credit-Materiality, Alternative Credit Managers Launch ESG Integrated Disclosure Tool, ESG IDP Vice Chair Jeff Cohen Explains Our Industry-specific Methodology. This conference was aimed at senior and middle management professionals working in the UK, Europe, and the US and it was an ideal opportunity to, The ESG Integrated Disclosure Project Advancing ESG Data Through Harmonization and Collaboration, LSTA/Refinitiv Mark-to-Market Pricing Data, Morningstar LSTA Leveraged Loan Index Analysis, Register for The Corporate Lawyers Guide to Credit Agreements. View source version on businesswire.com: https://www.businesswire.com/news/home/20221129005429/en/. The template offers private companies a baseline from which to develop their ESG reporting capacity. These new metrics help promote greater harmonization and consistency of disclosure of key ESG indicators for borrowers in private credit and syndicated loan transactions Novata, a public benefit . The ESG IDP aligns with sponsor interests and addresses questionnaire fatigue felt by companies., Catherine Isabelle, Senior Director, Responsible Investment, PSP Investments and Lead of the EDCIs Private Debt Working Group, member of the EDCI Steering Committee, said: The ESG Data Convergence Initiative (EDCI) supports the inclusion of EDCI metrics within the ESG Integrated Disclosure Project template. As Professor Rose has observed, ESG topics veer far deeper into matters of traditional business judgment than the SEC has ever waded before. She argues that intervention on such matters potentially raises questions of federalism and runs the risk of undermining charter competition. The ESG Disclosure Simplification Act of 2021, introduced in the House in February, would require annual proxy statements to include a clear description of the views of the issuer about the link between ESG metrics and the long-term business strategy of the issuer; and a description of any process the issuer uses to determine the impact of ESG metrics on the long-term business strategy of the issuer. The draft legislation would direct the SEC to require issuers to disclose environmental, social, and governance metrics in any filing that requires audited financial statements. Membership in the LSTA offers numerous benefits and opportunities. Matters such as human capital management, diversity, and climate change are important to society and deserve full consideration and resolution through a process of democratic accountability. As a trusted independent regulator, the SEC has the opportunity to encourage robust investor and issuer engagement on the future of ESG regulation, whether or not it proceeds with broad ESG disclosure reform. The Executive Committee of the ESG Integrated Disclosure Project will review the template and make any necessary updates on an annual basis. The number of ESG disclosure standards and frameworks continues to grow. The ESG Integrated Disclosure Project provides a clear and transparent approach for the disclosure of ESG information, and provides clarity to companies regarding the information investors need. Standardised template to drive enhanced transparency and accountability. Moving from an "annual and manual" reporting process to a dynamic and frequent process with reliable and decision-useful information is essential for companies to . Commission (SEC) addressed the topic of ESG disclosure in its Investor Advisory Committee6 meetings during the course of 2019 and 2020 and in Commissioner speeches in 2019 and 2020. In key areas, both types of disclosures matter, as it is important for an investor to understand an issuers principles and also have the ability to measure the results. A&M's Transaction Advisory Group (TAG) has an exciting opportunity to join a growing team in New York, Atlanta, Boston, Chicago, Dallas, Houston, Miami, Nashville, Los Angeles and San Francisco. The Alternative Credit Council (ACC) is a global body that represents asset management firms in the private credit and direct lending space. Commissioner Roisman recently observed: I have heard from some, who feel inclined to question the propriety of SEC regulation in this area, that they fear the reputational risk of being painted as anti-climate, anti-social justice, or other shades of immoral if they express their critiques publicly. Get the skills global institutions such as Blackrock, Credit Suisse, McKinsey & Company, and more . For more information, visit www.lsta.org. For investors, the ESG IDP template enhances their ability to identify industry-specific ESG risks in their credit portfolios and compare meaningful data across alternative asset managers more consistently. The group behind the template says it was designed to be completed by borrower companies and shared with their lenders. Now. It currently represents 250 members that manage over US$600bn of private credit assets. There are many responsible investment practices that are now widely practised among the PRIs investment manager signatories. ESG disclosures are published by a company or organization assessing its performance and key objectives on environmental, social, and governance issues. Metrics can become a de facto minimum without larger principles, while principles can yield little useful information without metrics. Not long ago, ESG issues occupied a narrow niche among investment professionals and NGOs. Save my name, email, and website in this browser for the next time I comment. "This is a big step for the industry - and great to see Novata has moved so swiftly to incorporate ESG IDP into their platform. Since 1995, the LSTA has developed standardized practices, procedures, and documentation to enhance market efficiency, transparency, and certainty. These new metrics help promote greater harmonization and consistency of disclosure of key ESG indicators for borrowers in private credit and syndicated loan transactions. FunctionAccounting & FinanceBusiness Development & SalesCustomer SupportFacilitiesHR & TalentInvestingLegalMarketing & CommunicationsOperationsProcurement & ContractingR & DStrategySupply Chain & DistributionSustainabilityTechnologyOther, ESG investing news, analysis, research and information. Its success now requires adoption, which we strongly urge, together with the other ESG IDP supporters., Michael Kashani, Head of ESG Credit at Apollo and the inaugural Chair of the ESG IDP, stated, I am thrilled to be a part of the ESG IDP as it represents an important step in addressing ongoing ESG disclosure challenges in the private credit markets. We don't sell or give out your information. We would like to express our deep gratitude to Professor . The new tool aims to offer a series of benefits to private credit market stakeholders, including improving the consistency of disclosures for investors to help identify and assess industry-specific ESG risks in their portfolios, and providing borrowers with greater certainty on the ESG indicators that are most relevant to lenders, and to focus on specific disclosures. Copyright 2023 Asset International, Inc. All Rights Reserved. In its 2019 Annual Report, the PRI noted that the market is calling for greater coherence and consistency, and that asset owners have expressed a desire for the PRI to do more to drive better ESG data, including through convergence of reporting standards. Set yourself apart with in-demand ESG skills covering everything from ESG fundamentals to financial analysis to human capital management, and earn an ESG Certificate upon completion. Novata is a public benefit corporation that enables the private markets to achieve a more sustainable and inclusive form of capitalism. Copyright 20192023 Loan Syndications & Trading Association, March 15, 2023 - As discussed last month, in January the SEC reproposed its 2011 Prohibition Against Conflicts of Interest in Certain Securitizations Rule (the Proposed, March 15, 2023 - On March 14th the LSTA hosted a webinar, The Collapse of Silicon Valley Bank and What it Means for the Loan, On Friday, March 10, 2023, the FDIC was appointed a receiver of Silicon Valley Bank (SVB). The ACCs core objectives are to provide guidance on policy and regulatory matters, support wider advocacy and educational efforts and generate industry research with the view to strengthening the sectors sustainability and wider economic and financial benefits. November 9, 2022 - A group of leading alternative asset managers and industry bodies in the private and broadly syndicated credit markets have today announced the launch of the ESG Integrated Disclosure Project (ESG IDP) template. Structure the board to be effective and add value. Jeff Cohen, Head of ESG & Sustainability at Oak Hill and Vice Chair of ESG IDP said: We are excited to contribute to and support the ESG IDP, which applies a credit lens to the globally-recognized SASB standards to prioritize the subset of ESG factors most likely to be core to a companys operations and, as a result, beneficial to lender underwriting. Then-Acting Chair Allison Herren Lee announced in March that the SEC will be working toward a comprehensive ESG disclosure framework and pursuing initiatives such as offering guidance on human capital disclosure to encourage the reporting of specific metrics like workforce diversity, and considering more specific guidance or rule making on board diversity. Acting Chair Lee also appointed Satyam Khanna as senior policy advisor for climate and ESG to oversee and coordinate the SECs efforts: Having a dedicated advisor on these issues will allow us to look broadly at how they intersect with our regulatory framework across our offices and divisions. And earlier this month, Bloomberg reported that John Coates, the SECs Acting Director of the Division of Corporation Finance, indicated that new disclosure requirements would focus on three areas: diversity, equity and inclusion; climate change; and human capital management. The ESG Integrated Disclosure Project template was created by the Alternative Credit Council, the private credit affiliate of the Alternative Investment Management Association, the Loan. It is likely, too, that the SEC will consider whether private companies should also be required to make ESG disclosure requirements. Posted by David A. Katz and Laura A. McIntosh, Wachtell, Lipton, Rosen & Katz, on, Harvard Law School Forum on Corporate Governance, by Lucian A. Bebchuk and Roberto Tallarita (discussed on the Forum, by Lucian A. Bebchuk, Kobi Kastiel, and Roberto Tallarita (discussed on the Forum, by Alan Ferrell, Hao Liang, and Luc Renneboog (discussed on the Forum, by Leo E. Strine, Jr. (discussed on the Forum, The Illusory Promise of Stakeholder Governance, Restoration: The Role Stakeholder Governance Must Play in Recreating a Fair and Sustainable American EconomyA Reply to Professor Rock, ESG Disclosure Simplification Act of 2021. Mandatory disclosures are not going to magically usher in a transition from dirty investments to green . The templates launch comes as business, associations and financial regulators increasingly seek out ways to standardize ESG and climate-related disclosure data. They provide finance to mid-market corporates, SMEs, commercial and residential real estate developments, infrastructure as well the trade and receivables business. The U.S. Securities and Exchange Commission has indicated that ESG disclosure regulation will be a central focus of recently confirmed SEC Chair Gary Gensler's tenure. The ESG IDP is also supported by a coalition of market stakeholders including CDP, the ESG Data Convergence Initiative and the Loan Market Association. Our rapid integration of the ESG IDP framework is a demonstration of our commitment to evolve quickly to meet changing customer needs.". (go back), 9SASB, Press Release, Promoting Clarity and Compatibility in the Sustainability Landscape: GRI and SASB announce collaboration (July 12, 2020), available here. In a related response to rising demand for clarity in the sustainability reporting ecosystem, SASB and GRI announced new collaboration plans in July 2020 that aim to guide companies that use both standards. There is unprecedented interest in ESG at the current moment. -2.2% one-year net investment return. You must be authorized and logged in to download this content. Potential liability for ESG disclosures would be significant under the draft bill: It is the sense of Congress that ESG metrics, as such term is defined by the Commission are de facto material for purposes of disclosures under the Securities Exchange Act of 1934 and the Securities Act of 1933. As it is clearly incorrect that ESG metricsno matter how they are ultimately definedwould de facto be material to all issuers under the federal securities laws, this last provision seems intended to create a vast new category of private rights of action. TheESG Integrated Disclosure Projecttemplate is intended to provide a standard format for ESG-related disclosures and to offer companies a baseline from which to develop their ESG reporting capacity. Any new required ESG reporting should include both qualitative standards and quantitative metrics. This week we cover February's Softer Secondary; Sustainability Guidance; ISO Rosetta Stone. Companies can access thetemplatethemselves or share it with their lenders or the arranger in a syndicated loan. . (go back), 5See Climate Disclosure Standards Board, CDSB Framework (December 2019), available here. ESG Reporting/ ESG Tools, Services/ Private Equity, Mark Segal "The ESG IDP is an important initiative to harmonize lender requests for ESG information and identify the ESG factors that are most material to lenders, in turn enabling consistent expectations for the borrower community," said Lorraine Spradley Wilson, Chief Impact Officer and Head of ESG at Novata. Launched in New York in 2006, the PRI has grown to more than 5,000 signatories, managing over $120 trillion AUM. The LMA are delighted to support such a valuable project.. Conflicts in CLOs: Non-Existence is No Excuse! The LMA are delighted to support such a valuable project.. While portions of this draft bill are problematic, it illustrates the significance of some of the actions currently contemplated by the SEC and further suggests that the legislative process may be the proper forum for the large questions in this area to be considered and resolved. It integrates SASB Standards[5] to facilitate disclosure of industry-specific financially material information by private companies. TAG is a subsidiary of A&M, an established leader in providing global leadership and advisory services to a variety of diverse industries. It is time for substantive public consideration of the best path forward for ESG regulation in the American economy, including but not limited to the proper scope of reporting requirements. Novatas framework builder is the proprietary in-platform tool used to create custom reporting frameworks that allow users to easily request ESG reports to each firms individual needs. . This is a big step for the industry and great to see Novata has moved so swiftly to incorporate ESG IDP into their platform., To learn more about Novatas platform offerings and to schedule a demo, please see here:https://www.novata.com/, Your email address will not be published. Copyright 20192023 Loan Syndications & Trading Association, March 15, 2023 - As discussed last month, in January the SEC reproposed its 2011 Prohibition Against Conflicts of Interest in Certain Securitizations Rule (the Proposed, March 15, 2023 - On March 14th the LSTA hosted a webinar, The Collapse of Silicon Valley Bank and What it Means for the Loan, On Friday, March 10, 2023, the FDIC was appointed a receiver of Silicon Valley Bank (SVB). The new initiative was founded by partners including Apollo Global Management and Oak Hill Advisors, and is led by the Alternative Investment Management Associations private credit affiliate, the Alternative Credit Council (ACC), the Loan Syndications and Trading Association (LSTA), and the UN-backed Principles for Responsible Investment (PRI). It also would be important for any requirements to be scaled for company size. Calls for action to reduce GHG emissions and to create low-carbon and climate resilient economies have grown over the past few years, and include the 2015 Paris Agreement on Climate Change, the United Nations (UN) Sustainable Development Goals (SDGs) and the Special Report of the Intergovernmental Panel on Climate Change. These new metrics help promote greater harmonization and consistency of disclosure of key ESG indicators for borrowers in private credit and syndicated loan transactions. Key takeaways. 1United Nations Development Programme, Press Release, UNDP launches standards for bond issuers and private equity funds seeking SDG impact (June 16, 2020), available here. Companies are increasingly seeking to burnish their ESG credentials and to respond to pressure from stakeholders to describe how ESG affects strategy, performance, governance, compensation, their impact on their communities, and so on. Borrowers in private credit and syndicated loan a de esg integrated disclosure project minimum without principles! The template includes both a standardized reporting tool, as well as a to. Advances, the Novata platform will adapt matters of traditional business judgment than the SEC consider. Any requirements to be scaled for company size structure the board to be by... Carbon disclosure project will review the template offers private companies collection field advances, the Novata platform will.! 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