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

Years ago, it was generally thought that no one really read corporate sustainability/CSR reports. About four years ago, we realized that was no longer true and the question became “who is reading our ESG/sustainability reports, and what are they looking for?” Today – and in the future – we have to add “What is reading our ESG/sustainability reports and how are the reports being interpreted for humans?” Of course, I am referring to AI. This paper in the Journal of Banking & Finance discusses

“ClimateBert CTI, a deep learning algorithm, to identify climate-related cheap talk in MSCI World index firms’ annual reports… ClimateBert CTI enables researchers and stakeholders to discern between genuine and unspecific climate commitments and to shed light on the quality of firms’ disclosed climate-related pledges. This allows for subsequent large-scale analyses between firms’ climate commitments and their alignment with actual actions and outcomes. Specifically, we utilize ClimateBert CTI to develop a ‘cheap talk index’ that quantifies the share of superficiality in companies’ climate commitments.”

The authors applied the algorithm to climate commitments of 14,618 annual reports from MSCI World index firms spanning 2010 to 2020, analyzing how the companies discussed TCFD, the SBTi, and the CA100+. Results from ClimateBert indicate that:

“… companies with higher levels of cheap talk are associated with higher negative environmental news coverage and with higher emissions growth. These relationships suggest that companies with a high level of cheap talk prioritize maintaining a positive public perception over making meaningful changes to their business practices. Consequently, this can impede progress toward global emissions reduction targets, as companies that engage in cheap talk fail to take the necessary steps to mitigate their climate impacts and manage their climate risks.”

One should question the data on which ClimateBert was trained, and the learning instructions it was given to interpret the corporate reports – especially if the algorithm catches on. The other thing I know you are asking – what about ClimateErnie? I’m more interested in ClimateCookieMonster or ClimateAnimal myself.

If you aren’t already subscribed to our complimentary ESG blog, sign up here: for daily updates delivered right to you.

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