International arbitration report
In this issue, we cover a broad spectrum of ‘hot button issues’ for boards and companies operating internationally.
As a part of Norton Rose Fulbright’s commitment to diversity and inclusion, Global Chief Executive Gerry Pecht has joined the Catalyst CEO Champions For Change. This transformational diversity and inclusion initiative was launched by Catalyst—a global thought leader and partner in accelerating the progress of women at work for over 50 years.
Pecht succeeds the firm’s former Global Chief Executive Peter Martyr as Norton Rose Fulbright’s Catalyst CEO Champion For Change signatory, joining more than 70 other leading global leaders that are committing to drive change. These leaders are specifically pledging to:
“As leaders, we must hold ourselves and our teams accountable to make this change happen,” said Pecht. “Only 6% of CEOs and 26% of board directors in the S&P 500 are women. And, women of color are vastly underrepresented in number on these boards, and in senior levels of management broadly. By joining the Catalyst CEO Champions For Change movement, we are committing to driving and reporting measurable results in the advancement of gender equity. We won’t rest until we can all succeed together in building more inclusive workplace cultures.”
“Our Catalyst CEO Champions For Change companies represent more than 10 million employees and over $3 trillion dollars in revenue globally. The positive ripple effect from their commitment is tremendous in helping to build workplaces where everyone has a fair chance to succeed,” said Lorraine Hariton, President and CEO, Catalyst.Catalyst is a global nonprofit working with some of the world’s most powerful CEOs and leading companies to help build workplaces that work for women. Founded in 1962, Catalyst drives change with pioneering research, practical tools, and proven solutions to accelerate and advance women into leadership—because progress for women is progress for everyone. Read the full Catalyst CEO Champions For Change pledge and find out more about joining the movement at www.catalyst.org/Champions.
On May 26 2021, the district court of The Hague rendered a ground-breaking judgment in collective action proceedings initiated by several non-governmental organizations (including Friends of the Earth (Milieudefensie)) (the NGOs) against Royal Dutch Shell plc (Shell). The NGOs claimed, in short, that Shell had to reduce its overall CO2 emissions by at least 45% from 2019 levels, by the end of 2030 (the Target Reduction). The court ruled in favour of the NGOs and ordered Shell to reach the Target Reduction (the Shell Case). This is stated to be the first time that a court ordered a company to reduce its CO2 emissions in line with the climate goals included in the Paris Agreement.
As a reminder, article 225 of the Finance Law for 2021, upheld by the French Constitutional Supreme Court in its decision dated 28 December 2020, allows the French government to reduce the solar feed-in tariffs for a limited number of contracts entered into under decrees dated 10 July 2006, 12 January 2010 and 31 August 2010, for PV power plants of more than 250 kW.
© Norton Rose Fulbright LLP 2021