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During 2022, ISS will generally recommend "against" or "withhold" votes for the responsible committee chair in cases where ISS determines a company is not taking minimum steps needed to understand, assess and mitigate climate change risks to the company and the larger economy. Institutional Shareholder Services (ISS) and Glass, Lewis & Co. (Glass Lewis), the two major proxy advisory firms, recently released updates to their proxy voting policies for the 2022 proxy season. [Extracted from the article]

Recently, the SEC's Division of Corporation Finance has issued a number of comment letters relating exclusively to climate change disclosure issues. Shortly after the initial issuances of comment letters, the Division issued a notice with an Illustrative letter" containing sample comments that the Division may continue to issue. [Extracted from the article]

The article reports on various developments related to the U.S. securities industry. Both the New York Stock Exchange (NYSE) and NASDAQ amended their bright-line independence tests on the receipt of direct compensation from listed companies. In addition, the U.S. Securities and Exchange Commission (SEC) announced the settlement of an enforcement action against companies who violate the federal securities laws. The SEC approved an amendment to NASDAQ Rule 4200(a)(15).