Female founders from Pillsbury launch youth-led community with mission to unite action-driven sustainability leaders
London, 25th November 2024: Today sees the launch of the Young ESG Professionals Network in London bringing together an array of ESG specialists and innovators spanning technology, investment, finance, policy, and non-profit to foster cross-discipline collaboration.
Interest in ESG has exploded in recent years, with the value of ESG-related assets under management expected to reach $33.9tn in 2026. But despite the soaring interest, significant questions remain about everything from the scope and depth of ESG requirements through to the effective implementation of ESG best practices.
Founded by Pillsbury Associates Iris Karaman (pictured) and Kate Chan, the intention is to build a specialist network who will collaborate to develop solutions to the key sustainability and ESG challenges facing clients.
The network launched with an inaugural invite-only event featuring guest speakers from international law firm Pillsbury, KPMG and ESG tech platform Osapiens, to discuss use of AI in developing sustainable supply chains and the risks and opportunities that come from supply chain reporting. Pillsbury Counsel Scott Morton was joined by Jaime Marijuán Castro, the Head of Global Partnership and Alliance at Osapiens, as well asKarl Reimer and Donata Haque-Bernutz, both ESG managers at KPMG, to discuss whether AI can be used to ensure supply chain compliance whilst avoiding ethical risks and complying with the EU’s AI Act.
Commenting on the launch, Kate Chan, Co-Founder of the Young ESG Professionals Network, said: “Macro, unanswered questions about ESG remain on everything from the role cutting-edge technology can play in ensuring compliance to practical challenges and risks in ESG implementation. Get ESG right and the benefits can be substantial but get it wrong and companies could find themselves staring down the barrel of significant legal and financial penalties, reputational damage and the loss of business opportunities.”
Iris Karaman, co-founder added: “We’ve launched this first-of-its-kind network to offer fresh perspectives to solve the key challenges within ESG. There is a lot of commitment, energy and drive within the community of young ESG professionals to make an impact. Rather than being a talking shop, this network is about driving change and innovation through collaboration and sharing knowledge.”
The roundtable was the first in a planned series of events that will be hosted in coming months. The Young ESG Professionals Network’s next event will focus on onboarding nature in the boardroom and incorporating nature in ESG implementation. Those interested in attending can find out more here.
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In an increasingly globalized world, the concept of citizenship has evolved beyond mere birthright or descent.
Citizenship by Investment (CBI) programs have emerged as a significant legal pathway for individuals seeking greater global mobility, tax planning advantages, and business opportunities.
For legal professionals, understanding the intricacies of these programs is essential, as they encompass a myriad of legal considerations, from due diligence to international law compliance.
The Rise of Citizenship by Investment Programs
CBI programs allow individuals to acquire citizenship in a country by making a significant investment, typically in real estate, government bonds, or a national development fund.
Over 20 countries worldwide offer such programs, including Malta, Cyprus, St. Kitts and Nevis, and other Caribbean nations. They differ from the so-called golden visa programs, which are considered residence by investment programs.
Global Statistics
Economic Impact: The CBI industry was valued at approximately $21.4 billion in 2020, with projections reaching $100 billion by 2025.
Applicant Demographics: High-net-worth individuals (HNWIs) from countries like China, Russia, and the Middle East are the primary participants.
Table: Top Countries Offering CBI Programs and Minimum Investment Requirements
One of the foremost legal concerns in CBI programs is ensuring rigorous due diligence to prevent money laundering, terrorist financing, and other illicit activities.
Know Your Client (KYC): Lawyers must conduct thorough background checks on applicants.
Anti-Money Laundering (AML) Regulations: Compliance with both the host country’s and international AML laws is mandatory.
“Effective due diligence is the cornerstone of any citizenship by investment program. Legal practitioners play a critical role in safeguarding the integrity of these programs.” — Jane Doe, Immigration Law Specialist.
Tax Implications
Understanding the tax consequences for clients is essential.
Global Tax Liability: Acquiring new citizenship may subject individuals to worldwide taxation, depending on the country’s laws.
Double Taxation Agreements: Lawyers should advise on treaties that may alleviate double taxation.
Ethical Considerations
Conflict of Interest: Representing both the applicant and the investment entity may pose ethical dilemmas.
Transparency: Full disclosure of all fees, risks, and obligations is imperative.
Regulatory Developments and Challenges
European Union Scrutiny
The EU has expressed concerns over CBI programs within its member states, citing security risks.
EU Commission Actions: In 2020, infringement procedures were initiated against Cyprus and Malta for their CBI schemes.
Potential Policy Changes: Legal practitioners must stay abreast of evolving regulations that may impact the viability of these programs.
Impact of COVID-19
The pandemic has influenced the CBI landscape.
Increased Demand: There’s been a surge in applications as individuals seek more stable environments.
Virtual Processing: Legal adjustments have been made to allow remote submissions and virtual oaths.
Case Study: The Cyprus Investment Program Suspension
In October 2020, Cyprus suspended its CBI program following allegations of abuse and corruption.
Legal Fallout
Investigations: High-profile cases led to governmental inquiries and legal actions.
Client Impact: Applicants in process faced uncertainty and potential loss of investments.
Lessons Learned:
The importance of robust legal frameworks to prevent exploitation.
The need for legal practitioners to advise clients on potential risks and program stability.
Best Practices for Legal Professionals
Comprehensive Client Assessment
Evaluate the client’s motives and ensure they align with legal and ethical standards.
Staying Informed
Regularly update knowledge on international laws, sanctions, and regional conflicts that may affect eligibility.
Collaboration with Authorities
Work closely with government agencies to facilitate compliance and address any legal ambiguities.
The Role of Technology in CBI Programs
Blockchain and Digital Identities
Emerging technologies offer solutions for enhancing transparency and security.
Secure Data Management: Blockchain can safeguard sensitive client information.
Digital Passports: Potential for more efficient verification processes.
Legal Implications
Data Protection Laws: Compliance with GDPR and other data privacy regulations.
Cybersecurity: Lawyers must consider the legal risks associated with digital platforms.
Ethical Debates Surrounding Citizenship by Investment
National Security Concerns
Access to Mobility: Granting citizenship may inadvertently provide access to individuals with malicious intent.
Socio-Economic Impacts
Inequality Issues: Critics argue that CBI programs favor the wealthy, potentially undermining the value of citizenship.
Common Misconception: “CBI programs are merely ‘passports for sale’ without substantial benefits to the host country.” The reality is that many countries utilize CBI funds for national development projects, disaster relief, and economic growth.
Citizenship by Investment programs present a complex intersection of immigration law, international regulations, and ethical considerations.
For legal professionals, navigating these waters requires a nuanced understanding of both the legal frameworks and the broader implications on global mobility and security.
Melanie Vairawanathan founded Melmark Law, a Melbourne-based family law practice, and co-founded The Virtual Office. She was born in Sri Lanka and her law practice today is founded on providing legal support to victims of family violence and those from diverse backgrounds, including the LGBTQI community. The Virtual Office, a pioneering platform that offers law firms access to a diverse, cost-effective pool of legal, paralegal, and administrative professionals, transforming how legal services are delivered.
