Wireline Magazine Issue 50 - Spring 2021

Norway

2020 2

2018 1

Sweden

2020 1

2018 1

Estonia

2020 1

UK

Japan

2020 3

2020 64

Pakistan

2018 52

Netherlands

2020 4

2020 3

2018 2

Ireland

Poland

2018 1

South Korea

2020 4

2020 4

2020 2

2018 2

Germany

Belgium

2020 10

2020 1

2018 3

2018 1

Ukraine

Czech Republic

2020 2

2020 1

2018 2

2018 1

India

Philippines

Luxembourg

2020 6

2020 2

Nigeria

2018 2

2018 2

Austria

2020 1

2020 1

2020 2

2018 1

2018 1

France

2020 12

2018 4

Switzerland

Uganda

Kenya

Slovenia

2020 2

2020 1

2020 1

2020 1

Indonesia

2020 1

Spain

2020 14

2018 13

Australia

SouthAfrica

2020 114

2020 4

2018 94

2018 3

New Zealand

2020 18

2018 17

underestimated, as it has been revealed that some shareholders are now also opting to vote against the re-election of directors of companies whose views do not align with their own. As this turbulent period of uncertainty continues, it is clear that it has seen many more groups and individuals take action against climate change, both through the courts and other mechanisms, and it is expected that these actions will only increase in number and sophistication. While challenges remain in the prosecution of these claims, legislators, regulators and legal institutions are taking steps to assist claimants in this regard. Similarly, courts are beginning to make positive rulings in favour of claimants. In this evolving landscape, companies and financial institutions must be prepared for legal challenges to their business activities and proactively take steps to limit their exposure to climate change- related claims.

‘primary’ nuisance of climate change, claimants would only have to meet a lower threshold of establishing that the marketing itself is a public nuisance. Such developments in the law of causation would help circumvent the significant challenge that claimants have previously faced in establishing causation in climate change disputes. Shareholder action The rising sense of urgency around climate change has also prompted shareholders to take action through traditional business mechanisms, such as voting on climate change resolutions at annual meetings. As a result, 2020 has proven to be a landmark year for investor action on climate change, with significant resolutions being tabled for consideration, many of which were passed. For example, shareholders at a number of financial and energy companies have voted in favour of setting climate targets in line with the Paris Agreement. While not all resolutions have obtained the required majority, the influence that can be exerted by shareholders should not be

Learn more and read an extended version of this article at whitecase.com.

w ire lin e | S p r in g 2 02 1 | 3 1