A blast of arctic air across much of the US resulted in below-freezing temperatures, equipment failures and widespread loss of power last month, as electricity generators struggled to meet demand. Most of the power losses were in Texas, which is home to a large swath of petrochemical production facilities, among many other major energy and industrial operations.
Multiple manufacturers and producers shut down or lost operations as a result of the winter storm, leading to supply chain disruptions. As temperatures rise and businesses focus on the aftermath of the storm, now is the time to consider whether or not performance has been excused by force majeure clauses.
Financial Reporting Council call for evidence regarding UK’s endorsement of the recently issued Sustainability Standards
The Financial Reporting Council (FRC) has issued a call for evidence (the Call for Evidence) to collect views regarding the proposed endorsement by the UK government in respect of the first two IFRS Sustainability Disclosure Standards issued by the International Sustainability Standards Board (ISSB) in June 2023.