Could you share some examples of innovative ways Herbert Smith Freehills is working with clients in the ESG space?

Silke Goldberg: At Herbert Smith Freehills, we are actively engaging with our clients in the ESG space through innovative tools like our Global ESG Tracker and ESRS Navigator.

With the Global ESG Tracker, we offer clients a monthly subscription service that can deliver concise business friendly updates covering the entire range of ESG issues across the globe. This service is tailored to the specific jurisdictions and sectors that are most relevant to our clients, ensuring they receive the most pertinent information. It’s a strategic resource that helps businesses navigate the complex and ever-changing ESG legal landscape, enabling them to stay informed and compliant with the latest regulations, policies and legal cases. Our clients really value the fact that we are able to tailor the tool to meet their global needs and they receive a comprehensive summary of all important ESG updates in one place.

Sarah Ries-Coward: The ESRS Navigator, is another innovative tool designed to support our clients in translating the European Sustainability Reporting Standards (ESRS) under the Corporate Sustainability Reporting Directive (CSRD) into practical language for their business teams to implement effectively. This tool serves as a bridge between the technical complexities of regulatory frameworks and the practical needs of businesses. It offers a clear and concise breakdown of both mandatory and voluntary disclosure requirements under ESRS, alongside the underlying process requirements and expectations. By leveraging our extensive global expertise, we provide targeted, actionable insights that empower our clients to proactively meet these standards, ensuring their business remains compliant and competitive in the evolving ESG landscape.

These tools are just a few examples of how we’re leveraging our global expertise to deliver targeted, actionable insights that empower our clients who are ‘running to stand still’ to remain compliant and competitive in the evolving ESG landscape.

What role does tech play in your ESG advisory services, and can you give an example of how it’s being used to enhance client outcomes?

Jannis Bille: Technology plays a pivotal role in our ESG advisory services at Herbert Smith Freehills, particularly through the use of innovative tools like our CSRD Mapper. This tool exemplifies how we leverage technology to enhance client outcomes by providing a clear and efficient pathway through the complexities of ESG compliance. The CSRD Mapper is designed to help clients navigate the CSRD applicability requirements – who falls in scope and when. By inputting specific company data, the CSRD Mapper can generate a tailored report that provides a definitive answer on which companies are caught, availability of exemptions and relevant reporting timelines.

Our use of technology ensures that our ESG services are not just comprehensive but also highly practical, cost effective and aligned with the specific needs and goals of our clients. It’s a testament to our commitment to staying at the cutting edge of ESG advice and using technology to drive better outcomes for our clients.

How do you vary your ESG guidance to meet the specific needs of clients across different industries?

Silke Goldberg: We aim to break down traditional law firm structures bringing together skills across disciplines to assemble bespoke teams of experts and draw in people with deep sector expertise. This allows us to address the unique ESG-related needs of each project and client.

As a team we have been recognised as a leading firm in ESG and have over 30 years of experience advising clients on ESG and sustainability matters. Our market-leading practice delivers expertise in areas such as ESG-related reporting and disclosures, governance and risk management, business and human rights, climate change-related litigation, transition planning, environment, green and sustainable finance, impact investment, and ESG issues relating to due diligence, the M&A process and supply chains.

How is Herbert Smith Freehills helping clients navigate the evolving regulatory landscape?

Sarah Ries-Coward: We’re dedicated to helping our clients navigate the ever-evolving ESG regulatory landscape and understand that keeping on top of the latest regulations and standards and how they interlink (or not!) is crucial for our clients.

One of the most recent ways we assist our clients is through one of the tools we spoke about above, our Global ESG Tracker, an invaluable resource for keeping up-to-date with global ESG legal and regulatory developments.

In addition to the Global ESG Tracker, we also offer bespoke ESG training programmes to our clients. These training sessions are designed to educate and empower our clients’ teams on the nuances of ESG regulations and best practices.

Can you discuss some of the major global trends in ESG that are particularly impacting your clients, and how you are helping them respond?

Jannis Bille: Some of the major global trends in ESG that are impacting our clients include the increasing emphasis on ESG disclosure and reporting such as the EU CSRD and the International Sustainability Standards Board (ISSB), the push on environmental and human rights due diligence in supply chains such as the Corporate Sustainability Due Diligence Directive (CSDDD), the heightened scrutiny on greenwashing and social washing and the rise in ESG disputes. These trends are influencing our clients across various sectors, prompting them to seek guidance on compliance, due diligence, and reporting requirements. They can arise from various issues, including corporate reporting, such as securities claims, and allegations of ‘greenwashing’, where companies are accused of misrepresenting their environmental practices or impacts or making unsupported sustainability claims for their products. Claims may also be brought against company directors in respect of ESG matters, reflecting the growing accountability for corporate leadership on sustainability issues.

Business and human rights issues are increasingly becoming a focal point within the ESG framework. As companies strive to align their operations with sustainable and ethical practices, the integration of human rights considerations into business responses to environmental challenges is gaining momentum. In addition, ensuring human rights compliance across global and intricate supply chains is difficult. Companies must navigate varying international regulations, local laws and cultural norms while maintaining their human rights standards. This is particularly challenging in sectors like agriculture and manufacturing, where labour rights and working conditions are critical.

Nature and biodiversity issues are becoming another significant aspect, the European Union, for instance, has been proactive in this area, with the introduction of the Regulation on Deforestation-free Products. This regulation is part of a broader effort to ensure that products entering the EU market do not contribute to deforestation and forest degradation. This shift towards integrating nature and biodiversity into ESG considerations is not just a regulatory trend but also a response to the growing awareness and demand from consumers, investors, and other stakeholders for more environmentally responsible business practices.

How has the tone of ESG conversations shifted in the last 12 months?

Silke Goldberg: Over the past year, the tone of ESG conversations has notably shifted from being a ‘nice-to-have’ initiative to a critical aspect of business strategy and operations across the globe. ESG is no longer seen as a peripheral concern but is increasingly integrated into Board level discussion and the core decision-making processes of businesses. This change is driven by a growing recognition of the financial materiality of ESG issues and the realisation that sustainable practices can lead to better long-term outcomes for companies and their stakeholders.

A significant shift has also been the importance of ESG in M&A transactions with ESG factors becoming increasingly significant in due diligence, strategic positioning and financing.

In your experience, where do client ESG concerns come from? Are they a result of internal or external pressures?

Sarah Ries-Coward: In our experience, client ESG concerns stem from a combination of both internal and external pressures. Internally, employees and shareholders are increasingly aware and concerned about ESG issues, recognising the importance of sustainability and ethical practices for long-term business success. They are advocating for change and accountability within their organisations, driving the agenda towards more sustainable and responsible business operations.

Externally, pressures come from customers who are demanding greater transparency and responsibility from the companies they support. Regulators are also playing a significant role, as they introduce stricter ESG-related regulations and reporting requirements. This regulatory landscape is compelling companies to adhere to higher standards of ESG compliance, influencing their strategies and policies.

Both these internal and external forces are shaping the ESG landscape, making it an essential consideration for businesses across all sectors. As a result, companies are increasingly seeking guidance on how to integrate ESG principles into their core strategies to meet the expectations of all stakeholders and to comply with regulatory demands.

Why should lawyers care about ESG?

Jannis Bille: ESG has hit the mainstream in legal services, so lawyers everywhere will already be paying attention. There are several reasons for this, including:

1. compliance with regulation – as we touched on before, our job as lawyers is to help clients navigate the fast-evolving ESG regulatory landscape;
2. risk management – it is also important to help clients mitigate liability and reputational risk not only advising clients on their disclosures but also on their wider ESG strategies and policies;
3. sustainable investment and financing – ESG considerations influence investor decisions and access to capital so we help clients align with ESG criteria to attract investment and secure favourable financing; and
4. commercial contract obligations – likewise, ESG considerations are integral to supply chain management and M&A transactions, so through contract drafting and advising on due diligence, lawyers help clients with compliance and risk mitigation.

The reality is, ESG has become a global trend. Aside from helping clients stay ahead of the curve and gain a competitive advantage, having a strong ESG practice leads to innovation and market differentiation.

Would you say ESG expertise is now more of a priority for companies when instructing a law firm?

Sarah Ries-Coward: Absolutely, ESG expertise has become a critical priority for companies when selecting a law firm. We are witnessing a significant uptick in ESG-specific mandates as well as the influence of ESG in wider mandates, reflecting the growing importance of ESG issues in the corporate world.

Furthermore, when engaging with clients, they are increasingly enquiring about our own ESG credentials and metrics. They want to ensure that their legal partners align with their ESG values and commitments. This scrutiny extends to our internal practices and our approach to ESG in our operations. Clients are not only seeking legal expertise but also looking for firms that practice what they preach in terms of ESG.

What do you see as the future of ESG, and how should companies prepare now to stay ahead of the curve?

Sarah Ries-Coward: The future of ESG is poised to become even more integrated into the core of business operations and strategy. Companies should anticipate a landscape where ESG considerations are not just compliance requirements but also key drivers of innovation, competitive advantage, and long-term sustainability. To stay ahead of the curve, companies should:

• Keep up-to-date with ESG developments: Utilise tools like our Global ESG Tracker to stay updated on legal developments and best practices in ESG. This will help companies remain informed about the evolving ESG landscape and anticipate changes that could impact their business.
• Understand ESG reporting requirements: Companies will need to know which ESG reporting standards apply to their operations and when. It’s crucial to understand what information and data is expected to be reported on and processes that need to be put in place – none of which can happen overnight.
• Develop a robust ESG strategy: Reassess ESG strategy to ensure it aligns with the company’s business goals and stakeholder expectations. This strategy should include clear objectives, actionable steps, and measurable targets.
• Foster an ESG culture: Engage with employees at all levels and integrate ESG considerations across the business. This can include working with law firms to provide ESG training for their teams. This will ensure that internal stakeholders understand the importance of ESG and are equipped to implement ESG principles effectively within the company.
• Leverage technology: Use technology to monitor and manage ESG performance. Digital tools will be critical to help track progress, identify areas for improvement, and report on ESG metrics effectively.
• Collaborate and innovate: Collaborate with industry peers, non-profits, and governmental organisations to drive collective action on ESG issues. Innovation in products, services, and processes can also contribute to better ESG outcomes.

By taking these proactive steps, companies can ensure they are not only prepared for the future of ESG but are also leading the way in sustainable business practices. If you need further guidance on developing and implementing an ESG strategy, our firm is here to assist you.

The post ‘Clients are not only seeking legal expertise but also looking for firms that practice what they preach’ – ESG Q&A: Herbert Smith Freehills appeared first on Legal Business.

Jonathan Bower, partner, planning and infrastructure team leader and partner lead for net zero by 2030 strategy at Womble Bond Dickinson, sets out the case for a clear ESG vision with a focus on inspiring behavioural change

Historical events have often led to transformative changes. The Industrial Revolution was one such moment and, today, we’re on the brink of another significant shift – an environmental, social and governance revolution. Although centuries apart, there are clear parallels between the two, not least the considerable cultural and social change needed to create a revolution.

But what needs to happen to ignite that cultural shift and what can organisations do to empower their workforce and industry?

What does history tell us?

The term ESG was first officially coined in 2004 in a report by the United Nations and, since then, has become a concept that is front of mind for many organisations. However, the principles behind ESG are arguably much older.

The report, called ‘Who Cares Wins’, encouraged business stakeholders to explore and embrace ESG as a long-term business strategy, addressing everyone from managers and directors to investors and analysts. The report also pointed to parallels with the Industrial Revolution, where social and governance were needed to improve labour conditions.

Following this, familiar concepts such as ‘net zero’ and ‘energy transition’ started to appear and are now on their way to becoming global movements where organisations must embrace cultural change to encourage their success both within their organisations and collectively in communities. ESG practices have continued to evolve along with a growing demand for guidance.

Womble Bond Dickinson (WBD) has been ahead of the curve in meeting this demand from business leaders grappling with the concept, offering guidance on sustainable practices before the term ESG sprung into the mainstream. In fact, WBD has been the go-to legal firm for advice on cutting-edge sustainable innovation across new technologies; from onshore wind farms and battery energy storage systems, to heat decarbonisation and energy transmission, working with clients to tick off industry firsts as they go.

The aim? To ensure the future is shaped around ESG principles – not as an afterthought, but as a cornerstone of business strategy. This distinctive approach has earned WBD a reputation as a leader in ESG, driving change that resonates across industries.

Barriers to change

With a raft of new sustainability regulations on the horizon, which will critically impact how companies tell their sustainability story over the next 12 months and beyond, the ESG landscape is becoming increasingly complex.

Current barriers, including skills shortages and the need for retraining, add further complexities requiring policy interventions to put everyone on the right track and give business certainty – at the heart of it is embedding in a supportive ESG culture. The UK’s skills crisis is well known. It reflects deep-seated social issues, such as economic uncertainty and the impact of Brexit and Covid-19. These gaps affect economic growth and exacerbate problems like youth unemployment and income inequality. Addressing these issues requires comprehensive education reform, targeted training, and lifelong learning policies.

Similar reform is needed in driving renewable energy. For example, businesses involved in offshore wind must navigate lengthy bidding processes, securing consents, dealing with marine licences, land rights and grid capacity constraints. WBD has advised on over 30 offshore wind projects in the UK, which will account for 26% of the ambitious 50GW target for offshore wind. Meanwhile, new technologies like hydrogen, demand a long-term strategy to deliver the level of health and safety expertise needed to progress.

Another barrier to consider is that, while a majority of organisations are focused on investment and reporting, there is a need for uniform reporting standards. This means, while businesses know ESG strategies should form the basis of everything they do, there is a need for a clear strategic framework to guide longer-term visions that can overcome barriers.

In the same way that the Industrial Revolution changed society and industry, the need for concrete ESG legislation and guidance is creating a similar demand. A long-term strategic vision is essential to embed ESG principles deeply within organisational practices.

More significantly, progress is also being hindered by cultural barriers. For example, decarbonising heat is a major factor in reaching the UK’s net zero goals, yet it requires a significant shift in people’s perceptions and substantial investment to have the positive impact needed. Renting properties versus ownership impacts how organisations can install heat networks, and the UK faces unique challenges compared to mainland Europe.

Inspiring cultural change is paramount to overcoming the increasing number of challenges we face within ESG. While a strategic framework is important, unless we’re able to change behaviour on a larger scale, we’re unlikely to see ESG practices realising their full potential or, at worst, organisations open themselves up to accusations of ‘ESG washing’.

Catalysing change

Longer term-policies and organisational frameworks take on a vital role in inspiring cultural change. From investment decisions to consumer habits, governments play a critical role, needing to create long-term strategies that transcend political cycles.

One example of how a project based on societal and community benefit can have a positive environmental outcome, is WBD’s recent work supporting Ambition Community Energy (ACE), securing ‘highly commended’ in Planning Magazine’s Planning Awards 2022.

WBD worked with ACE on a pro-bono basis before advising on the planning strategy and securing consent for a 4.2MW community-owned onshore wind turbine in Lawrence Weston, near Bristol, which, at 150m high, is believed to be the tallest onshore wind turbine consented in England. Crucially, the project was delivered ‘by-the-community-for-the-community’ and is expected to generate electricity to power between 3,000 and 4,000 homes a year, saving over two tonnes of carbon dioxide annually.

Profits from energy savings made as part of the project will fund the delivery of the development plan for the community of Lawrence Weston and there will be an on-site Energy Learning Zone for schools and communities.

Projects like these work well to address all three pillars of ESG, benefiting the social economy of areas such as Lawrence Weston and helps contribute to a just transition – supporting communities where energy costs can be disproportionately prohibitive without this form of intervention.

WBD is passionate about using the skills of its teams to deliver sustainable energy solutions which create a long-lasting benefit for local communities. This approach fosters a positive shift in attitude, as communities directly experience the long-term advantages of sustainable energy projects. These local efforts demonstrate the global trend of incorporating sustainability into business practices, showing a shift towards greater environmental responsibility. Such projects highlight the potential for positive impact, and by continuing to empower communities, we can further drive cultural change.

The debate over whether ESG can be described as an evolution or revolution will continue, but one thing is paramount. In a period of political change, evolving legislation and complex challenges, it’s important to seek reliable and trustworthy expertise. Organisations should embrace a cultural shift, weaving sustainability into the fabric of business. As the Industrial Revolution shaped history, the ESG revolution can shape a greener, more prosperous future and just transition for all.

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Lebanon finds itself trapped in a profound political, economic, financial, and social crisis, the effects of which have echoed across its public services and societal fabric for half a decade. This multifaceted crisis has created a stark escalation in poverty levels, marking a troubling descent in the standard of living for almost half the population. Concurrently, the efficacy of public sector institutions has faded, with service provision faltering under the strain of fiscal constraints and administrative inefficiencies.

Inflation and workforce exodus

At the heart of this turmoil lies a relentless inflationary spiral, driving up prices and eroding the purchasing power of ordinary citizens. However, in the first quarter of 2024, inflation showed signs of slowing down while the exodus of skilled workers from the public sector, lured by more promising prospects in the private sector or abroad, continues.

Armed conflict and damages

The situation is further aggravated by ongoing conflicts, notably the war along Lebanon’s Southern border in conjunction with the war in Gaza. This ongoing conflict has taken a heavy toll on the country’s physical infrastructure, destroying houses, roads, and agricultural lands with extensive forest fires and the destruction of thousands of acres of farmland, and soil damage due to the use of white phosphorus bombs. Moreover, since 8 October 2024, over 90,000 people have been displaced from southern Lebanon, further exacerbating the humanitarian crisis, and highlighting the severe impact of the regional instability on civilian lives.

Syrian refugee crisis

Lebanon hosts more than two million Syrian refugees who have fled their homes in search of safety due to the civil war, marking the highest per capita globally. This influx has placed a severe strain on Lebanon’s resources and infrastructure. Syrian refugees often work without permits, do not pay taxes, and do not pay for electricity. Even before the Syrian refugee crisis began in 2011, Lebanon faced a shortage in electricity production relative to consumption. Over the past five years, the number of refugees has increased significantly, leading to a surge in electricity consumption. This has exacerbated the strain on Lebanon’s already struggling power grid, leading to more frequent and prolonged power outages. Additionally, a large number of refugees are involved in criminal activities, and more than half lack residency status, exacerbating social tensions and straining the country’s infrastructure. The burden is particularly evident in public services. There is an overload on healthcare services, schools are operating in two shifts to accommodate the influx of refugee children, and roads and other infrastructure are under significant pressure.

Furthermore, the security services are weakened due to inadequate wages and resources, making them less effective in dealing with ordinary crime. The proportion of Syrian detainees compared to the overall prison population is higher than that of Lebanese detainees. Despite efforts by Lebanese authorities, the international response, particularly from Europe and the United States, has been inadequate, ignoring the calls for facilitating the refugees’ return to safe zones
in Syria.

‘Lebanon faces an uphill battle to salvage its economic vitality and restore normalcy for its population amid these challenges.’

IMF Negotiations

Since May 2020, Lebanon has been in negotiations with the International Monetary Fund (IMF) for a rescue package that would help stop the deterioration of its macroeconomic outlook. An initial Staff Level Agreement (SLA) was signed between Lebanon and the IMF in April 2022 for a four-year extended fund facility that envisioned restructuring the financial sector, undertaking fiscal reforms, and strengthening governance. However, progress in implementing the actions mandated by the 2022 agreement has been extremely slow. In such a scenario of limited progress, the IMF has warned that continued inaction and weak willingness for reform could lead to a ‘never-ending crisis’.

World Bank initiatives

The World Bank has initiated several projects to support Lebanon’s recovery. One major initiative is the US$34m Fiscal Management Project in February 2024, aimed at restoring core fiscal management functions to support revenue mobilisation and ensure the accountable use of public resources. This project focuses on stabilising revenue administration, enhancing tax compliance, and upgrading ICT systems for tax and customs functions. It also seeks to restore fiscal controls, improve budget preparation and fiscal reporting, and strengthen oversight and accountability mechanisms.

Currency stability

Despite the challenging environment, the Lebanese pound (LP) maintained a stability against the US dollar on the parallel FX market due to:

1. high dollarisation as Lebanon’s economy heavily relies on the US dollar for transactions and savings;
2. convergence between official and parallel exchange rates: Since mid-February 2024, there has been a relative convergence between the official exchange rate and the parallel market rate for the Lebanese pound against the US dollar;
3. growth in BDL’s liquid FX buffers: The Banque du Liban (BDL), Lebanon’s central bank, has experienced continuous growth in its liquid foreign exchange (FX) reserves; and
4. due to quasi-balanced public and external accounts: Lebanon’s public finances (government revenues and expenditures) and external accounts (foreign trade and financial transactions) were somewhat balanced or stable.

Conclusion

Lebanon faces an uphill battle to salvage its economic vitality and restore normalcy for its population amid these challenges. Continued efforts towards fiscal reforms, international support, and effective governance will be crucial for its recovery.

Law Offices of Naoum Farah as a law firm deeply invested in Lebanon’s future, we are committed to supporting legal reforms that promote transparency, accountability, and sustainable development. We believe that through strategic legal interventions and robust policy frameworks, Lebanon can overcome its current challenges and build a more stable and prosperous future.

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What is the current state of Irish legislation on ESG?

Environmental, social and governance considerations have always been important to our clients but in recent years conversations about ESG matters have risen to the top of many organisations’ agendas, especially following the pandemic.

At Arthur Cox, we have seen demand for ESG-related advice increase over recent years and we expect that trend to continue as ESG considerations are pondered by governments, regulators, companies, investors and wider society.

The Irish legislative landscape on ESG matters is made up of domestic and EU measures (all of which exist in the context of global initiatives and discussions).

ESG touches upon multiple policy areas, such as climate action, biodiversity, energy, water, financial services, commercial enterprise, and transport. This means that legislation on ESG covers a broad range of topics and has an impact on multiple stakeholders.

When we talk about ESG, many of the legislative measures over the past decade have focused on the E of ESG, ie environmental goals (particularly those related to climate), but it is important to remember that there have also been significant legislative and policy initiatives connected to the S and the G.

Irish domestic initiatives over recent years are many and varied. They include the publication of Ireland’s first statutory National Adaptation Framework in 2018, the passing of the Climate Action and Low Carbon Development (Amendment) Act in 2021, committing Ireland to specific greenhouse gas emission reduction targets by 2030 and 2050, the Circular Economy and Miscellaneous Provisions Act in 2022 (supporting Ireland’s transition to a circular economy) and the Work Life Balance and Miscellaneous Provisions Act in 2023 (setting new ‘S’ rules for Irish workers).

At an EU level, measures such as the European Commission’s 2018 Action Plan on Financing Sustainable Growth, 2019 Green Deal and 2021 Sustainable Finance Strategy have led to a proliferation of European legislative measures, some of which are directly effective in Ireland with others being transposed into Irish law.

Are there any recent or upcoming changes to Irish ESG legislation that our readers should be aware of?

There are a number of measures that Irish businesses should be aware of and the key one to mention is the Corporate Sustainability Reporting Directive (CSRD).

Irish legislation transposing the Corporate Sustainability Reporting Directive (CSRD) is expected to be published ahead of the 6 July 2024 deadline. Companies within scope of the first phase will be preparing to report in 2025 on FY 2024.

We recognise that ESG considerations are impacting all of our clients across sectors not just through law and regulation but through other potential ESG-related exposures.

What legal obligations do Irish companies have in terms of ESG reporting?

Many of the legal obligations concerning ESG in Ireland stem from EU legislation. The focus of EU ESG measures in recent years has been on disclosure and reporting (as opposed to mandating specific actions).

The measures include those set out in:

• the Non-Financial Reporting Directive (2014/95/EU)
• the Corporate Sustainability Reporting Directive (EU) 2022/2464
• the Sustainable Finance Disclosures Regulation (EU) 2019/2088
• the Taxonomy Regulation (EU) 2020/852
• the Capital Requirements Regulation (EU) No 575/2013
• the Low Carbon Benchmarks Regulation (EU) 2019/2089
• the Climate Law Regulation (EU) 2021/1119
• the Gender Balance on Corporate Boards Directive (EU) 2022/2381

How does Irish law enforce ESG disclosure by companies?

Enforcement covering matters that are now labelled ESG is not new. Up to now, Irish law has overseen ESG disclosures under general rules of company law, eg, through examining company reports for material misstatements. Given the new and upcoming ESG-specific disclosure requirements, we expect enforcement to become increasingly robust with companies’ sustainability information being scrutinised by various stakeholders including regulators, lenders, insurance companies, shareholders and the general public.

The reach of ESG regulation is very broad and the regulatory sanctions will vary depending on the particular regulator engaged by the event that triggers an investigation. The regulatory and reputational implications of investigations are likely to be particularly significant if greenwashing allegations emerge.

It is important to remember that enforcement action by regulators is not the only means by which company disclosure will be scrutinised and challenged and we expect a rise in actions through litigation.

What are the penalties for non-compliance with ESG regulations in Ireland?

Regulatory sanctions will depend on the nature of the specific regime engaged. They can include directions, cautions, reprimands, fines, suspensions or revocations of authorisations.

Given the number of different sources of ESG regulations in Ireland, it may be most helpful to give an illustrative example. Taking the CSRD as that example, the CSRD will require companies to report sustainability information in compliance with new reporting standards. Failure to comply with these standards can result in substantial fines, eg, financial penalties of up to €50,000 and administrative fines of up to 2% of a company’s annual average revenue if it exceeds €400m.

Outside formal, financial penalties, it is also important for companies to consider the reputational risks associated with getting ESG disclosures wrong.

How does Irish ESG legislation address social issues such as employment rights and diversity?

Irish ESG legislation has been increasingly attentive to social issues, including employment rights and diversity, which underscores a broader commitment to equality, diversity and inclusion issues.

The introduction of the Gender Pay Gap Information Act in 2021 marked a significant step towards transparency in the workplace, requiring organisations with more than 250 employees to report gender pay gap metrics. From 2024, companies with 150 employees or more will be required to submit gender pay gap reports, and from 2025 this will be extended to companies with 50 employees or more.

How does Irish legislation ensure the environmental aspect of ESG, specifically in terms of sustainability and climate change?

Irish legislation has taken significant steps to ensure the environmental aspect of ESG, particularly focusing on sustainability and climate change.

The Climate Action and Low Carbon Development (Amendment) Act, signed into law in 2021, commits Ireland to a legally binding path to net-zero emissions by 2050 and a 51% reduction in emissions by 2030 from a 2018 baseline.

This act is a cornerstone in Ireland’s framework to meet its international and EU climate commitments, aiming to transform the economy towards a greener future.

What is Arthur Cox’s approach to ESG issues in its legal practice?

At Arthur Cox, we recognise that ESG considerations are impacting all of our clients across sectors not just through regulation but through impacts on their business proposition.

Our ESG group works with our clients to identify and integrate ESG priorities at all levels of their businesses. We advise clients on areas such as energy transition, climate action, sustainable finance and green bonds, ESG disclosures and sustainability reporting, sustainable real estate investment and development and green leases.

What sets us apart from other firms is the breadth and cutting-edge nature of our ESG practice. Our ESG group is at the forefront of the market, providing clients with advice across the entire ESG space.

We have assembled a cross-disciplinary team of experts who bring a wealth of knowledge and experience across sectors to work with our clients to meet their ESG-related goals and obligations.

Our approach is collaborative and client-focused. We work closely with clients to understand their unique goals and challenges, providing tailored solutions that reflect the latest legal updates and industry insights.

What measures has your firm taken to improve its own ESG performance?

Sustainability for us involves a commitment to robust governance, policies, and practices. That commitment includes a relentless focus on diversity and inclusion, respect for human rights, responsible procurement and environmental sustainability. The integration of each of these elements is a key part of the decision making for our business.

Our ESG strategies are overseen by our Sustainable Business Committee, which manages our Sustainable Business Programme. At the core of this programme is the annual publication of our Sustainable Business Impact Report. Launched in 2021, this report is a comprehensive overview of our initiatives and accomplishments across four essential dimensions: community, workplace, marketplace, and environment. By aligning with the UN Sustainable Development Goals, we aim to show our commitment to global sustainability standards.

We aim to play an active role in contributing to positive change while minimising our environmental impact through a programme of monitoring and continuous improvement.

What are the biggest ESG challenges your firm currently faces, and how are you addressing them?

As a firm, we have set ambitious targets in relation to reducing our Scope 1, 2 and 3 emissions. Over the past 12 months, we have continued to work with our people and external stakeholders to assist us in the delivery of the key measures required to achieve our carbon reduction goals.

Our work in this area is continuing and we are very aware that we need to continue to work with our people to reduce our carbon footprint as an organisation. To address this, we are working hard to explore alternatives so that we can provide more sustainable options through an updated travel policy, online meetings, events and other operations.

How does the firm assist clients in integrating ESG factors into their business strategies?

We assist clients in navigating reporting obligations and advise boards on strategic planning, risk management and internal controls to support disclosure in relation to their business operations and value chains.

Our ESG group advises on disclosure and sustainability reporting obligations in relation to climate, diversity and other aspects of ESG in compliance with local and international legislation and voluntary frameworks, including the CSRD, the Taxonomy Regulation and Task Force on Climate-related Financial Disclosures.

We also advise companies on all aspects of their governance arrangements. Board governance and oversight is essential in developing and delivering effective ESG strategy, managing risks including activism and litigation, supporting robust disclosure and maintaining stakeholder engagement.

We provide regular ‘horizon scanning’ insights to legal teams and company boards regarding ESG-related developments and advise boards on topical issues including board diversity, executive remuneration, directors’ duties and the implications of new legislation such as the proposed Corporate Sustainability Due Diligence Directive (CSDDD).

Can you share some examples of how Arthur Cox has helped clients navigate complex ESG issues?

Our ESG team offers advice on a multitude of complex ESG issues, such as:

Environmental: Under the environmental pillar we advise on energy system transition, energy efficiency and demand side response, resource management and the circular economy, carbon sequestration and emissions reduction, sustainable finance, climate-related plans, disclosures and activism and environmental due diligence.

Social: On the social side, we have extensive experience advising on the social impacts of organisations on internal and external stakeholders. We advise on equality and discrimination matters, environment, health and safety issues, community investment and capacity building as well as human rights and the rule of law.

Governance: Good governance is a core aspect of ESG, and our team regularly advises clients on all aspects of their governance arrangements, including areas such as strategic oversight, risk management, shareholder engagement and reporting and transparency.

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The European Union has taken a significant step towards promoting sustainable and responsible business practices with the adoption of the Corporate Sustainability Due Diligence Directive (CSDDD). Approved on 24 April 2024, this directive mandates large companies operating within the EU to integrate human rights and environmental due diligence into their operations and value chains. This article delves into the key aspects of the CSDDD, its implications for businesses, and the expected outcomes for various stakeholders.

Background and legislative journey

The journey to the adoption of the CSDDD began with growing calls from civil society, businesses, and EU citizens for a unified approach to corporate sustainability. Prior to the directive, several national regulations existed, such as France’s Duty of Vigilance Law and Germany’s Supply Chain Due Diligence Act, which highlighted the need for a harmonised EU-wide framework.

On 23 February 2022, the European Commission proposed the directive, which underwent extensive negotiations and revisions. The European Parliament adopted the final text on 24 April 2024, after reaching a compromise with the Council in December 2023. The directive will be published in the Official Journal of the European Union and enter into force 20 days later, giving member states two years to transpose it into national law.

Scope and applicability

The CSDDD applies to large EU companies with more than 1,000 employees and a net turnover exceeding €450m worldwide. It also affects non-EU companies with significant operations in the EU, specifically those generating more than €450m in turnover from their EU activities. Although small and medium-sized enterprises (SMEs) are not directly covered, they may still be impacted as part of the supply chains of larger companies.

Core requirements of the CSDDD

The directive establishes a corporate duty of due diligence that encompasses several key obligations:

1. Risk-based due diligence: Companies must develop and implement a due diligence policy that integrates human rights and environmental considerations. This policy should include procedures for identifying, assessing, and addressing actual and potential adverse impacts across the company’s operations, subsidiaries, and value chains.
2. Stakeholder consultation: Meaningful engagement with stakeholders, including employees, affected communities, and civil society organisations, is required throughout the due diligence process. Companies must ensure that vulnerable stakeholders are given particular attention and barriers to engagement are addressed.
3. Prevention and mitigation: Companies are required to take appropriate measures to prevent or mitigate identified adverse impacts. These measures should be proportionate to the severity and likelihood of the impact and may include contractual clauses, training, financial support for SMEs, and, as a last resort, terminating business relationships if necessary.
4. Remediation: If a company causes or contributes to an adverse impact, it must provide remediation to restore affected persons, communities, or the environment to a state as close as possible to the pre-impact situation. Remediation can involve compensation, rehabilitation, and other forms of support.
5. Monitoring and reporting: Companies must refresh their due diligence assessments annually and publish an annual statement detailing their due diligence processes, findings, and actions taken. This promotes transparency and accountability, allowing stakeholders to make informed decisions.

Enforcement and compliance

The enforcement of the CSDDD will be carried out by national authorities designated by EU member states. These authorities will have the power to impose sanctions, including fines and other penalties, for non-compliance. Additionally, the directive establishes civil liability provisions, ensuring that victims of adverse impacts can seek compensation through legal channels.

At the EU level, the European Commission will set up a European Network of Supervisory Authorities to ensure a coordinated approach to enforcement across member states. This network will facilitate the sharing of best practices and support the uniform application of the directive.

Implications for businesses

The CSDDD represents a paradigm shift in how businesses operate within the EU, with significant implications for corporate governance, risk management, and stakeholder engagement. Key implications include:

1. Increased legal certainty and uniformity: The directive provides a harmonised legal framework across the EU, reducing the fragmentation of national due diligence regulations and creating a level playing field for businesses. This uniformity is expected to enhance legal certainty and reduce compliance costs for companies operating in multiple EU countries.
2. Enhanced reputation and trust: By demonstrating a commitment to human rights and environmental sustainability, companies can build greater trust with customers, investors, and employees. This can lead to increased customer loyalty, better access to finance, and a more motivated workforce.
3. Risk management and competitiveness: Implementing robust due diligence processes can help companies identify and mitigate risks early, reducing the likelihood of legal disputes and reputational damage. This proactive approach can also enhance business resilience and competitiveness in a rapidly evolving market.
4. Global influence: The CSDDD sets a high standard for corporate due diligence that could influence international norms and practices. As EU companies implement these requirements, their global business partners may also be encouraged or required to adopt similar standards, promoting sustainability beyond the EU’s borders.

Benefits for stakeholders

The directive aims to deliver wide-ranging benefits for various stakeholders:

1. For citizens:

• Better protection of human rights, including labour rights.
• Healthier environment for present and future generations, including climate change mitigation.
• Increased transparency and informed consumer choices.
• Improved access to justice for victims of corporate misconduct

2. For developing countries:

• Enhanced protection of human rights and the environment.
• Sustainable investment and capacity building.
• Adoption of international standards and improved living conditions

3. For companies:

• Harmonised legal framework providing legal certainty and level playing field.
• Increased trust from customers and employees.
• Better risk management and competitiveness.
• Attraction of sustainability-oriented investors and talent.

Challenges and criticisms

While the CSDDD is a landmark piece of legislation, it is not without challenges and criticisms. Some businesses have expressed concerns about the potential costs and administrative burden of compliance, particularly for complex global value chains. Additionally, there are concerns about the enforceability of the directive and the potential for inconsistent application across member states.

Moreover, the exclusion of SMEs from the directive’s direct scope has raised questions about the overall effectiveness of the regulation, given the significant role SMEs play in global supply chains. However, the directive includes provisions to support and protect SMEs indirectly affected by due diligence requirements.

Conclusion

The EU Directive on Corporate Sustainability Due Diligence represents a major advancement in promoting sustainable and responsible business practices. By mandating comprehensive due diligence for large companies, the directive seeks to address adverse human rights and environmental impacts, fostering a more sustainable and equitable global economy.

As the directive is transposed into national laws and companies begin to implement its requirements, the true impact of the CSDDD will become clearer. While challenges remain, the directive’s emphasis on transparency, stakeholder engagement, and remediation offers a robust framework for driving positive change in corporate behaviour.

In the long term, the CSDDD has the potential to set new global standards for corporate sustainability, influencing practices beyond the EU and contributing to a more sustainable future for all. Businesses, policymakers, and civil society must work collaboratively to ensure the successful implementation and enforcement of this groundbreaking directive, realising its full potential to benefit people and the planet.

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Profile: An Overview of the Firm

At the heart of Saudi Arabia’s evolving commercial landscape stands ELaw Boutique Law Firm, a premier boutique law firm renowned for its specialisation in commercial and corporate law. Our firm has consistently demonstrated exceptional proficiency in navigating the intricate legal intricacies associated with these sectors, empowering our clients to achieve their strategic objectives with minimal legal impediments. We pride ourselves on providing personalised, client-centred legal solutions that are both innovative and practical.

Foundation and core values

ELaw was founded with the vision of offering unparalleled legal service through a focus on excellence, integrity, and innovation. Our core values are deeply rooted in these principles, which guide our day-to-day operations and long-term goals. We believe that every client deserves a tailored approach that addresses their unique needs and circumstances. Our attorneys work closely with clients to ensure that every legal strategy is bespoke, multifaceted, and effective.

Expertise in commercial and corporate law

Our firm’s expertise in commercial and corporate law is unmatched. We understand the complexities of the corporate world and provide strategic advice that helps our clients navigate through mergers and acquisitions, joint ventures, corporate governance, and regulatory compliance. At ELaw, we believe that informed decision-making is the cornerstone of business success. Our attorneys excel at anticipating legal challenges and providing solutions that align with our clients’ business objectives.

Expansion into technology law

In recent years, we have expanded our expertise into the rapidly advancing field of technology law. This includes fintech, regtech, and other emerging technological sectors, where we aim to be at the forefront of legal innovation. The digital revolution calls for a new breed of legal experts, and ELaw is dedicated to meeting this demand. We assist tech companies in dealing with regulatory compliance, intellectual property rights, and data protection, among other key legal issues. Our proactive approach ensures that our clients remain compliant in an ever-changing regulatory environment.

Client-centred approach

What sets ELaw apart is our client-centred approach. We believe that the relationship between a law firm and its clients should be based on trust, communication, and mutual respect. Our attorneys take the time to understand the business models, goals, and challenges of our clients, enabling us to offer solutions that are both innovative and practical. Whether advising a startup or an established corporation, our focus is always on providing value and delivering results that exceed expectations.

Conclusion

ELaw Boutique Law Firm is more than just a legal service provider; we are a trusted partner committed to the success and sustainability of our clients’ businesses. Our comprehensive expertise in commercial, corporate, and technology law, combined with our client-centric approach, positions us as leaders in the legal field. As we continue to evolve and expand, our core mission remains the same: to empower our clients through exceptional legal counsel, fostering growth and innovation in an ever-changing world.

Thought Leadership: Legal Developments in Saudi Arabia

Saudi Arabia has been witnessing transformative legal developments over the past decade, reflecting its Vision 2030 agenda aimed at diversifying the economy and reducing dependency on oil. These changes encompass a wide range of legislative reforms, judicial advancements, and regulatory updates. As thought leaders in the legal domain, ELaw Boutique Law Firm is at the forefront of these shifts, helping clients navigate the evolving landscape with confidence and agility.

Technology law: paving the way for innovation
One of the most significant areas of development has been technology law. The Saudi government recognises the importance of creating a robust legal framework to support the burgeoning fintech and regtech industries. Recent regulations have focused on ensuring cyber security, protecting consumer data, and fostering a conducive environment for innovation. These measures are pivotal in creating a legal ecosystem that supports technological advancement while safeguarding consumer interests.

For instance, the introduction of the Saudi Central Bank (SAMA)’s Regulatory Sandbox exemplifies the Kingdom’s commitment to nurturing fintech innovations. This initiative allows companies to test new technologies in a controlled environment, balancing innovation with consumer protection. Through this sandbox, fintech entities can experiment with novel solutions under regulatory oversight, thereby accelerating the development of cutting-edge financial technologies.

Additionally, the Capital Market Authority (CMA) has implemented several regulations aimed at facilitating fintech growth, including equity crowdfunding regulations and others in financial transactions. These regulations not only provide a clear legal framework for fintech operations but also encourage transparency and accountability, essential for building investor trust and market integrity.

Corporate governance: enhancing transparency and compliance

Another critical development is the overhaul of corporate governance standards. News about the imminent release of guidelines stipulates stricter compliance and transparency measures for certain activities, aiming to enhance investor confidence and attract foreign investments in these sectors. These changes are particularly relevant for businesses looking to establish or expand their operations in Saudi Arabia. By adhering to these enhanced governance standards, companies can better manage risks, improve strategic decision-making, and strengthen their market position.

The rules will require greater disclosure of financial and operational information, along with a clear delineation of responsibilities among board members and executives. This move aims to align Saudi corporate governance practices with international standards, thereby making the Kingdom a more attractive destination for foreign investors. Effective governance practices not only mitigate risks but also contribute to sustainable business growth.

Judicial advancements: streamlining dispute resolution

Judicial reforms have also been instrumental in supporting Saudi Arabia’s Vision 2030. These reforms focus on improving the efficiency and transparency of the legal system, making it easier and faster to resolve commercial disputes. This is crucial for fostering a business-friendly environment where legal ambiguities do not hinder commercial activities. The establishment of specialised commercial courts and the digitisation of legal processes are notable strides towards achieving this goal.

Regulatory updates: adapting to global standards

Regulatory updates in various sectors have been geared towards adapting global best practices to the Saudi context. This includes aligning local laws with international standards in areas such as anti-money laundering (AML), combating the financing of terrorism (CFT), and intellectual property rights (IPR). These efforts not only enhance compliance but also ensure that Saudi businesses remain competitive on the global stage.

Conclusion

Saudi Arabia is well on its way to becoming a hub for technological innovation and commercial growth, thanks to these dynamic legal reforms. At ELaw Boutique Law Firm, we are committed to staying abreast of these changes, ensuring our clients are well-prepared to navigate the evolving legal landscape. Our expertise in commercial, corporate, and technology law positions us as the ideal partner for businesses aiming to thrive in this rapidly transforming market. By leveraging our deep understanding of Saudi Arabian legal frameworks, we help our clients achieve their strategic objectives with confidence and agility.

Q&A: Interview with Ethar Aldaej

How has ELaw adapted to the rapid legal changes in Saudi Arabia?

We have adopted a proactive approach to legal changes, continuously updating our knowledge base and adapting our strategies to align with the latest regulations. Our team frequently engages in professional development and collaborates with regulatory bodies to ensure we provide the most current and effective legal advice.

What sets your firm apart in the fields of commercial and corporate law?

Our firm’s unique blend of local knowledge and international perspective sets us apart. We offer tailored legal solutions that cater specifically to our clients’ needs, ensuring they can operate seamlessly within the local legal framework while pursuing their strategic goals.

Can you share some insights on the future of fintech and regtech in Saudi Arabia?

The future of fintech and regtech in Saudi Arabia is incredibly promising. With ongoing regulatory support and a growing interest from the private sector, these industries are poised for significant growth. Our firm is ideally positioned to guide clients through this dynamic landscape, helping them innovate while remaining compliant.

How does ELaw incorporate technology and innovation in its legal practice?

We leverage cutting-edge technology and innovative tools to enhance our legal services. From AI-driven research to digital client management systems, we integrate advanced solutions to increase efficiency, accuracy, and client satisfaction. Our commitment to technological advancement ensures we stay ahead in the ever-evolving legal landscape.

What are the main challenges that ELaw faces in the current legal environment?

The main challenges include staying ahead of rapid legal changes, managing the complexities of cross-border transactions, and ensuring data security in a digital age. We address these challenges through continual learning, strategic partnerships, and robust cyber security measures, enabling us to provide comprehensive and secure legal services.

How does ELaw support the professional development of its team?

We prioritise the growth and development of our team by offering regular training sessions, access to industry conferences, and opportunities for further education. Additionally, we foster a collaborative environment where knowledge sharing and continuous learning are encouraged, ensuring our team remains at the forefront of legal expertise.

In what ways does ELaw contribute to the local community and legal education?

ELaw actively participates in community outreach programmes, pro bono work, and legal education initiatives. We conduct workshops, seminars, and mentorship programmes to support local legal education and awareness. By giving back to the community, we aim to contribute to the overall growth and development of the legal profession in Saudi Arabia.

Can you describe a recent successful case or project that ELaw worked on?

Recently, we assisted a major international corporation in navigating complex regulatory requirements to establish operations in Saudi Arabia. Our team provided comprehensive legal support, from initial consultation to final implementation, ensuring compliance with local laws and achieving the client’s strategic objectives. This successful project underscores our expertise in handling intricate legal matters and delivering exceptional client results.

What are ELaw’s goals for the next five years?

Over the next five years, we aim to expand our services, enhance our technological capabilities, and strengthen our international partnerships. By focusing on these goals, we plan to solidify our position as a leading legal firm in Saudi Arabia and continue to provide unparalleled service to our clients.

How does ELaw approach client relationships and customer service?

At ELaw, we prioritise building strong, lasting relationships with our clients. We achieve this by providing personalised service, understanding each client’s unique needs, and maintaining transparent communication throughout our engagement. Our client-centric approach ensures that we deliver not only legal solutions but also peace of mind and confidence in our services.

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The advent of artificial intelligence (AI) has ushered in an era of unprecedented technological advancements, transforming various sectors by enhancing efficiency, accuracy, and decision-making capabilities. However, the proliferation of AI technologies also brings forth significant challenges, particularly concerning safety, fairness, transparency, and accountability. In response to these challenges, the European Union (EU) has proposed and the European Parliament has formally adapted the EU AI Act, a comprehensive regulatory framework aimed at fostering innovation while ensuring the safe and ethical deployment of AI systems. A central element of this framework is the requirement for conformity assessments, particularly for high-risk AI systems. This article explores the intricacies of conformity assessments as mandated by the EU AI Act, detailing their purpose, processes, and implications for AI developers and users.

Purpose of conformity assessments

Conformity assessments serve as a critical mechanism within the EU AI Act, designed to verify that AI systems adhere to the established legal and regulatory standards. The primary objectives of these assessments are multifaceted: they aim to ensure compliance with the EU AI Act, enhance the safety and reliability of AI systems, promote public trust, and ensure accountability among developers and deployers of AI technologies. By subjecting AI systems to rigorous scrutiny, conformity assessments help mitigate potential risks associated with AI, thereby safeguarding users’ rights and interests.

Regulatory context and requirements

The EU AI Act categorises AI systems into different risk levels, with high-risk AI systems being subject to the most stringent requirements. These systems, which include applications in critical infrastructure, healthcare, law enforcement, and employment, are assessed against a comprehensive set of criteria to ensure their safe and ethical operation.

Risk management system: One of the foundational requirements for high-risk AI systems is the implementation of a robust risk management system. This system must encompass the entire lifecycle of the AI product, from initial design and development to deployment and post-market monitoring. It involves identifying, analysing, and mitigating potential risks that the AI system might pose. Continuous monitoring and periodic updates to the risk management measures are also mandated to adapt to emerging threats and vulnerabilities.

Technical documentation: Comprehensive technical documentation is a cornerstone of the conformity assessment process. Developers are required to maintain detailed records that describe the design, specifications, algorithms, data sources, testing methods, and performance metrics of the AI system. This documentation must be sufficiently detailed to allow external auditors and regulators to understand and verify the AI system’s compliance with the EU AI Act.

Data governance: High-risk AI systems must adhere to strict data governance standards to ensure the quality, integrity, and relevance of the data used in their training, validation, and testing phases. This includes measures to prevent and mitigate biases in the data, which could lead to discriminatory outcomes. Ensuring data accuracy and completeness is essential for the reliable performance of AI systems.

Transparency and explainability: Transparency is a key principle underpinning the EU AI Act. AI systems must be designed to provide clear and understandable information about their capabilities, limitations, and decision-making processes. Users should be informed when they are interacting with an AI system, and mechanisms should be in place to explain the rationale behind the AI’s decisions. This fosters trust and enables users to make informed choices about the AI technologies they use.

Human oversight: The EU AI Act emphasises the importance of human oversight in the operation of AI systems. High-risk AI systems must be designed to allow human operators to intervene and override decisions when necessary. This ensures that critical decisions, particularly those affecting health, safety, and fundamental rights, are subject to human judgement and control.

Cyber security and resilience: Given the increasing threats to cyber security, the EU AI Act mandates that AI systems incorporate robust cyber security measures. These measures are designed to protect the AI system from attacks, data breaches, and other security vulnerabilities. Ensuring the resilience of AI systems is crucial to maintaining their functionality and reliability in adverse conditions.

Process of conformity assessments

The process of conducting conformity assessments under the EU AI Act involves several stages, each designed to ensure that AI systems meet the necessary standards and requirements.

Preparation: The preparation phase involves gathering and organising all necessary documentation and evidence to demonstrate the AI system’s compliance with the EU AI Act. This includes compiling technical documentation, risk assessments, testing results, and internal audit reports. Developers must ensure that all relevant information is readily available for review by auditors or notified bodies.

Assessment: The assessment phase involves a thorough review and evaluation of the AI system against the criteria specified in the EU AI Act. For some high-risk AI systems, this may be conducted internally by the organisation. However, for higher-risk systems, an independent external assessment by a notified body is required. These notified bodies are accredited organisations authorised to evaluate and certify AI systems’ compliance. The assessment process may include audits, inspections, and testing to verify that the AI system meets the required standards.

Certification: Upon successful completion of the assessment, the AI system may receive a certificate of conformity. This certification indicates that the system complies with the EU AI Act and meets all necessary requirements. Certification is essential for high-risk AI systems to be marketed and used within the EU. It provides assurance to users and regulators that the AI system has undergone rigorous evaluation and adheres to safety, fairness, and transparency standards.

Continuous compliance: Compliance with the EU AI Act is not a one-time requirement but an ongoing obligation. Developers must implement continuous monitoring and periodic reviews to ensure that the AI system remains compliant throughout its lifecycle. This includes updating risk management practices, maintaining technical documentation, and reporting any incidents, malfunctions, or significant changes to the AI system to relevant authorities.

Implications for AI developers and users

The conformity assessment requirements imposed by the EU AI Act have significant implications for AI developers and users. For developers, these requirements necessitate a proactive approach to compliance, involving substantial investment in risk management, data governance, transparency, and cyber security. Developers must establish robust internal processes to document, monitor, and review their AI systems continuously. The need for external assessments by notified bodies also introduces additional costs and administrative burdens. However, these measures are essential to ensure the safe and ethical deployment of AI technologies and to build public trust in AI systems.

For users, the conformity assessment framework provides assurance that high-risk AI systems have been rigorously evaluated and meet stringent standards. This fosters trust in AI technologies and enables users to make informed decisions about their adoption and use. The transparency and explainability requirements also empower users by providing them with clear information about the AI systems they interact with and the rationale behind their decisions.

Challenges and future directions

While the EU AI Act’s conformity assessment requirements represent a significant step towards ensuring the safe and ethical deployment of AI systems, they also pose several challenges. One of the primary challenges is the potential for increased regulatory burden and compliance costs for AI developers. Small and medium-sized enterprises (SMEs) may find it particularly challenging to meet the stringent requirements, which could hinder innovation and competitiveness.

Another challenge is the need for harmonisation and standardisation of conformity assessment processes across different member states. Ensuring consistency and uniformity in the application of the EU AI Act’s requirements is crucial to avoid fragmentation and ensure a level playing field for AI developers.

To address these challenges, the EU and relevant stakeholders must work collaboratively to develop clear guidelines, best practices, and support mechanisms for AI developers. This includes providing technical assistance, training, and resources to help developers navigate the conformity assessment process. Additionally, fostering international cooperation and alignment with global AI standards can enhance the effectiveness and efficiency of conformity assessments.

Conclusion

The EU AI Act’s conformity assessment requirements represent a comprehensive and rigorous approach to ensuring the safe, ethical, and transparent deployment of high-risk AI systems. By establishing clear standards and processes for risk management, data governance, transparency, and cyber security, the EU AI Act aims to mitigate potential risks and promote public trust in AI technologies. While the implementation of these requirements poses challenges for AI developers, particularly in terms of compliance costs and administrative burdens, they are essential for safeguarding users’ rights and interests.

As AI technologies continue to evolve and proliferate, the importance of robust conformity assessments cannot be overstated. By adhering to the EU AI Act’s requirements, developers can ensure that their AI systems operate safely, fairly, and transparently, thereby contributing to the responsible and sustainable development of AI. The ongoing collaboration between regulators, developers, and other stakeholders will be crucial in addressing the challenges and realising the full potential of AI technologies in a manner that aligns with societal values and ethical principles.

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Iran is a strategic country located in the Middle East, possessing abundant natural resources such as oil, gas, gold, and other mines and minerals. In addition, Iran enjoys the benefits of having access to the Caspian Sea in the north, and to the Persian Gulf and free waters of Oman in the south.

Moreover, Iran is one of the top ten countries in the world with the most officially registered UNESCO World Heritage sites, and is among the few four-season countries of the world which benefits from diverse landscapes and geographical distribution, and thus having the potential to become an attractive tourism destination. Iran, at the same time, possesses a favourable climate for producing a variety of agricultural products, such as saffron and pistachios.

The country is also quite large in terms of the total land area it covers, being the second-largest country in West Asia), with a population of over 80 million people. It is strategically placed at the heart of the Middle East, being direct neighbour to a considerable number of countries; namely Armenia, Azerbaijan, Turkmenistan, Afghanistan, Pakistan, Iraq, Turkey, Kuwait, Saudi Arabia, Bahrain, Qatar, the United Arab Emirates, and Oman; noting that Iran has maritime borders with the last six countries, and Kazakhstan and Russia are also neighbours to Iran by way of the Caspian Sea.

Investment and business opportunities:

Possessing the aforementioned qualities, makes Iran an important country both for those who wish to trade with and invest in Iran, and for those who wish to engage in commerce and investment in its neighbouring countries. In fact, apart from Iran’s rich natural resources, tax incentives, and low-priced labour, its geopolitically significant location – with several free-trade zones at the heart of the West-East corridor, which connects Europe and the Middle East to Asia, or at the centre of the North-South corridor which connects Russia to the Persian Gulf and Arab countries – gives Iran a natural advantage as the focal point for storage, swap, and transit of various commodities, whether it be transiting energy through pipelines, transmitting power, or transshipment of cargo via sea or railway, etc. This is the main reason why in the past several years, some major long-term agreements have been concluded with Iran regarding energy, infrastructure, ports and free-trade zones (such as Chabahar port), etc, with the potential of many more being concluded in the future.

Legal service necessity

Taking into account Iran’s geographical placement as well as the opportunities and attractions that go with it, non-Iranian investors and traders, especially those active in the Middle East region, will invariably at some point require to directly or indirectly solicit legal advice with regard to Iran’s legal system – whether it be in relation to legal framework for investment protection, contract enforceability, starting a business, taxation issues, or other practical issues like dispute settlement procedures, provisional orders, or recognition and enforcement of awards issued by foreign courts or arbitral panels. Put differently, due to Iran’s geography and natural resources, advantages and attractions – being at the heart of the Middle East, centre of the North-South Corridor, and an essential part of the East-West Corridor, controlling power of the Hormuz Strait etc – it is more likely than not that international businesses active in the region will inevitably at some point require legal advice concerning Iranian laws and regulations. Understanding this reality and engagement in rendering timely, accurate, and cost-effective legal advice and services to international players in the region has been a cornerstone of Hatami & Associates’ business model. We have a proven track record of excellence and integrity in provision of effective legal advice, services and even feasibility studies from a legal point of view to a highly satisfied international client-base.

‘We remain proud of our consistent ability to steer our clients clear from obstacles in their pursuit of their business goals and our track record and history of highest client satisfaction testifies to our ability in this regard.’
Ali Hatami, Hatami and Associates

In this ever-growing region of high importance where East meets the West and when it comes to conducting business in the Middle East and beyond, we remain proud of our consistent ability to steer our clients clear from obstacles in their pursuit of their business goals and our track record and history of highest client satisfaction testifies to our ability in this regard. Our purpose and business model at Hatami & Associates is to ‘Guide and Protect’ our clients on all legal aspects of their business journey from A to Z. Where you see opportunity in this region, we pave the legal avenues for you to reach it.

Legal framework

Investment protection

According to Foreign Investment Promotion and Protection Act (FIPPA), foreign investment is possible in all sectors of the country’s economy without a preset ceiling amount for the invested capital. This is so for all foreign natural or legal persons, including dual Iranian nationals that plan to invest capital of foreign-origin.

The protections included in FIPPA are as follows:

• Guaranteeing and transferring foreign capital only by obtaining a foreign investment licence.
• Imposing no ceiling limit on the intended invested capital.
• Ensuring the possibility of exporting products and transferring the resulting currency abroad.
• Guaranteeing capital against expropriation and immediate compensation based on real value of investment before expropriation.
• Observance of national treatment principle regarding foreign investors.
• Possibility of resolving disputes between foreign investors and the government by referring to arbitration.

Foreign investment under FIPPA and its executive regulations can be made directly or indirectly. Indirect investment is made as contractual arrangements, including ‘build-operate-transfer’, ‘buy-back’, and ‘civil participation’. In other words, any type of investment in which a foreign investor does not want or is not eligible to have a share of joint venture capital and ownership is known as indirect investment.

Enforcing contracts

Regarding the efficiency of dispute resolution and quality of judicial process as two key factors in assessment of contract enforcement, and their relation with the cost and time of dispute resolution, it can be claimed that Iran has a competitive advantage in comparison with the other countries in the region. The reason is that Iran has taken some effective actions in recent years which both directly and indirectly ease the process of contract enforcement. For instance, constructing the online platform of filing and service of the judicial documents has reduced the time and indirect cost of filing the lawsuits and servicing related documents or decisions. In addition, forming a special commercial court, with highly professional judges, dealing only with business litigations is another eminent step in court structure and proceeding quality which directly impacts on contract enforcement.

Moreover, when direct costs such as court costs, average attorney fees, and enforcement costs are considered, it becomes evident that the process is a low-cost one.

Practical issues

1. Association and openness to foreign dispute settlement procedures.
2. Recognition and enforcement of a non-Iranian arbitral award.
3. Dealing with international arbitrations under Iranian legal system.
4. Conditions for enforcement of awards which are issued by non-Iranian courts.
5. Categories of costs for settling a dispute in Iran.
6. Iranian courts familiarity with the specification, specialities and requirements of commercial disputes involving non-Iranian factors.
7. Implications of the Iranian legal system for cross-border criminal cases.
8. Iranian legal system’ effectiveness for settling or adjudicating the disputes with foreign elements.

Hatami and Associates International Law Firm

Founded in 1997 by Dr Ali Hatami, Hatami and Associates International Law Firm is a leading global business law firm, that has formed a solid reputation due to its expertise and experience. From its inception to date, the firm has consistently focused its practice on corporate law and international trade and foreign investment, and has brought a diversified range of talented lawyers – complementing each other’s expertise – under the leadership of Dr. Hatami, with an eye to provide unique solutions in addressing, advancing and defending its clients’ interests and needs. Throughout the years, we have worked with distinguished local and international clients from various sectors, and have very efficaciously managed to build an impressive client base from various countries and provided the same with competent advice on Iranian laws and regulations as well as on international matters. The value of the projects and disputes for which the firm has provided its services, amounts to more than $500bn. The firm’s extensive experience in dealing with various clients of all nationalities has enabled us to effectively communicate, understand, and address the clients’ distinct needs with an eye to ensure the delivery of the best possible outcome. Also of particular note is the firm’s success in building a solid network of collaboration with various North American and European law firms and financial consultants in order to best serve our clients’ multifaceted interests internationally.

‘The value of the projects and disputes for which the firm has provided its services, amounts to more than $500bn.’
Ali Hatami, Hatami and Associates

The firm has, since its establishment, advised and advocated its clients in many diverse disputes, with an aggregated value amounting to more than $500bn. Such services include A-Z dispute settlement phases; ie, drafting pre-action legal opinion, clients’ briefings, advocating the clients before the dispute settlement body in every step, including enforcement of the awards. Having in-depth knowledge and experience in international trade and investment law and usages, the achievements of the firm in disputes, especially those involving foreign factors, have been exceptional. The firm has participated in establishing several case laws in the courts of Iran. For instance, in a recent dispute over certain amount of euros, after winning the lawsuit in favour of the Turkish client, a complex legal issue arose about the applicable currency exchange rate. The Iranian loser party did not have euros, so we had to sell its assets and convert the rials to euros. According to the rules of the Central Bank of Iran (CBI), the exchange rates are only legal if announced by the CBI. Yet, such CBI rates, although much lower than the free market rates, are not accessible for enforcement of the awards. The courts tended to apply the CBI rates. It was our team who argued for, insisted on and reasoned in favour of the applicability of the free-market exchange rates. Not only was the court convinced, but also a benchmark was established in the case law.

The post ‘An ever-growing region of high importance’: doing business in Iran appeared first on Legal Business.

Jonathan Ashley of etiCloud on how prevention is the best defence when it comes to keeping your company safe from cyber attacks

‘Cyber security breaches and attacks remain a common threat.’ – Cyber Security Breaches Survey 2024, Department for Science, Innovation and Technology and the Home Office.

Back in April, the government issued its annual Cyber Security Breaches Survey. The statistics contained in the survey should come as no surprise to any of us, since not a week seems to go by without the media reporting on a cyber breach or attack. This year’s figures revealed that half of UK businesses (50%) and around a third of charities (32%) reported having experienced some form of cyber security breach or attack in the last 12 months. This figure was much higher for medium businesses (70%), large businesses (74%) and high-income charities with £500,000 or more in annual income (66%).

Delving further into the survey, I read that 84% of small businesses now regard cyber security as a high priority. However, only four in ten companies have actually reached outside of their business for independent support or guidance. Also, while there has been a small increase in good cyber hygiene practices such as executing a phishing policy or reviewing malware protection, only 31% of businesses have undertaken a cyber security audit. What’s more, only one in ten has reviewed cyber risks posed by suppliers.

7.78 million business cyber crimes committed

Of those businesses that reported a cyber breach in the last 12 months, 44% then experienced some form of cyber crime. Indeed, the survey estimated that 7.78 million business cyber crimes were effected in the past year. Furthermore, of those companies that suffered a cyber breach, only 19% gave staff additional training and only 17% updated existing anti-malware software.

Analysing the contents of the survey only points to one conclusion: there is a constant threat to business, irrespective of size, sector or location. As such, I wanted to address what, as a UK law firm, you can do to protect your company, your staff and your clients from adding to the statistics in next year’s survey.

Start with the squishy ones

Whenever he gets the chance, our cloud director points out that best practice cyber security always starts ‘with the squishy person in front of the computer’. And he’s right. However, since the majority of cyber breaches are indeed the result of human error or misjudgement, the good news is that they can be averted by adopting a variety of processes and protocols. As such, company-wide vigilance and training are absolutely essential when it comes to avoiding a cyber attack of any kind. In fact, get this right and the National Cyber Security Centre, in a recent study, stated that you can eradicate up to 83% of attacks.

Giving your employees the necessary tools and knowledge to identify a potential cyber breach is relatively straightforward to implement. Team up with a certified training provider who specialises in cyber security training and run a specific programme for your entire workforce, even those who rarely use a computer. Absolutely everyone in your company needs to be able to spot the signs of an attempted hack or phishing email and understand the process of flagging it so it can be dealt with immediately. Prevention really is better than cure.

Training and vigilance are key to preventing cyber attacks

Cyber security training should never be a one-off exercise. It should form a key part of your firm’s CPD programme and annual training schedule. Such training can also be complemented by random ‘live’ security exercises – carry out a staged ‘live cyber attack’ and watch and evaluate how employees respond – and ‘real-life’ story telling of businesses that have succumbed to an attack. At the same time, I highly recommend that every company gains the National Cyber Security Centre’s Cyber Essentials certification on an annual basis. This certification will help you to guard against the most common types of cyber attack and demonstrate your commitment to cyber security.

You and your people are your company’s front-line defence against these attackers. If they have the correct training and knowledge required, cyber attacks can be all but nipped in the bud. Make sure they’re fully equipped and remain vigilant at all times, even on a Friday night in the pub when you’re checking your emails on your mobile – yes, we have had an account take-over attempt that started this way – and you’ll stand the best chance of remaining a step ahead of the criminals.

Next generation security products – they’re now very affordable!

Over the last few years, my team and I have been doing an awful lot of work to review security in the current age. One of the biggest milestones in this area is the improved affordability of what are commonly referred to as ‘next generation security’ or ‘Extended Detection Response’ (XDR) products. Once the sole reserve of large, multinational businesses with vast IT budgets, it’s now far more affordable and, therefore, accessible to companies that have a rather more conservative amount to invest in their IT.

XDR is a cyber security technology that is specifically designed to monitor and mitigate cyber security threats. It does this by integrating several concepts into one single solution.

It essentially works by gathering and correlating data across a variety of network points including servers, email, cloud workloads and endpoints. The data is analysed and compared to provide visibility and context which then reveals advanced threats which can be prioritised and mitigated to prevent security collapses and data loss. This, in turn, enables a company to create a much higher level of cyber awareness and allows IT teams to identify and eliminate security vulnerabilities.

We’ve kept a very close eye on the development and uptake of XDR as we’ve wanted to implement it for the 200+ law firms we work with. And I’m delighted to say that we are providing both SentinelOne and Barracuda XDR Managed Endpoint as part of our standard offering. In doing so, firms are now more secure at their most vulnerable points (staff and staff devices as highlighted above!) AND we are still 30% cheaper than our competition AND we provide much higher levels of support.

When did you last conduct a cyber security audit?

It’s a question we ask every potential client and, more often than not, the response is: ‘I’m not entirely sure, let me check with IT.’

A cyber security audit primarily covers your firm’s IT systems. This includes its infrastructure, the software deployed, and devices used by employees. However, this is only one aspect of information security, and a comprehensive assessment won’t be limited to technical resilience. It will also assess:

• Data security: network access controls, data encryption and the way sensitive information moves through the organisation
• Operational security: information security policies, procedures and controls
• Network security: network controls, antivirus configurations and network monitoring
• System security: patching, privileged account management and access controls

Each aspect of the audit will ensure that the relevant controls are in place, optimised and implemented in line with regulatory requirements. That’s why, if you’re one of those firms that’s not certain when it last conducted a cyber security audit, it’s imperative that you do so as a matter of priority.

Our security specialists are highly adept at carrying out a cyber security audit. In a matter of hours and with zero disruption to your business, they compile a report covering each of the above audit areas. Accompanying this will be a description of the findings during the audit and the recommendations to remediate or improve the area in question. We will also make present the report’s findings to you and your stakeholders in plain language so that your management board and members will be fully aware of your security posture without any technical jargon complicating the matter.

Don’t hesitate. Focus on cyber security today

There are hundreds of cyber attacks taking place at a low level as you read this article. This unprecedented amount of cyber threat activity is happening behind the scenes and it is being managed very effectively. The activity is increasing daily so our goal is to look at security products that can help pinpoint which are the important threats so they can be addressed and mitigated fast. Please note that this isn’t meant as fearmongering. It is meant to highlight the fact that cyber threats and crime are becoming much more sophisticated so, we must all constantly strive to improve the level of protection applied.

The next generation of cyber security products are utilising AI to collect data on a global scale and analyse this data to spot trends and identify where time and effort should be spent. This dedicated monitoring and management of security takes out all the guesswork and allows us to prevent and learn from cyber attacks. Ultimately it means we’re able to better protect customers and remediate situations immediately before they become much more difficult to deal with.

Combine XDR products with an ongoing staff training programme on cyber security, achieving Cyber Essentials accreditation and conducting a cyber security audit, and you’ll go a very long way to mitigating the constant threat to your law firm. I guarantee, you won’t regret it.

The post Cyber security is a constant threat to your law firm appeared first on Legal Business.

Environmental, social and governance (ESG) has evolved at a rapid pace in recent years. We’ve seen a meteoric rise in stakeholder engagement and interest well beyond the investment community where the concept initially started to gain mainstream attention. This really accelerated in 2020 around the Covid pandemic when the importance of pressing global issues like the combined climate and biodiversity crises were re-evaluated. This was followed by well documented labour and sourcing issues as global economies opened back up after lockdowns. We are now entering a phase where there is a clear shift in progress, away from voluntary standards and best practice ESG frameworks, towards mandatory reporting and stricter disclosure requirements. These can be linked to specific issues such as physical and transition climate risks, but also to the more general ESG issues, for example supply chain and the associated issues of modern slavery and forced labour.

As a consequence, there is now more ESG data than ever before, and an ever-growing demand for good quality, accurate information, not just on or for an individual entity, but data and insights on its wider value chain.

ESG data has therefore become increasingly important for organisations, none more so than for law firms who have practice areas and touchpoints across many sectors and rely on up-to-date, precise information to fulfil their responsibilities to clients. Law firms with corporate practices will need to advise their clients on ESG risks and opportunities associated with ESG due diligence, emerging or recently introduced regulations such as Corporate Sustainability Reporting Directive (CSRD) or Corporate Sustainability Due Diligence Directive (CSDDD) in the EU.

One of the major developments that has occurred in the last 12 months has been the move via the International Financial Reporting Standards (IFRS) to consolidate a number of ESG standards such as the Sustainability Accounting Standards Board (SASB) and the Task Force on Climate-Related Financial Disclosures (TCFD) into a single standard. This led to the development and release of International Sustainability Standards Board (ISSB) standards. Long heralded as the start of the global baseline for ESG standards, the objective was to streamline and simplify ESG, and reduce the alphabet soup of standards across multiple jurisdictions. As this regime beds in, challenges remain to have such a unified set of ESG standards that should bring much needed clarity and precision into ESG terminology.

The challenges and opportunities for law firms

This historic lack of standardisation was in part responsible for the patchwork of regulatory and disclosure requirements. This in turn created uncertainty about the quality and reliability of data which then led to greenwashing by many businesses, with the consequent well publicised greenwashing litigation and investigations by the Competition and Markets Authority (CMA).

These uncertainties create very real challenges when advising private equity firms on ESG diligence. The complexities include the jurisdictions of your clients, the target companies being acquired, their industry, size, structure and whether they are private or listed entities. To navigate this minefield, there is a clear need for a robust standardised and repeatable risk screening approach to enable key global ESG issues to be framed during the diligence phase.

‘While the current ESG landscape does present major challenges, it also presents a unique opportunity for law firms to position themselves as leaders.’ Tom Venables, Landmark

But while the current ESG landscape does present major challenges, it also presents a unique opportunity for law firms to position themselves as leaders in this fast-emerging space and build out their own services to support the needs of their clients backed by the best data and insights. Many firms have made great strides in developing dedicated ESG practice areas and, with surveys over the past couple of years indicating, many more have plans to do so in the future. With the development of these teams comes the need for robust and reliable data that can be incorporated into a firm’s ESG processes and systems.

The role of technology

Technology is already playing a critical role in the utilisation of ESG data in a number of contexts, with many firms integrating software solutions or systems to enhance their existing processes. Notable advancements such as the prerequisite for CSRD reporting to have digital tags and for the reports to be machine readable so submissions can be easily accessible within an EU-wide central database all point towards a future of abundant and accessible ESG information.

When considering ESG data for specific scenarios such as due diligence, technology provides a powerful tool to identify and draw out difficult to find information, whether that’s specific information hidden in company disclosures and annual reports, or interrogating regulatory databases to identify information on product recalls or data breaches.

‘There will be a fine line to tread for all organisations between the exponential increase in energy consumption needed to power the AI revolution, against the backdrop of the transition to a net zero world.’ Tom Venables, Landmark

The future of ESG data will undoubtedly revolve around generative AI models and machine learning combined with the oversight and input from expert consultants. We can anticipate the development of forward-looking projections that consider global changes around complex interrelated factors including political instability, climate change, biodiversity loss and systemic risks. Of course, there will be a fine line to tread for all organisations between the exponential increase in energy consumption needed to power the AI revolution, against the backdrop of the transition to a net zero world.

Introducing Risk Horizon ESG Screen Report

Landmark’s ESG risk screening tool Risk Horizon, and its managed service ESG Screen reports, have been supporting leading national and international law firms over the last four years. Risk Horizon has been used to provide analysis and insights to aid ESG diligence on PE advisory, corporate mergers and acquisitions, client and supplier screening, in addition to gap analysis on law firms’ own ESG credentials.

Data and partnerships

Landmark is an IFRS Sustainability Alliance Member and licensee for using SASB standards data and IP forming the underlying Risk Horizon framework for industry risk. Key Risk Horizon features include:

• Scope of topics covered by Risk Horizon are aligned with additional recognised global standards such as GRI, CDP and TCFD.
• Risk Horizon is also home to Anthesis Group and Landmark created datasets and business logic supplementing SASB framework data.
• Data is regularly reviewed and updated by our consultancy team
• Risk Horizon includes global datasets and indexes covering 50 risk topics from organisations such as Transparency International and International Trade Union Confederation
• Through our managed service reports, platform data is supplemented by consultant reviewed information from additional resources such as the Business and Human Rights Resource and a range of regulatory databases and digital media sites. This ensures potential compliance and reputational issues are sourced at the earliest stage possible.

Legal context

Risk Horizon’s ESG Screen report is an ideal first step when acting on behalf of a client for PE advisory work or M&A corporate transactions. The report is suitable as an early stage due diligence screening report that frames the key ESG issues that should be considered especially where information is limited for private companies. The following use-cases demonstrate the variety of contexts in which the report can be utilised, as well as how it can be focused into these areas:

Private equity/M&A

• Quick and efficient risk profile of potential target company
• Suitable for both public and private companies
• Focused ESG diligence questions
• Reduces costs incurred and time taken in diligence process

Capital markets/regulatory

• Identify ESG risk areas for disclosures
• Standardised approach with SASB standards aligning with company reporting frameworks
• Global tool covering 50 risk topics, 85 industries and thousands of data points

Client pitches and client screening

• Clear and concise layout to present ESG risks and opportunities
• Objective assessments that can form the basis for the client pitch and from which discussions can be based

As well as the above, the Risk Horizon ESG Screen report can also provide value when assessing any reputational ESG risks when looking to act for potential new clients.
Risk Horizon helps to make sure the right issues are being looked at based on the appropriate geographies and industries of a given company.

By requesting a Risk Horizon report from Landmark, you and your client will benefit from the combination of a world-class specialist ESG consultant, combined with the power of the Risk Horizon software and its global data points to complete the assessment.

The post The growing importance of ESG data in the legal sector appeared first on Legal Business.