Author: Jon Dunn
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Texas sues Glass Lewis over proxy advice disclosures
Texas Attorney General Ken Paxton (R) sued Glass Lewis in Texas District Court for Collin County on July 29, 2026, alleging deceptive trade practices. Glass Lewis is a San Francisco-based proxy advisory firm that advises institutional investors how to vote at corporate shareholder meetings. According to the complaint, the firm advises more than 1,300 investment…
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California proposes narrowing Scope 3 emissions reporting
The California Air Resources Board (CARB) proposed limiting companies' initial, mandatory Scope 3 (indirect value chain) emissions disclosures to five of 15 categories under the state's corporate climate reporting law. CARB presented the proposal July 22 during a public workshop on the California Corporate Greenhouse Gas Reporting Program, created under SB 253. The five categories…
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Connecticut treasurer race centers on ESG investing
Environmental, social, and corporate governance (ESG) investing has emerged as a central issue in the Nov. 3 race for Connecticut treasurer. The Connecticut treasurer is responsible for overseeing the financial investment of state monies, including through the state's public pension funds. Connecticut law allows the state treasurer to consider the social, economic, and environmental implications…
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SEC chairman suggests no-action pause could continue
Securities and Exchange Commission (SEC) Chairman Paul Atkins said the agency may continue suspending most no-action letters for shareholder proposal disputes beyond the current proxy season. Speaking on July 9 at the Society for Corporate Governance National Conference in Nashville, Tennessee, Atkins said the policy change caused fewer disruptions than many observers had predicted. Rule…
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Labor Department submits revised ESG rule to White House
The Employee Benefits Security Administration (EBSA), part of the Department of Labor, submitted a proposed rule to the Office of Information and Regulatory Affairs (OIRA) on June 30, 2026. The proposed rule would restrict plan fiduciaries from prioritizing environmental, social, and governance (ESG) and diversity, equity, and inclusion (DEI) factors when selecting investments and exercising…
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Federal courts block proxy advisor disclosure laws in Kansas and Indiana
Federal judges struck down state proxy advisor disclosure laws in Kansas and Indiana within four days of each other in late June 2026, handing Institutional Shareholder Services (ISS) and Glass Lewis their second and third consecutive court victories against such laws. On June 24, U.S. District Court Judge Holly L. Teeter of the U.S. District…
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California delays first emissions reporting deadline to November
The California Air Resources Board (CARB) delayed the state’s first corporate emissions reporting deadline from Aug.10, 2026, to Nov. 10, 2026. CARB gave companies with more than $1 billion in annual revenue that do business in California an additional three months to report their direct (Scope 1) and indirect (Scope 2) greenhouse gas emissions under…
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ISO launches draft standard for net zero framework
On June 17, 2026, the International Organization for Standardization (ISO) launched a 12-week public consultation for the ISO Net Zero Aligned Organizations Standard, known as ISO 14060. According to ISO, this represents "the world’s first international independently verifiable standard designed to support organizations in developing credible and comprehensive net zero transition plans." The consultation includes…
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SEC formally proposes rescinding Biden-era climate disclosure rule
The Securities and Exchange Commission (SEC) formally proposed rescinding its 2024 climate-risk disclosure rule on May 29, 2026. SEC Chair Paul Atkins directed the proposal, which states that the 2024 rules are "a dramatic overreach of the Commission's statutory authority and, independently, unsound as a matter of policy." The 2024 rule, adopted under then-Chair Gary…
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Texas, Nebraska, Iowa, West Virginia sue ISS over ESG disclosures
Four Republican state attorneys general filed lawsuits on May 20, 2026, against Institutional Shareholder Services (ISS), accusing the proxy advisory firm of violating state consumer protection laws by failing to disclose that its voting recommendations prioritize environmental, social, and governance (ESG) policies over clients' financial interests. Texas Attorney General Ken Paxton (R), Nebraska Attorney General…