A Case Study in Innovative Solutions for Clients Facing ESG Challenges

August.17.2021

As part of a collaboration with Reuters, Orrick’s ESG team provided this set of solutions to address a fictitious company’s range of sustainability issues in a unique exercise designed to advise clients in Environmental, Social and Governance (ESG) issues.

Reuters assembled a panel of five sustainability experts to assess responses from 18 law firms to a hypothetical ESG scenario for a fictitious tractor supply company, focused on “creativity and ingenuity” in advising the client. The Orrick ESG team, led by Senior Counsel Carolyn Frantz, approached the problem by creating a briefing for the company’s board, including crafting recommendations on how to address its sustainability issues. Partners Justin Ho and Ashley Walter were also part of the team on the Reuters project.

“The reality of ESG is that it is about long-term value creation,” Carolyn told Reuters. “And so it’s about putting together processes, systems and ideas that are going to help a company’s bottom line. Fundamentally, it’s as much an opportunity space as a risk space.”

In this video, the Reuters panel highlighted the Orrick ESG team’s response, saying it “had a very broad understanding and had depth.”

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Carolyn Frantz Senior Counsel

Seattle

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Carolyn Frantz Senior Counsel

Seattle

A former Rhodes Scholar, Carolyn clerked for Supreme Court Justice Sandra Day O’Connor and D.C. Circuit Court of Appeals Judge David S. Tatel, before teaching at the University of Chicago Law School. She was a litigation partner at a major law firm for eight years before joining Microsoft, where she managed the company’s worldwide tax litigation until her appointment as Corporate Secretary.

As Microsoft’s Corporate Secretary, Carolyn had the opportunity to work closely with the company’s Board of Directors and senior leadership, gaining a first-hand understanding of the opportunities and challenges facing technology companies in a dynamic competitive and regulatory environment. As the head of the Corporate Legal Group, Carolyn was responsible for legal issues regarding securities law and disclosures, treasury and finance, international trade, procurement, real estate, and many other issues. Building on her extensive litigation experience, which includes managing tax disputes domestically and abroad, as well as litigating multidistrict products liability, consumer cases, and commercial contract disputes, Carolyn understands the practical challenges companies face and how those intersect with Board reporting, securities disclosures, and internal accountability. She also brings her understanding of board governance, corporate law, and ESG to select litigation matters.

Carolyn is also frequently called on to serve as a resource to new legal leaders in their roles supporting and interacting with their Boards.

Ashley Walter Partner, Environmental, Social & Corporate Governance (ESG), Capital Markets

Seattle

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D:+1 206 839 4333
E: [email protected]

Practice:

Technology & Innovation Sector
Environmental, Social & Corporate Governance (ESG)
Capital Markets
Antitrust & Competition
International Trade and Investment
Mergers & Acquisitions
Technology Companies Group

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Ashley Walter Partner

Seattle

As Partner-in-Charge, ESG, Ashley assists public and private companies and their boards in establishing effective oversight of ESG matters, preparing ESG disclosures, addressing ESG commercial requirements, managing investor engagement with respect to ESG matters, and ensuring compliance with ESG laws and regulations. He also works with investment funds to develop fund-level and portfolio company ESG programs that address the full investment cycle, that are responsive to limited partner expectations, and that are appropriate for the stage, industry and business model of portfolio companies. He leverages a firm grounding in ESG substantive issues, significant experience in the design and implementation of ESG policies and procedures, and sector-specific knowledge to develop practical ESG solutions for clients in the tech sector and beyond.

Ashley is a co-founder and past chair of the Corporate Social Responsibility Law Committee of the ABA Business Law Section, has taught the course “Corporate Social Responsibility” as a Lecturer in Law at Stanford Law School, and is a co-editor of The Lawyer’s Corporate Social Responsibility Deskbook, a resource for legal departments and outside counsel to address ESG performance and risk. He has co-chaired the Practicing Law Institute's annual full-day ESG program for the last two years, has served as a moderator at the Stanford Directors' College, and has spoken on private company ESG for a workshop delivered by the United Nations Institute for Training and Research.

J. T. Ho Partner, Gouvernance d'entreprise, Capital Markets

San Francisco

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D:+1 415 773 5624
E: [email protected]

Practice:

Gouvernance d'entreprise
Capital Markets
Compensation & Benefits
Environmental, Social & Corporate Governance (ESG)

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J. T. Ho Partner

San Francisco

J.T. counsels companies on Board and committee oversight, assessment and composition issues, developing effective shareholder engagement programs and governance-related disclosures, and helps companies to understand and consider the views of proxy advisors and institutional shareholders and other long-term stakeholders in their decision making. Recently, he has helped many companies successfully address ESG related shareholder proposals and activism campaigns and refine their disclosure controls and procedures and enterprise risk management programs to address cybersecurity and climate risk.

On the securities front, he focuses on advising clients in connection with securities offerings, proxy statements, periodic SEC reports, stock exchange listing obligations, stock repurchases and the sale and reporting of securities by insiders. He regularly counsels companies on difficult disclosure issues and provides training on disclosure best practices.

J.T. also advises on compensation committee matters and related disclosures as well as the design of cash and equity incentive plans, and has helped over a dozen companies remediate failed or low "say on pay" votes.

J.T. plays a leading role in Orrick’s ESG practice, helping companies identify and understand the risks and opportunities associated with ESG and incorporating ESG into a company’s overall business strategy and incentive plans. More recently, he has helped companies navigate the growing anti-ESG movement.

J.T. serves on the advisory board of The Corporate Counsel and hosts J.T.'s Fast Five, a monthly podcast on The Corporate Counsel where J.T. covers the five things public companies ought know each month. J.T. Ho also regularly presents on and contributes articles related to corporate governance, securities, executive compensation and ESG. He has presented at notable conferences sponsored by The Corporate Counsel, the Securities Regulation Institute, The Rock Center for Corporate Governance, the Society for Corporate Governance, the ABA, the Practical Law Institute, Compensation Standards, Practical ESG and NASPP. He is recognized as a Next Generation Partner by Legal 500, as one of the Ones to Watch® Best Lawyers in America, and was named a Rising Star by Super Lawyers in 2018, 2019, 2020, 2021 and 2022.