On June 27th, Delaware adopted the groundbreaking "Certification of Adoption of Transparency and Sustainability Standards Act" to enable Delaware companies to signify to investors and other stakeholders their commitment to global sustainability. The new scheme - which is entirely voluntary - allows companies to become certified by the Secretary of State generally upon board-approved adoption of whatever third party-derived/based sustainability (E&S) standards they deem suitable to their business and associated objective performance assessment measures; annual reporting and website disclosure; and payment of a nominal fee. The Act specifies the information to be included in the report, but expressly permits exclusion of any attorney-client or other privileged or competitively sensitive information.
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See also this Richards, Layton & Finger memo, and our abundance of ESG resources. We first reported on this new Act in the weekly Society Alert!
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