CCRcorp Sites  

The CCRcorp Network unlocks access to a world of insights, research, guides and information in a range of specialty areas.

Our Sites


A basis for research and practical guidance focusing on federal securities laws, compliance & corporate governance.


An educational service that provides practical guidance on legal issues involving public and private mergers & acquisitions, joint ventures, private equity – and much more.


The “one stop” resource for information about responsible executive compensation practices & disclosure.

Widely recognized as the premier online research platform providing practical guidance on issues involving Section 16 of the Securities Exchange Act of 1934 and all of its related rules.


Keeping you in-the-know on environmental, social and governance developments

Even in California – a state where you think everyone would agree on climate issues – consistency in Net Zero approaches doesn’t exist. This piece from Net Zero Investor raised my eyebrows about how different net zero investment strategies are in play:

“To the outside world, California seemed the natural home of the net zero asset owner. Yet, looking beyond the broad strokes of what the state’s authorities stand for lies a mixed outlook on climate issues by California’s pension funds, and the way divestment and portfolio decarbonisation are handled by numerous retirement schemes in the state.”

  • Los Angeles County Employees Retirement Association (LACERA) emphasizes “[d]eliberate, ongoing portfolio analytics and engagement [as] key tools in successfully navigating the LACERA portfolio through the energy transition.”
  • At City of Fresno Retirement Systems (CFRS): “Net zero is not an adopted policy at CFRS. Due to data inconsistency from different methodology and approaches, and unfortunately an ever-evolving regulatory environment means, it is not a consistent target.”
  • The University of California and the California State University System completely divested fossil fuel holdings and “fully embraced sustainable investment options, such as wind and solar power.”
  • CalSTRS and CalPERS stand in contrast to the state university pension funds: they see divestment as “a last resort action that can have a lasting negative impact on the health of the Teachers’ Retirement Fund, while also severely limiting our ability to shape corporate behaviour for long-term sustainable growth.”

The different approaches to climate risk management make it impossible for companies to please all of these shareholders. Companies may feel they are chasing their tails trying to please everyone when that isn’t possible. Executives should seek board input on prioritizing shareholders’ (and other stakeholders’) ESG/climate strategies and getting “permission” to move in a direction that may be inconsistent with the desires of some important shareholders. This should reduce confusion and wasted efforts chasing conflicting goals.

Back to all blogs

The Editor

Lawrence Heim has been practicing in the field of ESG management for almost 40 years. He began his career as a legal assistant in the Environmental Practice of Vinson & Elkins working for a partner who is nationally recognized and an adjunct professor of environmental law at the University of Texas Law School. He moved into technical environmental consulting with ENSR Consulting & Engineering at the height of environmental regulatory development, working across a range of disciplines. He was one… View Profile