ESG Lawyers
Environmental, Social and Governance (ESG) is continuing to expand and evolve at a rapid rate. At Herrington Carmichael we understand the urgency for businesses to make changes now.
Environmental, social and governance (ESG) considerations are being taken by businesses of all sizes, across a range or sectors.
Our ESG Lawyers can help you review, manage and understand the risks and opportunities to help your business.
What is ESG?
ESG is a broad range of standards which measure a business’s impact on the environment and on society, and how the organisation operates in terms of its shareholder and board rights and internal controls. While investors assess a business’s behaviour in relation to ESG when considering them for investment, a business may use ESG as an indicator as to whether they would like to build or change a commercial relationship with a supplier.
Why is ESG becoming more important for organisations?
ESG forms part of a business’s corporate governance. In the wake of COP27 and the increasing consciousness of businesses in relation to how they would like to operate and appear to external markets, potential investors and employees, more and more businesses of a multitude of sizes and industries are strategising to make ESG at the forefront of their aims for their future operation.
As well as the commercial element, there are certain legal drivers on ESG for businesses to increasingly regulate this area.
What legal advice might I need to help implement my ESG strategy?
ESG strategies across different companies will vary given a number of factors, such as the size of the business, the industry it is involved in and the stakeholders it is engaged with. The ESG policy and legal measures highlighted in the section below will be relevant to many businesses. There is a range of legal advice that we can offer to you, your board and employees, for example:
Climate-friendly contracts
At Herrington Carmichael we are committed to The Chancery Lane Project mission and are keen to advise our clients on the inclusion of climate aligned clauses in contracts. Please see our page on climate-friendly contracts for more information. We can also audit your terms and conditions and contracts to review their cohesion with your ESG strategy.
Policies and procedures
We can help you create a clear procedure for introduction or maintenance of ESG policies and provide training on these to your employees. Please see our Corporate Advisory Services page for my information.
Due diligence
We understand that businesses are choosing to engage with other businesses which are aligned to ESG strategies and we are here to build long-term relationships with our clients. Throughout the lifetime of a business we provide legal advice on the set up, commercial relationships, acquisitions and the sale or investment into our clients’ businesses. As part of these services we conduct due diligence to highlight ESG matters.
Which elements of business relate to ESG policy and legal measures?
Lawmakers are constantly considering proposals to introduce further legislation to encourage more ESG-responsible business.
Here are a few examples of how ESG infiltrates multiple areas of a business and where legal advice may be needed:
Reporting
- Reforms of the UK audit industry and corporate governance are expected to stretch over several years to give market participants time to prepare for changes which were proposed in May 2022 by the government’s response to the BEIS March 2021 consultation paper.
- The UK Corporate Governance Code was published in 2018 and applies to all companies with a premium listing.
- Under the Modern Slavery Act 2015, certain organisations carrying on business in the UK must report annually on actions they have taken to eliminate modern slavery in their supply chains.
- Under the Equality Act 2010 (Gender Pay Gap Information) Regulations 2017 (SI 2017/172), large employers with at least 250 relevant employees are subject to mandatory gender pay gap reporting.
Third-party contracts
- Businesses may want to ensure contractually that the third parties with which they engage comply with their ESG-related procedures and policies.
Employee and consumer relations
Research has shown that employees want to see their employers’ values align with their own. In the surge of the desire for a greener and responsible world, those wanting to make changes for the better in their position as employee or consumer will be looking at their employer and the businesses they engage with to see whether and how ESG is at the forefront of their business plans, such as their implementation of the above ESG policies and legal measures.
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