Sustainability Insights: Tax and ESG in private markets

In this week's issue of Travers Smith's Alternative Insights, we are looking at Artificial Intelligence, and the opportunities it offers for asset managers.FCA's AI update: AI Update (fca.org.uk)Our note on the FCA's update The FCA and Bank of England's "strategic approach" to AI – what it means for regulated firms | Travers Smith

In this week's issue of sustainability insights we are looking at the UK's latest clampdown on greenwashing.Links:Sustainability Disclosure Requirements - Our detailed analysis of the guidance is hereFCA has also issued detailed guidanceFeedback from the BVCAFCA CP24/8: Extending the SDR regime to Portfolio Management

Our second episode of Sustainability Insights … in conversation charts Kristen Weldon's journey to natural capital in private markets.  Simon Witney and John Buttanshaw from Travers Smith's ESG team talk to Kristen about the importance of nature and biodiversity, explore some of the investible opportunities for the private markets, and discuss UK and EU legal and regulatory initiatives. 

In this week's issue of Alternative Insights, we are looking at the UK's attempts to get defined contribution pension schemes to invest in private funds.

In this week's issue of Sustainability Insights, we are looking at Labour law reforms across the UK and Europe in light of upcoming elections.Links: TUC - "The biggest upgrade of workers’ rights in a generation"IER - CBI lobbying to ‘soften’ Labour’s workers’ rights pledges, FT reports.FT - Keir Starmer seeks to reassure business over Labour’s worker rights pledgesIER - Row rumbles on as business leaders line up against a 'full fat' New Deal for workers - IEREuropean Commissions - Social Europe: More transparent and predictable working conditions for workers in EUEuropean Council - Platform workers: Council confirms agreement on new rules to improve their working conditionsFCA proposals for asset managersUS FTC proposed ban on employers imposing non-competes on employeesUK government's Department for Business & Trade 'Non-Compete Clauses'Raconteur - is this the death of the non-compete clause?The Hill - 'Banning non-compete agreements hurts US companies and workers'CMA research report on competition and market power in UK labour marketSHRM - ' Will the FTC Finalize a Compete Ban on Noncompetes?'

In this week's issue of Travers Smith's Alternative Insights we are looking at the European Commission's recent policy brief reviewing the first 100 days of the EU's Foreign Subsidies Regulation.Links:EU's new Foreign Subsidies RegulationTravers Smith's Alternative Insights: The impact of the EU's new rules on foreign subsidiesThe European Commission's recent policy brief

In this week's issue of Sustainability Insights, we are looking at European supply chain due diligence requirements including the fate of the EU's CS3D.Links:Aligning the EU Due Diligence Directive with the International Standards: Key Issues in the NegotiationsFT article - France seeks weaker EU due diligence rules for banksForecast for 2024 European Parliament electionsEuropean lawmakers reached an in-principle agreement on the Commission's 2022 proposal to ban products from the EU market that are made with forced labourUS Uyghur Forced Labor Prevention ActCall for evidence issued by an influential Parliamentary CommitteeOur recent note on similar European rules OECD Due Diligence Guidance for Responsible Business ConductBusiness and Human Rights Resource Centre - UK: Update - 50 businesses sign statement calling for human rights due diligence legislationOur briefing - "Value chain" negligence claims: the door has been openedOur ESG risk map

In the 73rd issue of Travers Smith's Alternative Insights, we are looking at subscription line financing and the emerging role of rating agencies.Links:An analysis by Blackrock ILPA's guidelines issued in 2017In 2022, Citi was reported to have scaled back its lending by over two-thirdsRating agencies (GLI Fund Finance 2024 - Rated subscription lines: An emerging solution tot he liquidity crunch | Travers Smith)We launched a new podcast series in February: Sustainability Insights … in conversation. In the first edition, Simon Witney discussed topical issues – including the global ESG landscape and responsible AI – with Cornelia Gomez, Global Head of ESG at General Atlantic. Listen to the podcast here, and sign up here if you want the second edition to land in your inbox.

Listen to a discussion between Travers Smith's Simon Witney and Cornelia Gomez, Global Head of ESG at General Atlantic. Simon and Cornelia discuss the outlook for regulation in 2024, differing global perspectives on sustainability, and responsible AI.

In this week's issue of Sustainability Insights, we are looking at corporate governance and reporting in EU portfolio companies.We are launching a new podcast series in February: Sustainability Insights … in conversation. In the first edition, Simon Witney will discuss topical issues, including the global ESG landscape and responsible AI, with Cornelia Gomez, Global Head of ESG at General Atlantic.  Sign up on our website (www.traverssmith.com) and it will land in your inbox next week.Links:The EU's Corporate Sustainability Reporting DirectivePERG – the Private Equity Reporting GroupThe PwC analysis of good practiceThe Walker Guidelines commissioned by the BVCA and written by Sir David Walker in 2007TCFD further reforms announced and then ditched, following a call for evidence to gather ideas for simplifying the rulesThis year's PERG reportThe UK's Financial Reporting Council's review of reporting by the UK's largest private companies FRC's Guidance on the Strategic Report and Thematic review of climate-related metrics and targetsThe Wates Corporate Governance Principles for Large Private Companies, the UK Corporate Governance Code itself (amended this year, and with updated guidance) and the CGI model terms of reference for an ESG Committee"Section 172" statement ESG Footprints in Private Equity Portfolios: Unpacking Management Instruments and Financial Performance