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Limited version Continue reading “Access your pdf edition of LB magazine – issue 314”
Allen & Overy DE&I ambassador Justin Farrance on the challenges still facing the City law LGBTQ+ community and how social media can drive change.
You use social media as a key platform for advocating for LGBTQ+ representation – what led you to start doing this? Continue reading “Pride Month 2023: ‘I was told that I needed to tone my “gayness” down in order to be successful’”
‘I’m of the view that there’s no such thing as an ESG lawyer. What we can do, by educating the trainees as they come in, is help them to understand ESG, so that it can permeate their practices throughout their careers.’ Rachel Richardson, Macfarlanes
On the back of our third annual ESG report, key decision makers share their perspectives on key issues affecting law firms
Dr Vera Naegeli and Marie-Cristine Kaptan discuss the evolving ESG legal field in Switzerland and how companies can abide by the new regulations.
Aleksandra Schellenberg, UBS’ global head of legal sustainable finance, knew she wanted to be a lawyer from the age of 14, revealing that she made her decision after watching the first episode of American legal comedy drama Ally McBeal, while growing up in Poland in the late 1990s.
She recalls: ‘I remember after watching the show, going to my mum and telling her I wanted to be a lawyer and she said, “Hey honey, we don’t have any lawyers in the family, that might be a bit difficult!” Continue reading “The Client Profile: Aleksandra Schellenberg, UBS”
Drs Friedrich Gebert, Andrea Panzer-Heemeier and Mirjam Boche give an overview of ESG requirements in the German market
BSLAW’s managing partner Robert Szuchy gives insight into navigating the ESG system in place in Hungary
As we go to press on Legal Business’ third annual ESG report, the data points gathered on firms’ ethnicity and gender diversity make for disheartening reading, not least because they are entirely predictable in their lack of substantive progress from last year.
In truth, the continued lack of engagement on diversity data as part of our ESG survey among many of the top 25 Legal Business 100 and top 25 Global London firms is wearing a little thin now. Continue reading “Big Law’s diversity stats remain uninspiring – time to revisit the problem of social mobility”
The most enjoyable part of analysing the proposed merger of Allen & Overy (A&O) and Shearman & Sterling has been hearing the reactions of leaders at peer firms to the video featuring senior partners Wim Dejonghe and Adam Hakki.
Hot-takes from around the City have been often amusing. Says one US firm leader: ‘It’s clearly not a merger, is it? It’s a takeover of Shearman by A&O, isn’t it?’ And it certainly does feel like A&O’s Dejonghe is in the driving seat of what is undeniably a slick pitch, even if it does, at times, look like Hakki is in a hostage situation. Continue reading “A&O Shearman is a marriage of necessity, not convenience”
Following the announcement of the proposed A&O Shearman merger, news came that Shearman & Sterling had lost two partners to Ashurst in London, which leads the headline moves – dominated by energy and infrastructure hires – in recent weeks.
London-based Shearman partners Sanja Udovicic and Julia Derrick moved over to Ashurst to expand the firm’s global energy team. Continue reading “Departures from Shearman and Allen & Overy as merger is unveiled and energy dominates lateral hiring”
Old Square Chambers’ employment and discrimination barrister Robin White talks to Amy Ulliott about transitioning at the Bar, the need for visible role models and why the official gender recognition process needs to change
Did you find it easy to come out at work, and were there any particular barriers that you faced? Continue reading “Pride Month 2023: ‘Most clients don’t care whether you’re black, pink, green, red with blue spots, LGBTQ+ or not – they just want someone to win the case’”
There was a strong international slant to last week’s round of lateral partner appointments, with firms making key hires in the US, UAE, Australia, and Hong Kong.
In the US, Bryan Cave Leighton Paisner (BCLP) has hired a six-partner team of IP lawyers, led by Song Jung, alongside corporate partner Jeffrey Haidet from Dentons. Jung joins as global chair of patents, having previously founded the global intellectual property and technology group at Dentons. Standout matters for Jung include advising on the G Chem v SKI trade secrets case, which was settled for $1.8bn. Haidet was Dentons’ US chair, and advises national and multinational companies on financial structuring, joint ventures, mergers and acquisitions, transactions, strategic alliances, and industry consolidation. Continue reading “Revolving Doors: Global 100 firms lead on international hires”
In the first half of June, the UK economy suffered another blow. Global soda ash producer, WeSoda, made the decision to pull out of its $7.5bn London IPO, citing a lack of investor demand, leading to criticism of UK investors for being unduly conservative and tight-fisted with their cash.
However, there is a glimmer of hope on the horizon in the public M&A arena, in the form of some recent promising, high-value transactions. Continue reading “Dealwatch: ‘Heading back in the right direction’ – positive mood continues for public M&A as UK elite line up on big-ticket deals”
Less than two weeks after Clifford Chance revealed the opening of a new office in Houston, the firm has announced the appointment of long-time CC real estate lawyer Ness Cohen as managing partner for its New York office, while also continuing to serve as real estate practice leader of the Americas.
Speaking to Legal Business, Cohen said: ‘The firm decided that it would make sense to have a New York office manager generally, especially with New York being one of our largest offices and also with our growth ambitions in the US.’ Continue reading “‘An excellent foundation from which to build’: Clifford Chance appoints new office managing partner in New York”
Following the recent hires of David Sewell and Damian Ridealgh to its New York office, Freshfields has announced six new partner hires across the US.
Heather Lamberg and Tina Sessions have joined the firm’s antitrust team in Washington DC and Silicon Valley. Lamberg, who previously worked at Winston & Strawn and Shearman & Sterling, advises on a range of antitrust cases, from class actions to criminal cartel investigations. Sessions, meanwhile, moves from Wilson Sonsini and advises on business-critical disputes with competitors and enforcement authorities, focusing on the technology sector. Continue reading “‘Our strategy is targeted and curated, and 100% client-centric’: Freshfields continues US hiring spree”
Stephenson Harwood has reported an 11% rise in turnover to £228m from £206m for 2022/23, the firm’s highest-ever revenue. It comes after the firm reported largely flat financials for the year 2021/22.
This time around, profit per equity partner (PEP) is up 6% to £725,000 from £685,000 in 2021/22. The firm has added 22 equity partners, with 11 lateral hires and 11 internal promotions over the last year, while four partners have retired from the partnership. Continue reading “‘I want the firm to be more ambitious and more confident’: Stephenson Harwood rebounds with double-digit revenue growth”
Thank you, Joe, Ben, and The Legal 500 team for inviting me to give this keynote address to the 2023 Legal 500 GC Summit, here in beautiful Singapore.
Good morning to every one of you. I am Lily Tsen, the regional general counsel for the Asia Pacific region of Amcor Flexibles – a global leader in developing and delivering responsible packaging solutions.
It is an absolute honour and privilege to be amongst such esteemed and brilliant legal minds. I am fortunate and humbled to have been recognised in the 2019 and 2022 GC Powerlists for Southeast Asia, and more recently in the inaugural Green Southeast Asia Legal 500 GC Powerlist for 2023.
When I was asked to give this keynote address, my immediate reaction was why me? And what do I talk about? I can assure you that this address is certainly not focused on me; rather, it is focused on you, your power, and your potential.
I want to start by showing you this picture produced by The Myers-Briggs Company. Some of you may have seen it before in a different context. What do you see? I will give you a few moments.
I can probably guess what you see – a strange land mass floating in the sky; to the right, you see a boy fishing; to the left, you see a romantic couple; you see birds, clouds, butterflies, and a hot air balloon. You also see some mountains and trees. You see all these things – so what?
As lawyers, we tend to state what is in the picture, focusing on objective details, the reality, and the specifics; what is here, what is now, and what is realistic. This perspective is largely as a result of both the traditional schools under which we have been trained, and traditional expectations.
As in-house lawyers, leaders, influencers, and team members, how do we see, inspire, and engage – not only ourselves – but our teams, organisations, and broader communities, with imagination? To see the big picture and anticipate the future? This is the challenge and the opportunity for evolution, that we all need to embrace. And I have no doubt that we have all been on that journey.
Who amongst us can remember our principals telling us to “stay within the guardrails of what you have been asked to deliver”; we have been conditioned to give the client what they request because they are always right. “Don’t be too creative because creative lawyering won’t win in court”, and “keep working on your attention to detail” are very familiar statements that governed our training years.
This is all well and good if we continue to live by the traditional belief that our role as lawyers is to advocate for our clients, and zealously represent their instructions. But that is not who we are, nor is that who we want to be. To continue to be this would be to impair what I truly believe is a vital community organ.
Whether we like it or not, as general counsel and in-house lawyers, we as the connective tissues across our organisations. We hear about issues at various points in the evolution of a matter – be it a change in regulation, litigation, M&A deal, or employee dispute – and work with stakeholders (each of whom bring their unique perspectives) to create solutions. That is not all. We are also entrusted, in confidence with what I would call “special” information. But again, you’re probably asking – so what?
I remind you of the saying, “With knowledge comes power, and with power comes great responsibility”. This, my friends, is who we are. As general counsel and in-house lawyers, we are all charged with the responsibility to hold firmly onto our moral compass, and ensure it continues to work, so that it can always display the “True North”. This is, of course, in addition to being an enabler and strategic business partner, aligned with core business activities and goals. This responsibility must also be carried out while providing clear, concise, pragmatic, and commercially astute legal advice which aligns with our stakeholders’ appetites and tolerances for risk in a language which non-legal eagles, across cultures, can understand.
Communicating with these non-legal eagles can be challenging, and at times it can feel like they are pecking right at the glass of our compass to the extent that it might break. However, I implore you to stand firm, and remain true to the values that are important to you and your team.
Whether it is —
— You play an instrumental role in connecting the dots, not only legally, but from the perspective of an entire enterprise. I implore you to use your knowledge, power, and spheres of influence to help others to see – and imagine – beyond the immediate picture; to be the agents of the change you want to see.
Thank you for listening. I look forward to meeting you through the course of this summit.
Green Guide senior researcher Olivia Hart speaks to Thomas Jelley, founder of Bright Blu Dot, on ‘Getting to Grips with ESG, without the OMG’, discussing the changing regulatory landscape from a consultancy perspective.
Green Guide editor Anna Bauböck speaks to Katie Smart, General Counsel & Company Secretary at Tarmac, about the opportunity in corporations doing the right thing.
David Koehne (DK): What climate commitments has the government of Singapore made to date and which interventions is it implementing?
Allen & Gledhill (AG): The Singaporean government recognises that climate change is an existential challenge for Singapore. There is a need to protect Singapore against the impact of climate change and contribute to global efforts to mitigate carbon emissions.
Singapore’s efforts towards mitigating climate change have seen steady progress over the years. With respect to emissions, Singapore pledged to reduce its emissions intensity by 36 per cent, in line with the Paris Agreement. In 2020, the government further committed to peak emissions goals by 2030 and 2050; while in 2022, it announced its ambition to achieve net zero emissions by or around mid-century. Overall, Singapore aims to halve its 2030 peak greenhouse gas emissions by 2050, with the aim of achieving net-zero emissions “as soon as viable in the second half of the century”.
To achieve this goal, there has been a whole-of-nation and whole-of-government push towards climate change and sustainability, which has intensified in the last two years. Notably, the government launched a whole-of-nation initiative under the Singapore Green Plan 2030, advancing the agenda on sustainable development. New initiatives under the plan include requiring all new car registrations to be cleaner-energy models from 2030, and aiming for at least 20 per cent of schools to be carbon neutral by 2030 “for a start”, with the rest of the schools to follow.
Another focus of Singapore’s climate mitigation efforts is using less carbon-intensive fuel and improving energy efficiency through transformations across society. The government has implemented several initiatives, such as a carbon tax; the Energy Conversation Act, requiring energy-intensive companies to implement mandatory energy management practices; a green building rating system for evaluating a building’s environmental impact and performance; and an initiative by the Land Transport Authority that aims for 100% clean-energy public transport.
Singapore also takes a whole-of-government approach towards mitigating climate change. Apart from various ministries and government agencies introducing policies, across sectors, which work hand-in-hand to mitigate climate change, in 2021, the government launched its GreenGov.SG initiative, under which the public sector itself would strive to attain ambitious sustainability targets in carbon abatement and resource efficiency and be a positive influence and enabler of green efforts.
DK: What is the role of green finance in achieving the government’s domestic climate goals?
AG: The Singapore government sees green finance to be critical in accelerating the greening of the economy, which is imperative for the net zero transition.
The Monetary Authority of Singapore (MAS) launched its Green Finance Action Plan in 2019 on becoming a leading global centre for green finance. The intention is also to develop a green finance ecosystem in Singapore to serve Asia, with four key priorities:
The Singapore government also announced in the Budget 2022 that the public sector will issue up to $35 billion of green bonds by 2030. Related to this, MAS introduced in June 2022 the Singapore Green Bond Framework, which sets out guidelines for public sector green bond issuances that are aligned with internationally recognised market principles and standards. This Framework comes ahead of the issuance of Singapore’s first green bond to fund infrastructure projects that meet the new framework criteria.
MAS also launched the Green and Sustainability Linked Loan Subsidy Scheme, which aims to support corporates of all sizes, based onshore or offshore, to obtain green and sustainable financing. This includes subsidising the cost of engaging independent service providers to validate sustainability-linked loans, among other green finance products. The grant also encourages banks to make green finance products more accessible to small and medium-sized enterprises.
More broadly, Singapore is building a comprehensive ecosystem for green and transition finance to facilitate Asia’s net zero journey, which includes initiatives to build capabilities in environmental risk management in the financial sector through climate stress tests; provide grants to defray the costs of issuing green and sustainability-linked loans and bonds; support industry efforts to build the infrastructure for a liquid and transparent voluntary carbon credit market in Asia; and deploy technology to address data challenges, such as through an ESG registry to maintain provenance of green certifications and an ESG disclosure platform to allow listed companies to upload corporate sustainability data in a structured and efficient manner.
DK: What sorts of accountability and reporting mechanisms has the government introduced for green products? Are they effective?
AG: On accountability, the Green Finance Industry Taskforce (GFIT) issued a detailed implementation guide for climate-related disclosures by financial institutions, which sets out best practices. The guide focuses on board/management oversight, policies and procedures crucial to managing environmental risk in a systematic and consistent manner, risk identification and assessment criteria, and monitoring. It also considers different approaches for individual sectors.
MAS also published the environmental risk management guidelines in 2020 for banks, insurers and asset management companies to promote the transition to an environmentally sustainable economy. It additionally published information papers in 2022 on a thematic review conducted by MAS in 2021 on selected banks, insurers and asset managers, and highlights emerging and good practices, identifying areas where further work is needed. MAS recognised that institutions are at varying stages of putting in place the relevant risk management processes, and stressed that they must push ahead to set tangible targets to address environmental risk with urgency and ambition.
The banking industry in Singapore has also undertaken its own initiatives to enhance the implementation of responsible financing across the banking sector in Singapore. The Association of Banks in Singapore published guidelines for green financing in the country. They require companies to strictly comply with ESG disclosures when they finance, and provide the principles of financing for issuing green bonds.
DK: How has Singapore developed as a regional green finance hub?
AG: As a regional finance hub, Singapore has sought to leverage its existing professional services infrastructure to develop further opportunities in green finance. According to MAS, there will be approximately US$200 billion in green investment opportunities in ASEAN by 2030. Over recent years, the government has actively cemented the position of Singapore as a regional green finance hub, developing capabilities in environmental risk management and assessment, strengthening sustainability disclosure practices among both listed and unlisted companies, promoting the issuance of green bonds, and creating a carbon exchange.
MAS introduced the Sustainability Bond Grant Scheme in 2017, which has now been expanded to include social and sustainability-linked bonds. Reflecting Singapore’s status as a hub for foreign financial institutions in developing green finance capabilities, there have been green, social and sustainability bonds issued in Singapore by foreign issuers.
DK: And are there any interesting examples where the jurisdiction has managed to make a tangible impact regionally?
AG: Yes, both in connection with thought leadership and in carbon services and trading.
A well-functioning market for carbon credits is important to support carbonisation efforts. Today, more than 70 carbon services and trading firms use Singapore as a base to serve the region and engage in carbon market activities. The Singapore government is working to develop Singapore as an international carbon trading and services hub with Singapore-based global carbon exchanges such as Climate Impact X and AirCarbon Exchange, and to develop the larger ecosystem by anchoring key activities such as project development, financing and certification in Singapore.
In terms of thought leadership, various public and private players in Singapore are active in conducting research on the development of green finance in Singapore and the region, which positions Singapore as a leader in the region on green finance efforts. The Collaborative Initiative for Green Finance in Singapore has published reports to establish baseline standards for green finance in Singapore, outlining opportunities for green finance, and proposing various recommendations.
DK: What does the future hold for green finance in Singapore? Are there any obstacles, and what would you like to see the government doing that it isn’t currently?
AG: Singapore is an established financial hub in Asia and has tremendous potential to become a hub for green financing in Asia. It has the infrastructure, commitment and thought leadership to do so. This is particularly so with the strong government commitment behind green financing, which is one of the pillars of the Green Plan 2030.
Potential challenges which apply to green financing globally would also be expected in Singapore, such as: transparency of the quality of projects or financial instruments for green investments; burden of reporting in the green bond market; and lack of access for SMEs to the process of issuing green bonds.
However, the Singapore government is already taking steps to address these challenges. In terms of transparency and reducing the reporting burden, and to combat greenwashing, the government is developing analytical tools and providing expertise in identification and assessment of green projects’ risks.
