MoFo Perspectives Podcast

It has been just over two years since the UK officially exited the EU and we are beginning to see how the UK and the UK Information Commissioner’s Office (ICO) intend to differentiate themselves from the EU approach to restricted transfers (i.e., transfers of personal information to countries that are not recognized as “adequate” for data protection purposes). The changes do not indicate a giant leap away from the EU approach (at least not yet), but the changes are significant enough for companies operating in the UK to take note.

In the second episode of this two-part MoFo Perspectives podcast, MoFo Global Antitrust co-chair Lisa Phelan and of counsel Rob Manoso speak with Employment & Labor partner Andrew Turnbull, along with special guest Matt Bester, Director of Competition Law at Accenture, to discuss the current and emerging trends between antitrust and employment law. In this part, you can look forward to a deeper dive into the FTC’s recently announced plan to ban all non-compete agreements between companies and employees in any context. Our panel discusses what to expect from both state and federal jurisdictions and how companies can best prepare.

In this episode of the Above Board podcast, partner and host Dave Lynn speaks with Miriam Wugmeister, partner and co-chair of Morrison Foerster’s Global Privacy and Data Security Group, and Jackie Liu, a partner in Morrison Foerster’s Corporate Governance practice and a member of the Board of Directors of public company CEVA, Inc. They address the questions that a board should ask after a data breach has occurred, the implications for a company’s corporate governance and key SEC disclosure considerations.

In the first episode of this two-part MoFo Perspectives podcast, MoFo Global Antitrust co-chair Lisa Phelan and of counsel Rob Manoso speak with Employment & Labor partner Andrew Turnbull, along with special guest Matt Bester, Director of Competition Law at Accenture, to discuss the current and emerging trends between antitrust and employment law. Our panel of experts will explore the major developments from 2022, insights toward the coming year, and how companies can mitigate throughout this very uncertain climate.

The fifth episode in this series focuses on “navigating crosswinds while continuing to advance sustainability,” with Aron Cramer, President and CEO of BSR, interviewing Ken Mehlman, Partner, Global Head of Public Affairs and Co-Head of KKR Global Impact.

Ken will provide insights on how businesses are navigating the current economic and political crosswinds and staying focused on the fundamental reasons sustainability is essential to business success and economic vitality. From concerns regarding the scope of environmental, social, and governance (ESG) to woke capitalism and the culture wars that have ignited ESG political pushback, Ken will discuss how companies and investors can stay the course to ensure they are solving critical problems to drive financial returns and create a more equitable and livable world for future generations.

Diversity, equity and inclusion (DE&I) is gaining traction, but for now, only a minority of GPs seem to be taking genuine action on DE&I concerns. Our Asia Funds ESG Survey 2022 shows that 88% of funds communicate DE&I policies internally, but only 33% have made a financial commitment to DE&I and with only 50% saying they are committed to diverse representation among their leaders. In some cases firms in the region are conscious of the increasing regulatory focus on DE&I issues - in areas such as female board representation, for example - and are eager to be seen to be responding. But GPs must be careful they are not simply paying lip service to these ideas.

In this podcast we explore the maze of DE&I opportunities and challenges that Asia-headquartered funds are navigating in order to convert policy into action and we hear from Anjali Johannessen, Partner and Chief Talent Officer at PAG, who has led PAG’s women initiative which helped turn DE&I policy into action.

The fourth episode in our series focused on “implementation of sustainability-related disclosure standards” with Suz Mac Cormac interviewing Janine Guillot, Special Advisor to the International Sustainability Standards Board (ISSB) at the International Financial Reporting Standards (IFRS) Foundation.

As firms increasingly embrace ESG parameters as part of investment considerations, the importance of investment professional alignment with ESG objectives is featuring prominently in ESG conversations. One of the ways to ensure alignment is by linking compensation to ESG KPIs.

Based on our survey findings, only 14% of the funds surveyed tied investment team compensation to ESG performance and 12% tied executive compensation to ESG performance. Incentives are one of the many ways to signal a firm commitment to ESG alignment across the investment lifecycle, and tying compensation to performance on ESG goals is a proven incentive that has bolstered alignment and performance across investment lifecycles.

In this podcast, we explore the importance of tying executive compensation to ESG performance, as well as some innovative strategies and models for achieving this. We explore goal setting, ESG focus areas, and the levels of compensation that should be tied to ESG performance.

Our survey findings reveal that many Asia-based fund managers are at an early stage of their ESG journey. Many have policies in place, but these may not be embedded in operations and decision‑making. This is potentially dangerous as Asia fund managers will increasingly be at risk of accusations of “greenwashing,” the same criticism applied to many businesses and investors in Europe and the United States, where regulators are now working hard to tackle such concerns.

In the U.S., EU, and UK, there is a growing expectation for companies and funds to extend ESG due diligence throughout their global supply chains.