Sustainable & Impact Finance at Berkeley Haas

Decoding ESG Alpha Our research shows that prior evidence of ESG alpha is largely an artifact of omitted, correlated fundamental factors. Once you control for accounting fundamentals, the alpha disappears. This posting breaks down the key insights—and what they mean for Main Street investors. Read the full findings and explore the debate: ?? Main paper (The Accounting Review) https://lnkd.in/gdzZD8Zq ?? Summary version (California Management Review) https://lnkd.in/gVKTR_CQ ?? Coverage by James Mackintosh in The Wall Street Journal https://lnkd.in/gZzvf-Vi U.S. Securities and Exchange Commission American Accounting Association California Management Review University of California, BerkeleyUniversity of California, Berkeley, Haas School of Business George Skiadopoulos James Mackintosh The Wall Street Journal Alex Edmans Shiva Rajgopal Robert Eccles MSCI Inc. S&P Global ESG Today ISS ESG ESG Professionals Network Bloomberg

It’s the Big Give at Berkeley! Your support directly powers our efforts to educate the next generation of business leaders and create impactful experiences around sustainable finance. ?? ?? ?? Make a Gift: Every contribution, big or small, makes a difference. As a self-funded initiative, your generosity fuels our mission. Support the Sustainable and Impact Finance Initiative here: https://lnkd.in/gRHxsGve ?? ?? ?? Spread the Word: Share your excitement using #CalBigGive and inspire others to join you in being the light for Berkeley.

#CalBigGive starts tonight at 9pm!

Disclosure Strategies in a Patchwork Era at 2025 Berkeley Corporate + Climate Summit ?? This Panel explored the challenges of sustainability disclosure in a fragmented regulatory landscape. While 33 jurisdictions have mandated ISSB standards, the U.S. remains voluntary, raising questions about its impact on state laws and global alignment. The discussion emphasized the shift from mandatory to voluntary reporting, the need for consistent global disclosure strategies, and how companies can effectively communicate governance, strategy, and materiality to investors across jurisdictions. As regulations evolve, businesses must balance regional compliance with global standardization to ensure transparency and investor confidence. Speakers: ??Sam Houshower, Counsel, Freshfields ??Kristina Wyatt, Chief Sustainability Officer, Persefoni ??Verity Chegar, Board Member, International Financial Reporting Standards (IFRS 9 ) Thank you to Stavros Gadinis, Professor of Law, University of California, Berkeley - School of Law for moderating the Panel ???? Thanks to co-hosts University of California, Berkeley, Haas School of Business and Sustainable & Impact Finance at Berkeley Haas Thanks to Morrison Foerster, Freshfields, and Weil, Gotshal & Manges LLP for sponsoring! #BerkeleyLaw #ClimateDisclosure #SustainabilityReporting #ESG #ISSB #CorporateGovernance #SEC #ClimateFinance #ResponsibleInvesting #SustainableBusiness #BerkeleyCorporateClimateSummit Angeli Patel Kuhu Mathur Yueling “Lydia” Wu Jiawei (Elvis) Geng Silvia Fregoni Lenique Frazier Delia Violante

Anti-ESG Pushback and Evolving Litigation Risks at 2025 Berkeley Corporate + Climate Summit ?? This Open Session explored the evolution of ESG as a concept, framework, and commitment over the past few years, examining how the current anti-ESG backlash, supply chain instabilities, AI-driven disruptions, and political uncertainties affect business leaders, employees, and the broader public while also increasing litigation risks. Importantly, the Open Session emphasized the need to sustain momentum in ESG and sustainability efforts and proposed strategic approaches to navigate anti-ESG challenges and headwinds. Speakers: ??Aron Cramer, President and CEO, BSR ??Christin Hill, Partner, Morrison Foerster Thank you both for the insightful discussion! Thanks to co-hosts University of California, Berkeley, Haas School of Business and Sustainable & Impact Finance at Berkeley Haas Thanks to Morrison Foerster, Freshfields, and Weil, Gotshal & Manges LLP for sponsoring! #AntiESG #ClimateRisks #ClimateChange #ClimateLaw Stavros Gadinis Angeli Patel Kuhu Mathur Yueling “Lydia” Wu Jiawei (Elvis) Geng Silvia Fregoni Lenique Frazier Delia Violante

We have an amazing keynote lunch today discussing fiduciary duty, greenwashing, climate risk and more at the Berkeley Corporate + Climate Summit with Kate Gordon of California Forward, Colin le Duc of Generation Investment Management and Paul Bodnar of Bezos Earth Fund.

Measurement & Corporate Sustainability Reporting panel before lunch with Panos N. Patatoukas (Sustainable & Impact Finance at Berkeley Haas), Tripp Borstel (EY), Vrushali Gaud (Google), Mark Kramer (Congruence Capital), and Alicia Seiger (Stanford Doerr School of Sustainability)

Aligning Form & Governance For Climate Outcomes at 2025 Berkeley Corporate + Climate Summit ?? This Panel explored how investors, lawyers, and corporate founders aim to reshape corporate structures by adopting innovative models such as Public Benefit Corporations, Perpetual Purpose Trusts (PPTs), and Dual Class/Hybrid structures. These approaches seek to advance climate objectives, mobilize public and private capital, and ensure long-term corporate governance and stewardship. This Panel also featured Generate Capital and Patagonia as dynamic case studies. Speakers: ??Alina Ball, Director, Social Enterprise Clinic at University of California, Berkeley - School of Law Law? ??Darryl Carbonaro, General Counsel, Generate ??Susan Mac Cormac, Partner, Morrison Foerster? ??Andrew Winden, Assistant Professor, University of Oregon School of Law Thank you to Amelia Miazad, Professor, University of California, Davis - School of Law for moderating the Panel ???? Thanks to co-hosts University of California, Berkeley, Haas School of Business and Sustainable & Impact Finance at Berkeley Haas Thanks to Morrison Foerster, Weil, Gotshal & Manges LLP, and Freshfields for sponsoring! #CorpGov #ClimateGovernance #ESG #BenefitCorporation #SustainableFinance Stavros Gadinis Angeli Patel Kuhu Mathur Yueling “Lydia” Wu Jiawei (Elvis) Geng Silvia Fregoni Lenique Frazier Delia Violante

Leveraging AI & Innovation For Climate Impact at 2025 Berkeley Corporate + Climate Summit ?? This panel discussed how corporations and organizations leverage AI through data-driven approaches to drive effective decision-making, manage workflows, enhance risk assessments, build global climate resilience and adaptation, and scale technological innovations. These efforts advance not only long-standing societal and business values but also significant environmental benefits. Speakers: ??Catherine Atkin, Climate Data Policy Initiative Co-chair, CodeX, The Stanford Center for Legal Informatics ??Daphne de Jong Founder and CEO, Ven ??Will Kletter, Vice President of Operations and Strategy, ClimateAi Thank you to Angeli Patel, Executive Director, Berkeley Center for Law and Business for moderating the Panel ???? Thanks to co-hosts University of California, Berkeley, Haas School of Business and Sustainable & Impact Finance at Berkeley Haas Thanks to Morrison Foerster, Weil, Gotshal & Manges LLP, and Freshfields for sponsoring! #ClimateInnovation #AIforClimate #ClimateTech #CorporateSustainability Stavros Gadinis Angeli Patel Kuhu Mathur Yueling “Lydia” Wu Jiawei (Elvis) Geng Silvia Fregoni Lenique Frazier Delia Violante

Great panel on Aligning Form & Governance for Climate Outcomes with Amelia Miazad from University of California, Davis - School of Law, Andrew Winden from University of Oregon School of Law, Susan Mac Cormac from Morrison Foerster, Darryl Carbonaro from Generate, and Alina Ball from the Social Enterprise Clinic at Berkeley Law. As Darryl Carbonaro said to kick us off, "sustainability pays."