Podcasts about sasb

What the Debt Markets Are Telling Us — and Why Sponsors Should Listen Insights from Lisa Pendergast, Executive Director, CREFC   In today's capital markets, where debt is more expensive, less available, and slower to move, understanding how credit flows work has become just as important as understanding your deal. That's why I sat down with Lisa Pendergast, Executive Director of the Commercial Real Estate Finance Council (CREFC) – a central figure in the $5 trillion CRE debt markets – to ask what the institutions upstream are seeing, and what that means for those of us operating on the front lines of equity, operations, and acquisitions.   A Market in Holding Pattern Lisa noted that while Q4 2024 sentiment among debt market participants had turned unexpectedly upbeat, that optimism collapsed in Q1 2025. The cause? Policy uncertainty, rate volatility, and a reemergence of geopolitical and trade risks, most notably the return of tariffs under the Trump administration.   The result is hesitation. From the largest bond desks to the average sponsor refinancing a stabilized deal, participants are stuck in wait-and-see mode. "When there's uncertainty," Lisa explained, "things just stop."   The Math Has Changed Lisa pointed to a roughly 300-400 basis point gap between legacy loan coupons and current market rates. Even where property fundamentals are stable, that rate delta is making refinancings difficult, especially when higher cap rates have also eroded asset valuations. The implication: more equity must be written into every deal, or the loan won't pencil.   This is the backdrop to rising CMBS delinquencies, particularly in office and, increasingly, multifamily markets where excess supply and rent softening have converged. Lenders aren't panicking, but they are requiring more diligence, more equity, and more confidence in borrowers.   Why Sponsors Should Watch the CMBS Market For sponsors who don't interact directly with capital markets, Lisa offered a critical point: trends in CMBS spreads and issuance are leading indicators. When investors demand higher spreads (i.e., more compensation for risk), lenders raise rates, reduce proceeds, or pull back altogether. She explained the distinction between conduit deals (pools of smaller loans) and SASB structures (large, single-sponsor or single-asset bonds). The conduit market, a lifeline for mid-sized deals, has slowed dramatically. That signals tightening liquidity for smaller sponsors or niche asset classes. Meanwhile, large SASB deals continue but only with strong assets, strong borrowers, and deep-pocketed equity partners.   The Regulatory Horizon Lisa also addressed deregulation under Trump 2.0. While she hasn't seen core rules like Dodd-Frank or the Volcker Rule reversed outright, she's watching how new leadership at key agencies may soften enforcement.   Dodd-Frank was enacted after the 2008 financial crisis to rein in excessive risk-taking by lenders and increase transparency in financial markets. The Volcker Rule, a key provision, restricts banks from making speculative bets with their own capital, especially in risky vehicles like real estate-backed securities.   For sponsors, the concern isn't just about policy in Washington, it's about what happens to lending standards and capital stability when those policies shift. Lisa's concern is practical: regulatory whiplash, rules swinging left, then right, then back again, as we've seen with tariffs, undermines confidence and can freeze the flow of capital.   When lenders aren't sure what rules they'll be operating under next quarter, they hesitate and that caution trickles down to your loan terms. Sponsors should pay attention here. When policy becomes unpredictable, capital becomes cautious and that shows up in the terms you're offered, or whether your deal gets financed at all.   Final Takeaway: The Debt Market Has Grown Up Lisa struck a cautiously optimistic tone. Compared to the run-up to the 2008 crash, today's market is more disciplined. Underwriting remains sound, even in a difficult environment. But that doesn't mean lenders will stretch.   If you're a sponsor today, her message is clear: capital is out there—but it's selective, it's expensive, and it's scrutinizing every deal. You need to understand the market forces upstream to be able to compete downstream.   *** In this series, I cut through the noise to examine how shifting macroeconomic forces and rising geopolitical risk are reshaping real estate investing.   With insights from economists, academics, and seasoned professionals, this show helps investors respond to market uncertainty with clarity, discipline, and a focus on downside protection.    Subscribe to my free newsletter for timely updates, insights, and tools to help you navigate today's volatile real estate landscape. You'll get: Straight talk on what happens when confidence meets correction - no hype, no spin, no fluff. Real implications of macro trends for investors and sponsors with actionable guidance. Insights from real estate professionals who've been through it all before. Visit GowerCrowd.com/subscribe Email: adam@gowercrowd.com Call: 213-761-1000

A teljes kiszáradás határán áll a Duna–Tisza közi Homokhátság és valószínűleg menthetetlen Telex     2025-04-16 05:06:38     Belföld Duna A kutatók nem sok esélyt látnak arra, hogy a Homokhátságon megállhatna a kiszáradás folyamata, csak az eső hozhatna megoldást, de a Dél-Alföld más részein jó esetben még segíthetne a vízpótlás. Luxusnyaralóban tölti házi őrizetét Schadl 24.hu     2025-04-16 06:00:26     Belföld Luxus Mercedes-Benz Parkolás A vádiratban is szereplő vízparti nyaraló kertjében parkol a végrehajtói kar volt elnökének korábban "eltűnt" Mercedese is. Schadl az ott töltött vakáció ideje alatt négynaponta egy napot lefaraghat a későbbi esetleges börtönbüntetéséből. Az amerikai külügyi tárca megszólalt Rogán Antal szankciós ügyéről HírTV     2025-04-15 23:03:03     Külföld USA Rogán Antal Az Egyesült Államok külpolitikai érdekeivel ellentétesnek találta a Rogán Antal elleni szankciót, ezért azt megszüntette - közölte az amerikai külügyminisztérium szóvivője kedden. Mihez kezdhetsz 40, 60 vagy 80 millió forinttal az olasz és a spanyol ingatlanpiacon? Forbes     2025-04-16 05:30:11     Cégvilág Spanyolország Olaszország Állampapír Az állampapírhatás csak még tovább növelte a külföldi ingatlanok iránti magyar keresletet. Két népszerű terep – Spanyolország és Olaszország – egy-egy magyar ingatlanszakértőjével beszéltük meg, mi mennyibe kerül odakint. Tippek és gyakorlati tudnivalók. Robbanhat a családi házak piaca Azenpenzem     2025-04-16 06:02:00     Gazdaság Lakásfelújítás Családi támogatás Otthonfelújítási támogatás Április 15-étől már a frissen vásárolt családi házak energetikai felújítására is fel lehet használni az Otthonfelújítási Program keretében igényelhető állami támogatást. Ez tovább növelheti az idén már eddig is élénkülő keresletet a felújítandó családi házak iránt. Húsvéti hagyományok Ópusztaszeren Magyar Hírlap     2025-04-16 03:13:00     Életmód Húsvét Ópusztaszer Kellemes kikapcsolódásra számíthatnak kicsik és nagyok az ország egyik legnagyobb húsvéti rendezvényén. Minden tizedik ukrán benzinkút illegális, megbillenhet az ellátás vg.hu     2025-04-16 06:04:04     Külföld Ukrajna Üzemanyag Tankolás Radikális átalakuláson megy keresztül Ukrajna üzemanyag-kiskereskedelmi piaca. Korábban a helyi és regionális töltőállomás-hálózatok jelentős szereplői voltak az ukrán benzinkút-szektornak, mára viszont egyértelműen háttérbe szorultak a piaci koncentráció, a megemelkedett adóterhek és a növekvő árverseny miatt. Valamit kitaláltak az ukránok? Megtorpant az orosz előrenyomulás Privátbankár     2025-04-16 05:47:00     Külföld Ukrajna Néhány hete még úgy tűnhetett, csak idő kérdése, hogy az ukránoknak komolyabb területeket kellene feladniuk. De az oroszok megálltak – mi történt? Újranyit az ország egyik kedvenc kilátója: gyönyörű tavaszi panoráma vár itt! Startlap Utazás     2025-04-16 06:33:07     Utazás Tavasz Húsvét A Cserhát legmagasabb pontján álló Sasbérci kilátó újra megnyitja kapuit a látogatók előtt, húsvétkor is ideális úti cél lehet. Illegális kampányfinanszírozás miatt 15 év börtönre ítélték a volt perui elnököt és feleségét Euronews     2025-04-16 04:18:11     Külföld Kampány Venezuela Peru Hugo Chávez elhunyt venezuelai diktátor nagy barátja fű alatt fogadott el támogatást két helyről is. A Barca és a PSG is három gólt kapott: a keddi BL-negyeddöntők videós összefoglalói Sportal     2025-04-15 23:30:00     Foci Spanyolország Bajnokok Ligája FC Barcelona PSG A Bajnokok Ligája-negyeddöntő keddi visszavágóin a Barcelona és a Paris Saint-Germain örülhetett, annak ellenére, hogy mindkét együttes kikapott, így is bejutott az elődöntőbe. Tekintse meg a találkozók összefoglalóit! Mbappét is elhomályosíthatja az univerzális zseni, akinek a combját érdemes figyelni Magyar Nemzet     2025-04-16 05:45:05     Sport Kylian Mbappé PSG Desiré Doué, a Psg ifjú klasszisa talán napjaink legnagyobb tizenéves reménysége a nemzetközi futballban. 30 fokkal ér csúcsára az áprilisi nyár Kiderül     2025-04-16 05:15:25     Időjárás A mediterrán ciklon érkezése előtt jelentősen erősödik a nappali felmelegedés. Csütörtökön a csúcshőmérséklet már a 30 fokot is megközelítheti. A további adásainkat keresd a podcast.hirstart.hu oldalunkon.

A teljes kiszáradás határán áll a Duna–Tisza közi Homokhátság és valószínűleg menthetetlen Telex     2025-04-16 05:06:38     Belföld Duna A kutatók nem sok esélyt látnak arra, hogy a Homokhátságon megállhatna a kiszáradás folyamata, csak az eső hozhatna megoldást, de a Dél-Alföld más részein jó esetben még segíthetne a vízpótlás. Luxusnyaralóban tölti házi őrizetét Schadl 24.hu     2025-04-16 06:00:26     Belföld Luxus Mercedes-Benz Parkolás A vádiratban is szereplő vízparti nyaraló kertjében parkol a végrehajtói kar volt elnökének korábban "eltűnt" Mercedese is. Schadl az ott töltött vakáció ideje alatt négynaponta egy napot lefaraghat a későbbi esetleges börtönbüntetéséből. Az amerikai külügyi tárca megszólalt Rogán Antal szankciós ügyéről HírTV     2025-04-15 23:03:03     Külföld USA Rogán Antal Az Egyesült Államok külpolitikai érdekeivel ellentétesnek találta a Rogán Antal elleni szankciót, ezért azt megszüntette - közölte az amerikai külügyminisztérium szóvivője kedden. Mihez kezdhetsz 40, 60 vagy 80 millió forinttal az olasz és a spanyol ingatlanpiacon? Forbes     2025-04-16 05:30:11     Cégvilág Spanyolország Olaszország Állampapír Az állampapírhatás csak még tovább növelte a külföldi ingatlanok iránti magyar keresletet. Két népszerű terep – Spanyolország és Olaszország – egy-egy magyar ingatlanszakértőjével beszéltük meg, mi mennyibe kerül odakint. Tippek és gyakorlati tudnivalók. Robbanhat a családi házak piaca Azenpenzem     2025-04-16 06:02:00     Gazdaság Lakásfelújítás Családi támogatás Otthonfelújítási támogatás Április 15-étől már a frissen vásárolt családi házak energetikai felújítására is fel lehet használni az Otthonfelújítási Program keretében igényelhető állami támogatást. Ez tovább növelheti az idén már eddig is élénkülő keresletet a felújítandó családi házak iránt. Húsvéti hagyományok Ópusztaszeren Magyar Hírlap     2025-04-16 03:13:00     Életmód Húsvét Ópusztaszer Kellemes kikapcsolódásra számíthatnak kicsik és nagyok az ország egyik legnagyobb húsvéti rendezvényén. Minden tizedik ukrán benzinkút illegális, megbillenhet az ellátás vg.hu     2025-04-16 06:04:04     Külföld Ukrajna Üzemanyag Tankolás Radikális átalakuláson megy keresztül Ukrajna üzemanyag-kiskereskedelmi piaca. Korábban a helyi és regionális töltőállomás-hálózatok jelentős szereplői voltak az ukrán benzinkút-szektornak, mára viszont egyértelműen háttérbe szorultak a piaci koncentráció, a megemelkedett adóterhek és a növekvő árverseny miatt. Valamit kitaláltak az ukránok? Megtorpant az orosz előrenyomulás Privátbankár     2025-04-16 05:47:00     Külföld Ukrajna Néhány hete még úgy tűnhetett, csak idő kérdése, hogy az ukránoknak komolyabb területeket kellene feladniuk. De az oroszok megálltak – mi történt? Újranyit az ország egyik kedvenc kilátója: gyönyörű tavaszi panoráma vár itt! Startlap Utazás     2025-04-16 06:33:07     Utazás Tavasz Húsvét A Cserhát legmagasabb pontján álló Sasbérci kilátó újra megnyitja kapuit a látogatók előtt, húsvétkor is ideális úti cél lehet. Illegális kampányfinanszírozás miatt 15 év börtönre ítélték a volt perui elnököt és feleségét Euronews     2025-04-16 04:18:11     Külföld Kampány Venezuela Peru Hugo Chávez elhunyt venezuelai diktátor nagy barátja fű alatt fogadott el támogatást két helyről is. A Barca és a PSG is három gólt kapott: a keddi BL-negyeddöntők videós összefoglalói Sportal     2025-04-15 23:30:00     Foci Spanyolország Bajnokok Ligája FC Barcelona PSG A Bajnokok Ligája-negyeddöntő keddi visszavágóin a Barcelona és a Paris Saint-Germain örülhetett, annak ellenére, hogy mindkét együttes kikapott, így is bejutott az elődöntőbe. Tekintse meg a találkozók összefoglalóit! Mbappét is elhomályosíthatja az univerzális zseni, akinek a combját érdemes figyelni Magyar Nemzet     2025-04-16 05:45:05     Sport Kylian Mbappé PSG Desiré Doué, a Psg ifjú klasszisa talán napjaink legnagyobb tizenéves reménysége a nemzetközi futballban. 30 fokkal ér csúcsára az áprilisi nyár Kiderül     2025-04-16 05:15:25     Időjárás A mediterrán ciklon érkezése előtt jelentősen erősödik a nappali felmelegedés. Csütörtökön a csúcshőmérséklet már a 30 fokot is megközelítheti. A további adásainkat keresd a podcast.hirstart.hu oldalunkon.

We welcome back Dr. Stephen Buschbom, co-host of The TreppWire Podcast and real estate and finance lecturer at Clemson University. Just over a year ago, Stephen joined us for an episode where he made a number of prescient calls on what lay ahead for 2024. In this episode, he joins Omar Eltorai and Cole Perry once again to share a retrospective on the 2024 US debt market, and discuss potential developments for 2025. Key moments:01:26 Recap of 2024 predictions02:50 Key debt market trends in 202403:32 Maturity defaults and loan performance07:25 Regional market insights: Washington, DC and San Francisco09:47 2024 market figures and issuance trends14:20 SASB and conduit issuance analysis18:53 Economic scenarios and 2025 outlook38:47 Insurance market challenges44:33 Predictions for 2025 Resources mentioned:CREFC Miami Conference: https://www.crefc.org/january2025CRE Exchange Podcast Episode EP21 – CRE debt market - Past, present and the future: https://www.altusgroup.com/podcasts/cre-exchange-cre-debt-market-past-present-future-with-stephen-buschbom-of-trepp/The TreppWire Podcast: https://www.trepp.com/treppwire-podcastThanks for listening to the “CRE Exchange” podcast, powered by Altus Group. If you enjoyed this episode, please leave a review to help get the word out about the show. And be sure to subscribe so you never miss another insightful conversation.#CRE #CommercialRealEstate #Property

Drs. Julia Mackaronis and Ken Critchfield provide a practical framework for clinicians to navigate therapeutic challenges, interpret relational patterns, and strengthen therapeutic alliances using insights from SASB and psychotherapy process research. Interview with Elizabeth Irias, LMFT. Earn CE credit for listening to this episode by joining our low-cost membership for unlimited podcast CE credits for an entire year, with some of the strongest CE approvals in the country (APA, NBCC, ASWB, and more). Learn, grow, and shine with Clearly Clinical Continuing Ed by visiting https://ClearlyClinical.com.

Interview with Dr. Arthur Halleran, President & CEO of Trillion Energy International Inc.Our previous interview: https://www.cruxinvestor.com/posts/trillion-energy-csetcf-gas-production-growth-exploration-upside-5333Recording date: 6th November 2024Trillion Energy, a junior E&P company focused on Turkey, is emerging from a challenging period marked by collapsing gas production and a plunging share price. However, after implementing a technical solution to well instability, the company is now generating revenue and eyeing a path back to growth.Trillion's key asset is the SASB gas field offshore Turkey in the Black Sea. After acquiring the aging field, Trillion drilled new wells that initially produced at high rates of 2-2.5 MMcf/d before abruptly watering out. The root cause was determined to be water loading associated with the 4.5" tubing size used in the recompletions. To solve this, Trillion has gone back to the original 2 3/8" tubing size and is using a snubbing unit to swap the velocity strings without killing the wells. The program is working - Akcakoca-3 stabilized at 2.6 MMcf/d after the workover. Two more wells are being recompleted currently.At $9.94/mcf gas pricing in Turkey, Trillion generated over $1M/month in revenue the past three months from just two producing wells. Once the additional recompletions are finished, the company expects that to grow to $2M monthly revenue. This cashflow is key to Trillion's turnaround plans. It will allow the company to pay down some of its past-due payables, ending a period of financial distress. More importantly, the funds will be reinvested into new well work to boost production.Trillion is aiming to exit 2025 at 10-14 MMcf/d of gas production, which would represent a revenue run-rate of around $25M/year. To get there, the company is pursuing low-cost rigless options like sidetracks of existing wellbores and barge-based drilling. A reprocessed 3D seismic survey shows additional gas prospects that could be exploited.Management estimates the value of SASB could be $0.50-1.00/share based on the known well inventory alone. With Trillion trading under 10c, that represents substantial potential upside if the company delivers. The other arrow in Trillion's quiver is its 12% interest in the million-barrel potential west exploration blocks. Through an initial two-well program, this provides Trillion with exposure to the prolific SE Turkey basin near the Iraq border which has seen a string of recent major discoveries.Overall, Trillion offers investors a combination of low-cost, quick-payback gas development in the Black Sea along with high-impact exploration onshore SE Turkey. The shares are underpinned by growing cashflow at SASB, limiting downside, while success at its other prospect blocks could be a gamechanger. The key risks are a still-stretched balance sheet and dependence on a single producing field with a mixed track record. But if Trillion can continue to steadily grow gas production and revenue over the coming quarters, there is ample room for the stock to re-rate higher.View Trillion Energy's company profile: https://www.cruxinvestor.com/companies/trillion-energySign up for Crux Investor: https://cruxinvestor.com

Purchase the Climate Finance Course at www.climatefinancecourse.com Robert G. Eccles is a leading ESG integration academic focusing on sustainable corporate and investment strategies. His work focuses on how capital markets can contribute to ensuring a sustainable society for generations to come. Dr. Eccles is a Visiting Professor of Management Practice at the Said Business School, University of Oxford. He was a Tenured Professor at Harvard Business School. Eccles has also been a Visiting Lecturer at the Massachusetts Institute of Technology, Sloan School of Management, and a Berkeley Social Impact Fellow at the Haas School of Business, University of California, Berkeley. He was the founding chairman of the Sustainability Accounting Standards Board (SASB) and one of the founders of the International Integrated Reporting Council (IIRC). He is also the first Chair of KKR's “Sustainability Expert Advisory Council” and was an Eminent Academic Advisor to the Boston Consulting Group on Global ESG Integration and Reporting. He is notably a prolific commentator on Forbes, having published over 150 articles. Dr. Eccles received an S.B. in Mathematics and an S.B. in Humanities and Science from the Massachusetts Institute of Technology and an A.M. and Ph.D. in Sociology from Harvard University. Topics discussed: Dr. Eccles's early intellectual evolution was from studying mathematics and humanities at MIT to doing a Ph.D. in sociology focusing on the construction industry. How writing books on Transfer Pricing and Investment Banking Dealmaking earned Dr. Eccles tenureship at Harvard Business School. Transition from Academia to Consulting in Disclosure and Performance in the 1990s 1991: The Performance Measurement Manifesto 1992: Creating a Comprehensive System to Measure Performance 1993: Consulting: Has the Solution Become Part of the Problem? 1995: Improving the Corporate Disclosure Process Book Publications on Value & Integrated Reporting in the 2000s: 2001: The Value Reporting Revolution: Moving beyond the earnings game 2002: Building Public Trust: the Future of Corporate Reporting 2010: One Report: Integrated Reporting for a Sustainable Strategy Founding Leadership Journey with IIRC (International Integrated Reporting Council) and SASB (Sustainability Accounting Standards Board). Post-SASB Book Publication: The Integrated Reporting Movement: Meaning, Momentum, Motives, and Materiality (2014). Importance of Materiality: Materiality in Corporate Governance: The Statement of Significant Audiences and Materiality (2016). A Preliminary Analysis of SASB Reporting: Disclosure Topics, Financial Relevance, and the Financial Intensity of ESG Materiality (2020). How material is a material issue? Stock returns and the financial relevance and financial intensity of ESG materiality (2020). Thoughts on IIRC & SASB Consolidations to ISSB-IFRS A Debate At The Oxford Union: Should FASB And IASB Set Standards For Nonfinancial Information? (2018 - Forbes; SSRN).  The International Sustainability Standards Board As An Ideological Rorschach Test (2021 - Forbes). Historical Origins of ESG and Sustainability Reporting Exploring social origins in the construction of ESG measures (2018). The Social Origins of ESG: An Analysis of Innovest and KLD (2020) From “Who Cares Wins” To Pernicious Progressivism: 18 Years Of ESG (2022) Political Backlash and Regulation on ESG: Some Constructive Feedback To 23 Red States On Their Anti-ESG Campaigns (August 2023). A Color Spectrum Analysis Of The Redness Of 23 Red States (July 2023). Written Statement for the House Financial Services Committee June 12, 2023 Hearing entitled "Protecting Investor Interests: Examining Environmental and Social Policy in Financial Regulation" Anti-ESG Fund Analysis: Drilling Into DRLL's Top 10 Holdings: A Woke Analysis (2022) Global SDG Funding Gap: How to close the $2.5 trillion annual funding gap (Jan 2018).  $2.5trn in need is not $2.5trn in opportunities (September 2023). Advice to Future ESG and Sustainable Finance Academics, Practitioners, Financiers, and Investors. Note: This podcast is for informational purposes only and should not be considered as investment advice. The interview took place on 26 September 2023.

My guest on today's program is Marie Clara BUELLINGEN, Head of Sustainable Finance Americas for Societe Generale Corporate & Investment Banking, one of the largest foreign banking organizations in North America. She is charged with solving the challenges of making public and private capital work together to scale clean energy solutions in the required timelines. The Societe Generale sustainable finance team develops ESG strategies and programs that meet with key stakeholder expectations and best practices such as TCFD, SASB, GRI, UNPRI and the CDP. We talk about approaches to clean energy technology solutions that she has seen work across multiple sectors of the global economy.

After a volatile week, we're settling back into a more typical cycle. In this week's episode of The TreppWire Podcast, we cover the recent domestic inflation, labor, and retail spending data, struggling hotels in San Francisco, and Texas' growing financial hub. We also discuss a large SASB loan being transferred to special servicing, Vornado eyeing refinancing in Manhattan, and much more. Tune in now. Episode Notes: - Economic Update (1:18) - San Francisco Hotel News (10:24) - Texas' Transformation (17:24) - Credit Stories (23:31) - Digging Through the Data (34:00) - Programming Notes & Shoutouts (41:40) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

Season 1, Episode 3: Jack and Alex delve into the latest commercial real estate headlines, including Biden's Rent Control Proposal, which aims to introduce a 5% annual cap on rent increases for major apartment landlords in order to maintain federal tax breaks. Plus, delinquencies and special servicing of multifamily loans backed by commercial mortgage-backed securities surged 185% in the past six months.    TOPICS 0:20 Introduction 4:03 Multifamily loans have surged 185% 7:27 Tides Equities' recent foreclosures 11:06 Student housing pre-leasing for Fall 2024 13:34 The effects of reevaluating college degrees 15:01 Vacancies in the retail market 18:10 Brookfield's future CEO 19:36 The effects of Joe Biden stepping down 26:15 How do owners react to a 5% cap? 28:54 SASB loans 37:14 RealPage forecasts rent growth 46:32 Federal Reserve's likely rate cuts   We want to thank our sponsor Viking Capital.             

In this week's episode of The TreppWire Podcast, we break down the news of Blackstone's dividend cut and discuss stronger-than-expected GDP. In a few deep dive segments, we look at SASB bonds backed by delinquent office loans, share a true analysis of bank office exposure, and provide the latest multifamily origination trends. We close with stories about loans moving to special servicing and new appraisal changes. Tune in now. This episode is sponsored by CREi Summit: creisummit.com/ Episode Notes: Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

RODRIGO'S BIO Four facts: This is our 50th episode, there are 50 states in our country, 50 stars in our flag, and tomorrow is July 4th!  The United States of America is celebrating its 248th birthday, which is why we decided to release this conversation today. Rodrigo Garcia is a decorated veteran of the United States Marine Corps who fought in three tours of the Iraq and Afghanistan wars between 2001-2006 and subsequently served as Director of the Illinois Department of Veterans' Affairs and member of the state's cabinet. We thank him and all who serve our gorgeous country. Today he is a corporate finance, institutional asset management and sustainable investing leader.  Rodrigo is the global CFO and U.S. President for Talipot*Holdings, a multi-billion dollar global investment enterprise and multinational conglomerate holding company with dozens of control holdings and non-control investments across various sectors and industries. Garcia is also an Adjunct Professor in Public Finance at Northwestern University and is a Certified Treasury Professional (CTP®), an Accredited Investment Fiduciary (AIF®), and holds SASB's ESG credential.    Previously he served as Deputy State Treasurer and CIO for the State of Illinois from 2015 to 2021 where he directed the Illinois treasury's combined $52 billion investment portfolios, $275 billion in related banking operations and payment services, and a $3.2 billion agency budget and financial reporting unit. Before that he held roles at BeDoWin360 Capital, the Federal Reserve Bank of Chicago, and Morgan Stanley & Co., Inc.  He sits on the boards The UBS Funds, Canela Media, Inc., Latino Media Network, Inc, Uniken, Inc. and Neurocytonix, Inc. He is a member of the Latino Corporate Directors Association, Independent Directors Council, Private Directors Association, Angeles Investors, the Milken Institute Global Capital Markets Group, and the Aspen Institute's Global Finance Leaders. He holds a BS from Northeastern Illinois University and two post-graduate degrees, one from the University of Illinois, the other from Northwestern University and completed a senior executive program at the Harvard Kennedy School. NOTE ON EPISODE| This episode is longer than usual→ ‘Top Of The Game (in) Overtime' shows are released occasionally NOTE ON OUTRO MUSIC| "Fanfare, The Star-Spangled Banner" performed by the United States Air Force Band of Mid-America; Composition: John Stafford Smith; Lyrics: Francis Scott Key; Arrangement: Dean W. Smith; Performance: United States Air Force Band of Mid-America; Recording: United States Air Force NOTE| One of the host's favorite renditions of our national anthem, as epically and beutifully performed by Jimi Hendrix, Woodstock 1969 → HERE (YouTube)   RODRIGO RELATED LINKS Rodrigo's website Aspen Institute Profile A Remarkable Journey Crain's 40 Under 40      GENERAL INFO| TOP OF THE GAME: Official website: https://topofthegame-thepod.com/ RSS Feed: https://feed.podbean.com/topofthegame-thepod/feed.xml Hosting service show website: https://topofthegame-thepod.podbean.com/ Javier's LinkTree: https://linktr.ee/javiersaade    SUPPORT & CONNECT: LinkedIn: https://www.linkedin.com/showcase/96934564 Facebook: https://www.facebook.com/profile.php?id=61551086203755 Twitter: https://twitter.com/TOPOFGAMEpod Subscribe on Podbean: https://www.podbean.com/site/podcatcher/index/blog/vLKLE1SKjf6G Email us: info@topofthegame-thepod.com     THANK YOU FOR LISTENING – AVAILABLE ON ALL MAJOR PLATFORMS

In this week's episode of The TreppWire Podcast, we break down the resurgence of major commercial real estate players and their capital allocation strategies. We provide the latest data on bank CRE loan and CMBS delinquencies, explore trends in the office SASB market, and share insights on office sales, including properties listed on auction sites. Tune in now. Episode Notes: Blackstone commit to deploy $65 billion dry powder (1:25) Malls into minicities (5:33) Superregional mall feud (9:02) Banks dumping real estate loans (13:50) Bank CRE loan performance and CMBS delinquencies (18:12) Mezzanine lender intervenes on Gas Company Tower (26:35) Online office auction (29:15) Large apartment acquisition (33:05) SASB office market (36:22) Shoutouts (43:35) Please take our listener feedback survey: www.surveymonkey.com/r/BMPXLHG Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

Interview with Dr. Arthur Halleran, President & CEO of Trillion EnergyOur previous interview: https://www.cruxinvestor.com/posts/trillion-energy-csetcf-unlocking-cash-flows-in-trkiyes-hot-gas-market-4904Recording date: 1st May 2024Trillion Energy presents a compelling opportunity for investors seeking exposure to a growing international natural gas producer. The company's core asset is the SASB gas field offshore Türkiye, where it holds a 49% interest. SASB has 55 billion cubic feet (BCF) of proven gas reserves and is currently producing 3.3 million cubic feet per day (mmcf/d) net to Trillion. And now, the company has a low-cost plan to significantly boost production and cash flow in the near-term.Trillion is executing a well workover program at SASB to replace the tubing in existing wells with a smaller diameter. This will reduce water loading and allow the wells to flow at higher rates. The company is also perforating new pay zones in the wells that had not been previously produced. These initiatives are expected to increase production to 7-8 mmcf/d, which would generate $2-3 million per month in revenue net to Trillion at current gas prices of $10-12/mcf in Türkiye.The beauty of the SASB program is its simplicity and low cost. Trillion estimates the workover and perforation activities will cost just $400,000 net to the company, but will have an outsized impact on production and cash flow. With its 55 BCF of proven developed reserves, SASB offers a long-term production runway.To fund the SASB program and improve its balance sheet, Trillion is selling its non-operated 19% interest in the Cendere oil field in Türkiye. Proceeds will allow Trillion to move forward debt-free, and key creditors have agreed to defer obligations until the gas production enhancements are complete.Beyond SASB, Trillion has several high-impact exploration prospects that could meaningfully boost reserves. The company plans to drill the West Akcakoca-1 well in late 2023 to test a large gas target on modern 3D seismic. A discovery would derisk additional prospects on the block. Trillion is also seeking a partner to drill the 200 million barrel Derecik Zagros Basin Oil prospect in Southeastern Türkiye.The macro environment for gas in Türkiye is highly favorable. The country imports 98% of its gas needs and demand is growing. Current gas prices of $10-12/mcf are well above global benchmarks, providing Trillion with netbacks of over $9/mcf after costs. Prices are expected to rise further to $13-14/mcf as Türkiye's import contracts expire in the coming years.In summary, Trillion offers investors a unique opportunity to gain exposure to Türkiye's growing gas market at an attractive entry point. Near-term production growth from SASB, balance sheet improvement, and long-term exploration upside make the company a compelling investment proposition. Investors can look forward to a steady stream of catalysts in the coming months as the SASB program is executed and the drill bit turns on high-impact exploration wells._View Trillion Energy's company profile: https://www.cruxinvestor.com/companies/trillion-energySign up for Crux Investor: https://cruxinvestor.com

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Justin Smulison interviews returning guest Jana Utter. Jana is the 2022 Risk Management Honor Roll inductee and a former RIMS SERMC Chair. Jana remains active on RIMS committees. On May 6 at 2:45 pm, she will co-host a RISKWORLD session, Sustainability Reporting: Making ERM Transparent: Environmental, Social and Governance in ROOM 25AB. The SEC is in the news with final and proposed Climate Disclosure Rules announced. Jana shares her knowledge, experience, and risk philosophy, a cluster of acronyms, and why ERM needs to connect more fully with ESG. Jana will be co-hosting a session on the ESG track with Bob Wirth at RISKWORLD 2024. Listen in to learn more about emerging ESG risk reporting and disclosure. Key Takeaways: [:01] About RIMS and RIMScast. [:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/RISKWORLD. [:31] About today's episode of RIMScast. My friend Jana Utter returns to discuss ERM, ESG, and the new Climate Reporting Disclosures; the SEC, the CSRD, and more. We've got a lot of acronyms today! [1:01] As you know, RISKWORLD 2024 is coming up from May 5th through May 8th, 2024, in sunny San Diego, California. Registration is open at RIMS.org/RISKWORLD. Register today! There's a link in this episode's show notes. [1:22] In Episode 276 of RIMScast we had opening keynote Peter Diamandis join us. Check out that episode for just a taste of what's in store for RISKWORLD 2024. The full roster of keynotes has been announced! I'm so excited! We will be welcoming Academy Award-winning actress, director, and activist, Marlee Matlin! [1:46] For our industry keynote, we will be rejoined by Evan G. Greenberg, the Chairman and Chief Executive Officer of Chubb Limited and Chubb Group. That session will be sponsored by Chubb. Just announced, our closing keynote on May 8th will be Daymond G. John. You know him from Shark Tank. He's also the Founder of FUBU. I'm a big fan! [2:10] I'm extremely excited about that closing keynote on May 8th! Experience all the energies of our keynotes at RISKWORLD! Register at RIMS.org/RISKWORLD. We want to see you there! [2:24] Today's guest is one of my favorites. She is Jana Utter, the Vice President of Enterprise Risk Management at Centene Corporation. In 2022, RIMS named her to the Risk Management Honor Roll. She is the former chair of the RIMS Strategic and Enterprise Risk Management  Council. Jana is knowledgeable about ERM and ESG. [2:50] Since there were new SEC Climate Disclosure Rules announced, I wanted Jana to come back on the show and fill us in on what we need to know. This dialogue will dovetail with her upcoming RISKWORLD session on May 6th at 2:45 p.m. in Room AB25, Sustainability Reporting, Making ERM Transparent. It is part of the ESG track. She'll be co-presenting with Bob Hirth. [3:25] Jana Utter, welcome back to RIMScast! Jana was the 2022 RIMS Risk Management Honor Roll Inductee. Jana and Justin go back quite a few years. This is her third time as a RIMScast guest. Jana was the chair of the RIMS Strategic and Enterprise Risk Management Council. She misses it a bit but has moved on to other RIMS volunteer activities. [4:10] Jana is here to discuss the SEC Climate Disclosures in the news. The U.S. SEC proposed final rules for Sustainability Reporting Standards. Also, the EU Corporate Standard Reporting Directive (CSRD) is making headlines. [5:02] Jana thinks it is important as risk professionals to think of sustainability in the same way that we think about enterprise risk management. They are both important. Jana speaks of the 2017 COSO ERM Update, Integrating Strategy with Performance. [5:29] That COSO document says that ERM helps enhance performance by more closely linking strategy and business objectives to risk. ERM affects value strategy and is linked to the business. The COSO framework also discusses how ERM leads to better decision-making. [5:48] The International Sustainability Standards Board (ISSB) says sustainability factors are becoming part of mainstream investment decision-making. Companies are called upon to provide high-quality global comparable information on sustainability reported risks and opportunities. [6:28] As ERM professionals, we are trying to identify risks to help protect the value and future ongoing business concerns of the company. Sustainability reporting is trying to do the same thing, protect the long-term value of the company. To Jana, that seems to be a natural fit. [7:00] Justin and Jana agree that the data should support the story-telling of the organization or the risk professional. Sustainability reporting is a big part of that data, just as financial statements are. [7:17] Sustainability reporting disclosures publish additional information by a company to inform stakeholders, including investors, business partners, employees, and customers. Jana thinks about it the same way as about financial statement information, which caters to the same stakeholder audience. [8:14] Jana notes it's important to know which of the different reporting directives for sustainability reporting standards apply to your company in the jurisdictions or geographies in which your company operates. Global sustainability disclosures are not 100% consistent. In the U.S., some states have additional expectations for ESG reporting above the SEC rules. [10:10] ESG is showing up in commercials. Jana finds that interesting as her friends and family still don't know what the acronym ESG means. It's appearing in the mainstream, with DEI. [11:31] Jana says that a lot of people who are responsible for enterprise risk management, including her industry peers, are not also responsible for sustainability reporting and disclosures. How can risk professionals get connected to the sustainability reporting team? [12:23] Jana recommends risk professionals use the RACI matrix: Who's Responsible? Who's Accountable? Who's Consulted? And Who's Informed? If you're not in this matrix, ask to join it as a consultant. She lists ways to contribute by connecting to different areas of the company. [13:56] It's important to know where your company operates. U.S. companies with no operations outside the U.S. may be able to follow the IFRS SASB Sustainable Accounting Standards and the SEC Climate Disclosure rules and other SEC-related rules that cover sustainability, as well as any state rules. [14:59] If you're U.S.-based with any operations in Europe, you're going to want to monitor CSRD and make sure you understand and follow that protocol. That should cover you for the majority of any sustainability risks in the U.S. [15:42] Jana's go-tos are the International Financial Reporting Standards (IFRS), International Sustainability Standards Board (ISSB), and Sustainability Accounting Standards Board (SASB). ISSB includes the Taskforce on Climate-Related Financial Disclosure (TCFD). TCFD and CDP (formerly Carbon Disclosure Project) are closely aligned. [16:46] Jana repeats, pay attention to the IFRS and what they do. IFRS is geared to the investor community. Also watch the Global Reporting Initiative (GRI), which is focused on social and environmental impact reporting. [17:46] SASB is the Sustainability Accounting Standards Board. Justin invites you to look for these acronym links in the show notes. [18:06] RIMS plug time! You can sign up now for RISKWORLD pre-conference workshops. They will all be held on May 4th and 5th at the San Diego Convention Center. The link is in this episode's show notes. [18:19] The topics include but are not limited to Applying and Integrating ERM, Fundamentals of Insurance, and a RIMS-CRMP Exam Prep Workshop. Go to RIMS.org/RISKWORLD, go to Learn, and then Workshops and you'll find them there. [18:35] RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. Virtual workshops are in session, beginning in June, starting with Leveraging Data and Analytics for Continuous Risk Management. That's a three-part course that begins on June 6th. We've got Fundamentals of Insurance on June 11th and 12th. [18:55] We've got Fundamentals of Risk Management on June 18th and 19th and we've got Captives as an Alternate Risk Financing Technique on June 26th and 27th. More information about these workshops and others is on the RIMS Virtual Workshops page and a link is in this episode's show notes. [19:13] If you attend RISKWORLD, be sure to download the RIMS Events App. This is different from the RIMS App, available only to members. The RIMS Events App will help you keep sessions organized, take notes, communicate with other attendees, and a whole lot of other great features because there's so much happening. This is a great way to stay on schedule. [19:38] On May 8th, at 2:10 p.m., please go over to the Global Studio and check out RIMScast Live for a special session with RIMS Risk Manager of the Year 2024, Steve Robles. Steve received the award for his fantastic work with LA County. We will discuss his career and we will give all of you a chance to ask him anything that's on your mind. [20:03] Steve's a great guest. We've already  recorded next week's episode together. In a clip from the episode, Steve says his risk group at LA County was responsible for about 100K county employees. He didn't know all their names, but if he knew their name, that was probably a bad thing! Be sure to tune in to RIMScast next week for more podcasting gold! [20:35] Steve was a lot of fun and our session at the Global Studio on May 8th at 2:10 p.m. is going to be a blast! Be there! [20:43] Webinars: On April 30th, to close out Supply Chain Integrity Month, we welcome Moody's, who will present Resilience in Turbulent Times: Navigating Geopolitical Challenges in Supply Chains. Our friends from TÜV SÜD GRC will return on May 23rd with Respond to Emerging Risks with a Winning Property Loss Control Formula. [21:08] On June 6th, Evident ID makes its RIMS Webinar debut with Uncovering Hidden Risks in Your Third-Party Risk Management Program. On June 13th, our friends at Riskonnect return to present Unlocking the Value of Business Continuity and Insurable Risk Management. That's a great line-up for the next couple of months! [21:30] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members. [21:38] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. RIMS continues to present the best conference agenda by featuring the most engaged and knowledgeable risk professionals leading the discussions. [21:53] RIMS wants to hear from you. Submit your session by Friday, May 3rd. A link is in this episode's show notes. The best submissions will address current and future issues facing ERM practitioners and provide takeaways for an audience of risk professionals, business leaders, students, governmental officers, legal professionals, and more. [24:15] You must keep it relevant to ERM and Strategic Enterprise Risk Management. Remember, product sales pitches are not acceptable nor appropriate as part of the RIMS ERM Conference Education Program. [22:46] Jana Utter has a session at RISKWORLD on May 6th at 2:45 p.m. with Bob Hirth, called Sustainability Reporting: Making ERM Transparent. It's part of the ESG track. It will be in Room 25AB. Jana is excited about the session. There are a lot of great sessions that run concurrently, but everybody should head over to Room 25AB on May 6th at 2:45 to hear more from Jana! [23:35] Risk professionals are supposed to have a line of communication to the C-suite and the enterprise to take these announcements seriously. Jana says a risk professional has to treat sustainability reporting and disclosures like any other risk. An emerging risk can sometimes bubble up to become a noticed risk. [24:42] Jana tells of her experience in reporting what ERM saw as up-and-coming emerging risks, capturing ESG and sustainability-related risks, and reporting disclosure expectations bubbling up in emerging risks. It eventually gets the attention when the time is right. [25:40] Keep any emerging risk in the reporting to the extent possible. When the time is right, it will become important, not only to the ERM professional but to others where you've been trying to raise the flag. Risk professionals, make a note! [26:19] Jana says Scope 3 Emissions are pretty complex. It is comprised of 15 categories. Scope 1 is a company's use of natural gas. Scope 2 is its use of electricity. They're more straightforward. [27:16] The focus of Scope 3 is supply chain emissions. Most enterprise risk management professionals may not know or have had any reason to focus on how many suppliers their company has. It can be thousands or tens of thousands. It's challenging. [27:54] The Greenhouse Gas Protocol and other authoritative sources have ways to categorize types of vendors and use categorizations as a way to calculate emissions. It's still very complex and much more subjective. [28:30] To get the quality of reporting you need for financial statements, with external auditor reviews and having the same level of controls and tightness on the calculations, Scope 3 becomes quite complex. [28:56] Justin reads from the U.S. EPA guidance on Scope 3: “The result of activities from assets not owned or controlled by the reporting organization but that the organization indirectly affects in its value chain.” Scope 3 emissions include up-chain and down-chain. A risk professional has a lot of work to do dealing with Scope 3 emissions. [29:37] Jana mentions that a challenge around Scope 3 is double counting. A manufacturer uses a third party to deliver goods to a retailer. Both the manufacturer and the retailer count the third party for emissions. Communication has to occur between the manufacturer and its retailers. So Scope 3 emissions reporting is not required now. [31:04] Jana talks about possible consequences of the failure of an enterprise to comply with the rule. It will probably be similar to any other failure to report accurately. You'll get a letter with a deadline to comply. There could be levels of penalties. It could be the same as not filing your financial statements on time. Jana suggests you check with your legal counsel. [33:10] Another trend Jana sees is the rise of Artificial Intelligence. It's on everybody's mind. There are sessions at RISKWORLD on the upside and downside risks and benefits of AI. AI has the ability to bring together a lot of information for the ERM practitioner. It still needs human interaction to determine what those results might mean and play out for your company. [34:32] Jana would not limit the research to what the AI brought back for a data set. AI can't replace the human experience and reasoning ability. [35:05] Another topic Jana sees, as we get to 2025, people are looking to the end of the decade from a risk perspective, taking a little longer-term view than normal for risk professionals, looking past current and emerging risk and thinking ahead. How are the risks of today going to progress to 2030? Justin invites Jana to come back in 2030 for a look back! [36:32] Justin describes how he has eased into using AI for simple things. [37:17] On May 6, at 2:45 p.m. in Room 25AB, Jana will co-host a RISKWORLD session, Sustainability Reporting: Making ERM Transparent: Environmental, Social and Governance. It may be one of the last times we see Bob Hirth speaking in a session with Jana. Bob has quasi-retired. They will reminisce a bit about what came true and what did not. [38:57] Jana and Bob will take questions if there is time at the end and maybe during the session. Check out Sustainability Reporting: Making ERM Transparent. This is going to affect your organization! [39:22] Jana, it has been such a pleasure to reconnect with you! We always find your insights very enlightening. We'll have you back before 2030! Let's set a date after we wrap and a date for 2030! Thank you, Jana! [39:42] Special thanks again to Jana Utter for joining us here on RIMScast. She's one of our favorites and she will be one of yours, too, when you see her live at RISKWORLD, on May 6th at 2:45 p.m. in Room 25AB for Sustainability Reporting: Making ERM Transparent! Registered attendees should use the RIMS Events App to get you where you need to go at RISKWORLD. [40:08] Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. It's different from the RIMS Events App. Everybody loves the RIMS App! [40:40] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate! Contact pd@rims.org for more information. [41:25] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [41:43] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [41:59] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [42:20] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!   Mentioned in this Episode: RISKWORLD 2024 — San Diego, CA | May 5–8, 2024 RISKWORLD Pre-Conference Workshops RISKWORLD Speakers NEW FOR MEMBERS! RIMS Mobile App RIMS DEI Council Spencer Educational Foundation — Grants Page RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Virtual Workshops RIMS ERM Conference 2024 — Nov 18-19 — Boston, MA — Call For Session Submissions by May 3. RIMS Risk Management Awards Edition 2024 Spencer-RIMS Risk Management Challenge — Live at RISKWORLD SEC Climate Disclosures — March 2024 announcement (On March 6, 2024, the SEC issued a final rule different from the proposed rule.)   RIMS Webinars: Resilience In Turbulent Times: Navigating Geopolitical Challenges in Supply Chains | Sponsored by Moody's | April 30, 2024 Respond to Emerging Risks with this Winning Property Loss Control Formula | Sponsored by TÜV SÜD GRC| May 23, 2024 Uncovering Hidden Risks in Your Third-Party Risk Management Program | Sponsored by EVIDENT ID | June 6, 2024 Unlocking the Value of Business Continuity and Insurable Risk Management | Sponsored by Riskonnect | June 13, 2024 RIMS.org/Webinars   Upcoming Virtual Workshops: See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops   Related RIMScast Episodes: “ERM, ESG, and More Acronyms with Jana Utter” (2022) “Scenario Planning in 2024 with the RIMS SERMC” “RISKWORLD 2024 Keynote Peter Diamandis” “Harnessing Innovation's Promise with ERM Conference 2023 Keynote Bob Roitblat” “Live From RIMS ERM Conference 2023” “All Roads Lead to ERM” “ERM's Value Proposition with Chris Mandel” Sponsored RIMScast Episodes: “Platinum Protection: Underwriting and risk engineering's role in protecting commercial properties” | Sponsored by AXA XL (New!) “Elevating RMIS — The Archer Way” | Sponsored by Archer “Alliant's P&C Outlook For 2024” | Sponsored by Alliant “Why Subrogation is the New Arbitration” | Sponsored by Fleet Response “Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd. “Subrogation and the Competitive Advantage” | Sponsored by Fleet Response “Cyberrisk Outlook 2023” | Sponsored by Alliant “Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD “Insuring the Future of the Environment” | Sponsored by AXA XL “Insights into the Gig Economy and its Contractors” | Sponsored by Zurich “The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster   RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Manny Padilla! Spencer Educational Foundation “Leveraging Insurance and Risk Management to Address Political Risk” — RIMS Executive Report   RIMS Events, Education, and Services: RIMS Risk Maturity Model® RIMS Events App Apple | Google Play   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guest: Jana Utter: Vice President, Enterprise Risk Management, Centene Corporation Tweetables (Edited For Social Media Use): It's important as risk professionals to think of sustainability in the same way we think about enterprise risk management. We think about ERM as being important. Then sustainability is also important. — Jana Utter   There's a lot out there and you can get overwhelmed by trying to meet the requirements or expectations of all of them. — Jana Utter   In reporting disclosure expectations bubbling up in emerging risks, it eventually gets the attention when the time is right. — Jana Utter   As we get to 2025, I'm seeing a lot of looking to the end of the decade, from a risk perspective, taking a little longer-term view than we normally do as risk professionals, coupling current and emerging and what may be new on the horizon, thinking ahead to 2030. — Jana Utter

While the changing global sustainability reporting landscape may pose challenges for preparers, there continue to be opportunities for companies in every industry to take a holistic approach to disclosure – whether mandatory or voluntary.In this episode, host Heather Horn sits down with Marc Siegel, PwC National Office partner, for a discussion of the key focus areas and action steps for C-suite executives as they ready their companies for the future of global sustainability reporting.In this episode, we discuss:2:36 - How the market has spoken – and determined that sustainability disclosures are needed, regardless of regulatory actions4:15 - Challenges of reporting under multiple frameworks14:50 - How to prioritize gathering information18:51 - The importance of building stronger disclosure controls and processes as well as having the right people focused on the task23:02 - Navigating the market's expectations for sustainability information28:51 - Challenges resulting from differing time horizons for sustainability and financial reporting, and how to tie these horizons together to communicate a cohesive strategy32:50 - How companies can tailor climate disclosures given the specific risks the company faces due to climate-related factors35:43 - Key governance-related behaviors companies are adopting and how they are disclosing these behaviors38:19 - The importance of starting the readiness process irrespective of ongoing legal challengesLooking for the latest developments in sustainability reporting? Follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop for the latest thought leadership on sustainability standards. For more information on the SEC climate-related disclosure rules, refer to our publication, SEC adopts climate-related disclosure rules. Marc Siegel is a PwC National Office partner. He helps boards and executives with transparent articulation of their company's long term value creation story, throughout investor communication channels within and outside of regulatory filings. Marc completed 14 years of setting reporting standards in both financial accounting and ESG as a member of the FASB and SASB, respectively.Heather Horn is the PwC National Office Sustainability & Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC's global sustainability leadership team, developing interpretive guidance and consulting with companies as they transition from voluntary to mandatory sustainability reporting. She is also the engaging host of PwC's accounting and reporting weekly podcast and quarterly webcast series.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

Interview with Dr. Arthur Halleran, President & CEO of Trillion EnergyOur previous interview: https://www.cruxinvestor.com/posts/trillion-energy-csetcf-game-changing-strategy-explained-3402Recording date: 30th January 2024Trillion Energy holds a unique position in Türkiye's vast natural gas industry, anchored by its strong 49% stake in the SASB offshore gas field. After contending with temporary production issues, the company now has engineered solutions ready to tap major near-term cash flows.The SASB gas field sits within the prolific Black Sea Basin. Trillion successfully drilled 6 new high-rate wells here in recent years. However CEO Arthur Halleran acknowledged that "over promising and under delivering" led to the loss of some investor trust when the wells confronted water loading problems.The good news is that ample gas reserves remain in place. The engineering challenge is surmountable. Halleran explained how the gas "is not lost - it just the weight of the water on the perforations and the tubing that pushes the gas back into the formation."The fix is to install artificial lift systems on the wells to pump out water. Once implemented, Halleran stated confidently that SASB can reach 15 million cubic feet per day production across the 6 existing wells by Q2 2024. This would generate over $40 million in annual operating income at current strong natural gas prices in Turkey above $11 per mcf.Beyond that, 5-6 additional inexpensive workover wells could boost total output up to 25 million cubic feet per day. So within a year, Trillion anticipates unlocking major gas volumes capable of delivering outstanding cash flows due to low operating costs in the field.The market opportunity in Türkiye looks promising. Natural gas demand grows steadily, fueled by economic and population expansions. Trillion sells into a robust pricing environment marked by limited volatility. Attractive fiscal terms in the country provide for high netbacks.Thus, Trillion Energy sits on the cusp of a value inflexion. Near-term catalysts can quickly turn past disappointment into big production, big cash. While keeping priorities trained on wringing profits from existing wells, an early-stage onshore oil block also grants blue sky upside when the timing proves right. For opportunistic investors, Trillion checks the boxes for re-rating potential.—View Trillion Energy's company profile: https://www.cruxinvestor.com/companies/trillion-energySign up for Crux Investor: https://cruxinvestor.com

Amid recent the recent stock decline, we had a sit-down with Arthur Halleran, CEO of sponsor Trillion Energy (TCF

Most companies are tremendously reliant on their talent, with most saying it's their biggest asset not even on the balance sheet, and therefore understanding how they're engaging, retaining, rewarding and developing their people is important to the core of running a business, Marc Siegel, previous SASB and FASB member, explains to Bloomberg Intelligence. Siegel joins BI analyst Gail Glazerman on this ESG Currents podcast episode to discuss the evolving landscape of ESG disclosure, including overlooked social issues such as human capital and the challenges associated with reporting this metric.This episode was recorded on Aug. 24.See omnystudio.com/listener for privacy information.

In this episode I interview Tim Weiss, CEO of Climatetech. Weiss discusses the obstacles companies have to overcome when managing Scope 3 emissions, the impact of potential government regulations in the US on Scope 3, and the potential competitive advantage of companies that successfully manager Scope 3 emissions. 

In this episode, Chris Peacock, Founder and CEO of Agcor discusses a range of topics. Peacock discusses how critical it is for the Agricultural economy be a part of the solution for a sustainable future, what are the barriers farmers face when adopting ESG practices and polices, and the impact of climate fintech will have over the next 5-10 years. 

Join AM Now hosts Adam Olsen and Nicole Harger for another dose of what's happening in accounting and finance these days, including: Highlights from the recently released third annual FASB Investor Outreach Report, which sheds light on the Financial Accounting Standards Board's engagement with investors  Overview of the EU's Carbon Border Adjustment Mechanism (CBAM) and the European Commission's new reporting rules for importers involved in CBAM The future of the SASB Standards amidst the recent advancements by the ISSB's IFRS S1 and S2 For more information on these and related topics:The FASB Investor Outreach Report, 2022-2023Commission adopts detailed reporting rules for the Carbon Border Adjustment Mechanism's transitional phaseFuture of the SASB Standards: What you need to know for 2023 disclosureConnect with Embark on:  LinkedIn Instagram Twitter Facebook YouTube Listen to AM Now on Apple Podcasts, Google Play, and Spotify.

In this episode I interview Kim Dabbs,  Global VP of ESG and Social Innovation at Steelcase. Dabbs  discusses the career path into ESG, outlining the. value of ESG and Social Innovation programming and goals to stakeholders, and her organization, To Belonging. 

In this episode, I interview Kate Gaertner, Founder of TripleWin Advisory. Gaertner  discusses what led to the founding of TripleWin Advisory, Circular Economy, and how small and medium sized companies can participate in ESG. 

Interview with Arthur Halleran, President & CEO of Trillion Energy (CSE: TCF)Our previous interview: https://youtu.be/SMjbKprORgERecording date: 4th August 2023Trillion Energy is dedicated to producing natural gas for Europe and Türkiye, holding assets in both Türkiye and Bulgaria. The firm possesses a 49% stake in the SASB natural gas field, a pioneering and extensive natural gas development project in the Black Sea, and a 19.6% interest in the Cendere oil field (with a 9.8% interest in three specific wells).

Arthur Halleran, CEO of Trillion, stated: the newly acquired oil exploration license is “The best oil property I've come across in my career. The oil field trend is expected to run through the northeast half of the Eastern Block which has yet to be explored. We are excited about the exploration opportunities considering recent discoveries made in the province proximate to the Eastern Block. Wells drilled to date in the southwest of our targeted area have good to very good oil staining and asphalt in the rocks. This indicates a working petroleum system on the Eastern Block where oil has been generated and migrated within the system. There are 5 different Mesozoic reservoirs and 2 different Paleozoic reservoirs that have over 15 oil fields of note in surrounding blocks. This indicates oil generation which has migrated in vast amounts and as such, our exploration focus will be looking for traps. When you are surrounded by large, discovered oil fields, you know you are in elephant hunting grounds.” Trillion is an oil and gas producing company with multiple assets throughout Turkiye and Bulgaria. The Company is 49% owner of the SASB natural gas field, one of the Black Sea's first and largest-scale natural gas development projects; a 19.6% (except three wells with 9.8%) interest in the Cendere oil field; and in Bulgaria, the Vranino 1-11 block, a prospective unconventional natural gas property. Trillion Energy also has tremendous blue-sky potential on its natural gas license areas which it is currently seeking to expand. The company's SASB gas field is located just 100km south of the largest gas discovery (19 TCF+) in 30 years in Europe and is the only nearology play in the region. Art is planning to test the most prospective structures he has identified in 2024 and beyond. https://trillionenergy.com/ CSE: TCF - OTCQB: TRLEF - Frankfurt, Z62, Forum Slides of Newly Acquired Oil Exploration blocks: https://www.miningstockeducation.com/wp-content/uploads/2023/08/New-OIl-Blocks-PPT-TCF.pdf Press Release discussed: https://trillionenergy.com/news/trillion-announces-farmin-for-oil-exploration-blocks-se-turkiye 0:00 Introduction Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39 Trillion Energy is an MSE sponsor. Bill Powers is a shareholder. The content found on MiningStockEducation.com is for informational purposes only and is not to be considered personal legal or investment advice or a recommendation to buy or sell securities or any other product. It is based on opinions, SEC filings, current events, press releases and interviews but is not infallible. It may contain errors and MiningStockEducation.com offers no inferred or explicit warranty as to the accuracy of the information presented. If personal advice is needed, consult a qualified legal, tax or investment professional. Do not base any investment decision on the information contained on MiningStockEducation.com or our videos. We may hold equity positions in some of the companies featured on this site and therefore are biased and hold an obvious conflict of interest. MiningStockEducation.com may provide website addresses or links to websites and we disclaim any responsibility for the content of any such other websites. The information you find on MiningStockEducation.com is to be used at your own risk. By reading MiningStockEducation.com, you agree to hold MiningStockEducation.com, its owner, associates, sponsors, affiliates, and partners harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries (financial or otherwise) that may be incurred.

In this episode Matt Wallace,  Chief Technology Officer of Faction. Wallace discusses modern big data solutions can help ESG by providing the insights and information they need to identify and manage risks and opportunities, enhance transparency and accountability, improve decision-making, meet regulatory requirements, and improve reporting frameworks.

Dr. Fitzgerald, discusses how he has been able to incorporate circularity principles into his work. Dr. Fitzgerald also provides insight into strategies other professionals looking to incorporate the circular economy can benefit from as well. 

In this illuminating episode of the Count Me In, we sit down with our esteemed guest, Janis Parthun, VP, Advisory & Project Services at RGP. She is a leading voice in the world of Environmental, Social, and Governance (ESG). Dive into the intricacies of ESG, understand its importance in a business context, and explore its different facets - from the environmental to the social and governance perspectives. We also delve into the challenges companies face in implementing ESG strategies, discussing the evolving regulatory landscape and offering insight into the best practices adopted by forward-thinking businesses. Whether you're an industry veteran looking to refine your ESG approach or a newcomer eager to implement an ESG program, this episode is brimming with valuable insights.Connect with Janis: https://www.linkedin.com/in/janisparthun/Full Episode Transcript:Adam:            Welcome to another exciting episode of Count Me In. Today we have a special guest with us, Janis Parthun. VP, Advisory and Project Services, at RGP. She is an expert in the field of Environmental, Social, Governance or ESG, as many of us know it.  Janis brings a wealth of knowledge providing a fresh perspective on the complexities and significance of ESG. She will walk us through the intricacies of ESG, discuss its growing prominence, and share valuable insights on its implementation. So if you're looking to understand ESG better, and how we can add value to your business model, this is one episode you won't want to miss. Let's dive right in. Janis, we're really excited to have you on the Count Me In podcast. As we go into today, we're going to be talking about ESG or Environmental, Social, and Governance, and we hear a lot about that. IMA talks a lot about that. We've been publishing articles. There's a lot of things happening in the industry. But maybe we can start off just at a higher level and talk about what does it mean, what does it represent, in an organization? Janis:              Yes, Adam, happy to do that. The term ESG or Environmental, Social, and Governance can really differ just depending on who you speak to. But I'd like to establish some initial background here. Where environmental focuses on the company's impact on the environment. On the risks, and opportunities associated with the impact of climate change on the company, its business, and its industry.  Social may focus on the company's relationship with people and society, or whether the company's investing in its community. And governance focuses on issues such as how the company is run, and possibly connect to executive compensation.  So ESG has been an important element to organizations approach to create value, as part of the business model, and just to the greater society impact. But what does this entail? Is what I often hear. And to elaborate a little bit more, a company's overarching ESG program will likely have top priorities determined around ESG matters. With goals, which includes metrics and possibly targets for future outlook has been set and established. To reach the goals and the targets, the company may have various initiatives and action, in order to support the goals. For example, a company may have climate change as one of its ESG priorities or material topics, and a goal to reduce emissions with the target of 40% by 2040. The organization, then, may have an initiative or a project to convert all transportation fleets to electric vehicles, as a strategy to reduce the emissions.  But when we're discussing ESG, at the overarching program or program level, this is applicable across multiple material topics or priority topics. Now, the topic of ESG is not new, and there are significant funds and investments around this.  Currently, over 96% of the S&P 500 already, voluntarily, publish sustainability reports in some form or fashion. But an increasing interest from parties to invest, and companies wanting to communicate or report on ESG. Regulatory and standard-setting bodies are also paying attention to how companies are reporting on ESG matters. Adam:            Definitely, and you see a lot of the bigger organizations implementing it. But smaller organizations may not quite be ready or there, yet. And if you are one of those organizations that are saying, "You know what, I want to jump into this, get into this." What are some steps that a typical company might undergo to establish an ESG-type program? Is there a specific, strategic, approach that you need to take when you're implementing that? Janis:              Yes, that's a great point, Adam, and there is a recommended strategic approach to this. So the other aspect to think about is the ESG strategic roadmap or steps that companies, typically, may undergo to establish an ESG program. First, is really having to determine materiality. This is driven by stakeholder and market input, industry profile, business strategy, and suggested standards and frameworks. And, then, setting goals and targets and execute on the reporting.  So establishing process and oversight to have that accountability, and report or update related to performance metrics. And, then, establishing quality control. Establish process and governance to ensure the quality control of the data that's collected or reported, and of course, reevaluate in that cycle.  But, more often than not, companies are encountering challenges, during the midpoint stages of executing on the ESG program strategy. And this includes adhering to regulations, standards and frameworks, and just trying to stay current and up to date. There are several in the horizon, and it's a lot going on for companies to navigate through. Program management and governance, having organizational governance over the ESG program, and monitoring and tracking against existing goals, appropriately, and evaluating progress. For example, do you have a governance process around adding or revising priorities or metrics? And monitoring the actions or involved in ESG committee that helps govern the goals set and tracked. And data quality management; is the information reliable?  For example, is the information collected comprehensive to the metrics being tracked? Such as inclusive the various regions and markets. Is that information reliable? Such as is it trackable or include supporting details. And with each of these challenges, it's important to pull the right resources in to help and address. Adam:            Before we get too much into the details of program management and those challenges. You've mentioned, a few times, about different regulating bodies have been watching in certain areas. There are regulations and new standards coming up, and that can be challenging for anybody and everybody. A lot of people are overworked. People are getting stressed out, and the idea of having more regulations to follow can be very stress inducing. But, maybe, you can talk a little bit more about how it's affecting companies and what people can expect? Janis:              Yes, I can, definitely, elaborate that a little bit more, Adam, and dive a little bit deeper. From a regulatory driver perspective, and you're so right on this. And there's such an increasing scrutiny just on how companies are presenting the ESG-related information. As well as the push to reduce the climate impact to the environment. That multiple regulatory authorities are pushing their agendas, and that's what's creating all this pressure, too.  For U.S. public companies the pressure is coming from the SEC. With the biggest proposal on climate-related disclosures announced last year. To disclose governance, strategy, risk management, and targets on the climate impact and, specifically, greenhouse gas emissions. And there are multiple elements within the proposal that's creating concerns for many public companies. Especially around disclosing climate-related financial impact and Scope 3 Emissions.  I think by the time this recording is released, the SEC will likely announce an update and issue, possibly, a reduced-scope version of the original proposal. It is a lot to ask for companies to disclose on those areas. And this is just one specific proposal, and there are several other SEC proposals anticipated to finalize in the horizon, this year, as well. Beyond the climate-related disclosures.  And in the EU, the pressure is coming from the EU Commission. The Commission recently adopted a new rule, late last year, The Corporate Sustainability Reporting Directive or CSRD. For companies to publish detailed information on sustainability matters. To increase the company's accountability, and to prevent divergent sustainability standards.  This is a pretty big ask since there are 12 standards drafted with 10 specific ESG topics. Spanning from climate, to workforce, to business conduct. And this may also impact a U.S. company if the company has subsidiaries in the EU market. And there are also country jurisdictional specific requirements to consider. That I won't mention here because there's just a lot to capture.  But beyond reporting, the EU is also proposing another new rule to streamline information about companies' environmental performance of products, and to reduce misleading claims. So just to add one more thing to this, related to all this, is that companies are also, increasingly, being asked to communicate and report information that's understandable, across a broad base of the investor community. So more so around voluntary standards. And this is happening through recognized standards and frameworks for comparability, and there are a number of them as well.  So the top two standards that are frequently referred to is SASB and GRI. But there are also others, each with a specific mission. And, again, this is just a lot for companies to get a handle of and stay on top of. And I just wanted to, at least, share a little bit of the landscape of the different type of requirements or voluntary type of disclosures.  And, then, interesting enough, just to highlight or illustrate a little bit. So, for example, we at RGP had helped one of our clients on a related issue last year. The Task Force for Climate-related Financial Disclosures or TCFD, issued new recommendations in October 2021. And the client needed to understand the degree of the changes. As well as consider how this impacts the clients reporting to another global environmental disclosure system, the CDP in connection to the TCFD changes. So that's just one example. But the reporting information can also be interconnected across the requirements. Adam:            That's really interesting, and as you're going into this process. Either get some help or make sure you're staying on top of that, or find an organization that can help you stay on top of those standards, and help understand it better. Because depending on where your organization is, will be what standards you have to follow, obviously.  So we've talked about the standards and the different regulations, and you've gotten a very good overview of that, for the audience. But you mentioned aspects of program management and goverments outside of their keeping up with the standards and regulations. You have to actually manage the program. Maybe you can talk about what you've seen where companies are on track, where they're not on track, and maybe give some best practices. Janis:              Yes, happy to do so, Adam, it's a great point to bring up. So I've seen companies where they're really leading the pack, and companies where they're falling short on their ESG commitments to their stakeholders. Now, in terms of companies where they're really on track and where they're not. Industries that are ahead of the curve in ESG reporting are in consumer products and real estate, and for good reasons.  So for consumer products, recent studies show that consumers are shifting their spending towards products with ESG-related claims, and products making ESG-related claims have averaged higher cumulative growth, over a five-year period. This is a major reason that consumer product companies are pushing to be ahead of the curve in ESG initiatives, and to report on ESG commitments.  Chipotle is one setting a good example, recently. The company announced that its 2023 ESG goals will be linked to executive incentive compensation. Impacting its 2023 annual incentive bonus by 15%. So making that commitment to set the goals and hold its people accountable, to achieve the goals, is a great example.  For real estate, considering there's a significant emission generation from the real estate value chain, ESG is now a top-risk priority for the industry. And CBRE is one setting a good example. When the company entered into a new five-year revolving credit agreement, last year, to increase it's revolving credit facility. It linked the agreement with achieving certain sustainability goals. Such as to provide procurement spending with sustainable suppliers to converting vehicle fleet to electric vehicles.  But there are instances where the companies are using ESG to promote and market products misleadingly. And this is a lesson learned for one retail company last year. On what might happen when your organization lacks the program governance and the structure to manage the ESG initiatives, and the integrity of the data reported.  In this instance, the apparel company was investigated by regulators for misleading sustainability related products, and had to remove the labels from their products and websites. I mean, the company really broke the brand promise of offering sustainable apparel. It's clear that there's consumer demand for more eco-friendly products.  But, again, this is where the regulators are stepping in. And the European Commission had, recently, highlighted that over 50% examined environmental claims, in the EU study conducted, were found to be vague, misleading, or unfounded. And because of this, the Commission had since proposed a rule that I just had mentioned earlier to address.  And companies that are lagging behind in ESG reporting are more likely in IT or healthcare industry. With less direct customer or consumer pressures, or just have other pressures to take priority, such as COVID-19 in the past few years. And companies may also have other external pressures, such as having to obtain capital, for example, from the mergers and acquisition perspective.  A number of studies indicate that senior management suggest they're willing to pay premiums to purchase companies with positive ESG records. ESG is also influencing capital raising process. For example, this year, credit ratings agency, Fitch Ratings, announced plans to use its climate vulnerability scores to enhance the process to consider credit-relevant, climate-related risks or its corporate credit ratings for non-financial attributes.  So with the increasing demands by stakeholders, companies may wonder how they can establish or elevate to a solid ESG program and governance. To start, it's about understanding your priorities, based on your industry profile and business model. Because once the priorities are established, organizations can drill down further. Understand what specific metrics goals and targets are relevant, and integrate these activities to the business strategy.  With all this having a structured, more formal ESG program, with governance structure, can help set clear strategic goals and expectations. That are recognizable by a broader audience, and hold management and internal stakeholders more accountable. Whether public or private organization; just having structure can really help better communicate ESG efforts and progress to the community, to creditors, or investors that large Adam:            Janis, as you're given that answer one thing that really stuck out to me is data quality. And as we, in the accounting world, know how important your data is, and having numbers in the right place, and reporting accurate numbers. And I know that there are concerns around the quality of data in ESG information that is reported. And you made some examples of people not giving that accurate thing and, especially, on how they're marketing things. What can companies do to address these types of issues? Janis:              Yes, that's a great point to have a discussion. Yes, data quality is a significant concern for companies. And the concerns used to be more around the data collection and the availability of the information.  But now companies are getting more comfort around what information is available just through understanding and research. And it's been shifting more focus on the data quality, or the completeness and the accuracy of the data collected, calculated, and reported out. And there's been an increasing focus on the data quality with a number of our clients in preparation, more so for future assurance. And this is an increasing trend that's also being observed at the board level.  According to a recent survey, conducted with corporate directors. Over 50% of public company director respondents indicated that the higher quality of ESG information is being presented to the board. But, then, with a lower percentage and less progress for private companies. To address the concerns or focus area companies are seeing how they can prove the quality, through building internal control structure to ESG data. And interesting, and timely enough, the IMA, also, recently, issued a publication, Achieving Effective Internal Control over Sustainability Reporting. That directly speaks to having effective control and oversight to that ESG information. To have that high-quality and fit for purpose for decision making.  This publication is really resourceful, it's providing an overarching, regulatory landscape and incorporating the COSO Internal Control Framework, also at RGP, we've also built a consultation approach on this for our clients, incorporating the COSO Internal Controls Framework. So that we can be able to help guide the clients to be able to add control structure, and improve the reliance of ESG-related information.  Now, another strategy is around automation for the data collection and reporting systems. And while I don't, necessarily, think there's one true solution leader, yet. But there are definitely tools, currently, out there in the market, to help address either at the initial collection process. To the generation of the report or disclosures, and there are, definitely, a few few that are more prominent. But I do think that the platforms are maturing. They'll likely be a leader on this as the platforms mature.  But it's also important to consider what systems you can leverage within your organization. You'll want to think about what system or combination of systems, can also be able to help you pace all the way through. Adam:            Definitely, and depending what systems, as you can tell, as we talk about ESG, it applies across multiple functions within an organization. But who are we, in IMA podcast, to not talk about the finance and controllership function within an organization? What role does the finance team provide in the ESG reporting ecosystem? Janis:              Well, Adam, within the finance organization. Historically, controllership functions are familiar with implementing new reporting requirements. Working across multiple stakeholders and, at the same time, bringing that structure and that rigor to the process outcome. And this can be, similarly, said about the FP&A's function, as well, or the reporting and analysis role. Leveraging the same expertise to apply to ESG reporting. I really see the future role of accounting and finance professionals, to be ranging from the orchestrator to the gatekeeper of the ESG programs. Depending on the industry and the business model of the organization. If the company is more focused on addressing risk, finance may likely play a more significant role, as an orchestrator. Versus if the focus is on supply chain; operations or sustainability office more likely would be the orchestrator. While finance is the gatekeeper for the reported information. But regardless of which spectrum of the role the finance organization fulfills. One, definitive, role is to be the partner, working collaboratively alongside other functions. I have seen similar experience and value translate from financial reporting to ESG reporting. Besides staying on top of regulatory updates, finance and accounting professionals can also provide process and governance structure to sustainability reporting.  This includes developing standard processes for data collection. With associated reviewers and workflows, with sign off functions to building similar support structure such as a SharePoint site. For a one centralized communication of requirements, such as with dates, processes, sources, and training. The same attributes apply to operational reporting. As organizations are setting goals and targets to monitor and work across multiple stakeholders. Finance professionals can also bring that structure and the rigor to process outcome. The shift towards the future role and change can really be accomplished, through guidance development and education.  Companies in more mature stages of reporting, are developing guidance and, typically, expected from the finance organizations to enhance policies and procedures. That add to the structure and the rigor. But there are still many organizations not at that mature stage, and this is where education and training is key. To educate the finance and accounting professionals, to be the partners to the ESG reporting ecosystem. The other aspects to consider is to educate the process or data owners. Who may not have been previously involved from regulatory reporting or audit perspective. To be able to strive for and achieve for that level of detail and the quality of information expected. And as finance and internal control functions are, increasingly, getting involved.  We at RGP are also developing the project methodology and an ESG training program. To educate our consulting team on ESG reporting, and this is really to upskill our talent base, and to be able to anticipate our client need, and to be better prepared. Adam:            That's awesome, and it sounds like you're doing great work, and those are some great insights. And we've covered a lot during this podcast, and, maybe, to finalize things, maybe, you can give a summary of some final thoughts that you want our listeners to remember, as they walk away. Janis:              Yes, happy to, and a key point I want to emphasize is that, now, there are many more external pressures and expectations to consider when companies are issuing sustainability reports. And it's important to bring in the right people, to either implement and manage or to improve the ESG program. And this includes bringing in finance and accounting professionals. Who can be a valuable partner working, collaboratively, alongside other functions.  I am, personally, passionate about this topic. But more, importantly, how much value our finance and accounting profession can bring to a company's sustainability program. We should advocate more for this role, and just provide the guidance associated to support the profession. And that's really my last point, I want to emphasize. So thank you, Adam, for having me on this podcast. And I'm very excited about the future developments to come related to sustainability reporting. Adam:            Yes, thank you so much, Janis, for coming on. I really appreciate you sharing your insight with the audience. Announcer:    This has been Count Me In, IMA's podcast providing you with the latest perspectives of thought leaders from the accounting and finance profession. If you like what you heard, and you'd like to be counted in, for more relevant accounting and finance education, visit IMA's website at www.imanet.org

Dan Romito is a consulting partner at Pickering Energy Partners focused capital market strategies, messaging and pragmatic ESG implementation. Over the course of his career, Dan has advised several hundred private companies, public issuers, and asset managers on how to optimize capital deployment strategies, pursue quality pools of capital and employ ESG-related directives. 

The Bayhanli-2 gas well [well #5] which commenced production on June 2, 2023 has averaged 8 MMcf/d (100%) of natural gas production in its first six full days of operation. Arthur Halleran, CEO of Trillion, stated: “Alapli-2 [well #6] is a guaranteed success, being a twin of an unproduced exploration well with significant reserves. At completion in about 45 days, we will have 6 gas wells on production at SASB. We are also now getting fantastic flush gas production from Bayhanli-2 our top producer to date” Trillion is an oil and gas producing company with multiple assets throughout Turkiye and Bulgaria. The Company is 49% owner of the SASB natural gas field, one of the Black Sea's first and largest-scale natural gas development projects; a 19.6% (except three wells with 9.8%) interest in the Cendere oil field; and in Bulgaria, the Vranino 1-11 block, a prospective unconventional natural gas property. Trillion Energy also has tremendous blue-sky potential on its natural gas license areas which it is currently seeking to expand. The company's SASB gas field is located just 100km south of the largest gas discovery (19 TCF+) in 30 years in Europe and is the only nearology play in the region. Art is planning to test the most prospective structures he has identified in 2024 and beyond. https://trillionenergy.com/ CSE: TCF - OTCQB: TRLEF - Frankfurt, Z62, Forum Company presentation: https://trillion-aws-bucket.s3.ca-central-1.amazonaws.com/pages/1686085592358-Trillion%20Energy%20-%20Corporate%20Presentation%20-%20June%202023_v2.pdf Recent Press Releases: https://trillionenergy.com/news/ 0:00 Introduction 0:21 Newest well #5 a success 1:53 How does each well cost and how quick is payback? 2:44 Price of Botas natgas should rise 4:12 How quickly does TPAO pay back your upfront cost? 4:50 Latest quarterly filing commentary 7:08 $TCF traded 33mm shares in one day recently 9:31 How soon might Trillion issue a dividend? 11:12 Exploration plans 12:59 Recent Turkey election & $TCF analyst forecast 14:00 Newsflow Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39 Trillion Energy is an MSE sponsor. Bill Powers is a shareholder. The content found on MiningStockEducation.com is for informational purposes only and is not to be considered personal legal or investment advice or a recommendation to buy or sell securities or any other product. It is based on opinions, SEC filings, current events, press releases and interviews but is not infallible. It may contain errors and MiningStockEducation.com offers no inferred or explicit warranty as to the accuracy of the information presented. If personal advice is needed, consult a qualified legal, tax or investment professional. Do not base any investment decision on the information contained on MiningStockEducation.com or our videos. We may hold equity positions in some of the companies featured on this site and therefore are biased and hold an obvious conflict of interest. MiningStockEducation.com may provide website addresses or links to websites and we disclaim any responsibility for the content of any such other websites. The information you find on MiningStockEducation.com is to be used at your own risk. By reading MiningStockEducation.com, you agree to hold MiningStockEducation.com, its owner, associates, sponsors, affiliates, and partners harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries (financial or otherwise) that may be incurred.

Eric Ross,  Chief Strategist of Cascend Securities discusses the potential impact of climate risks on companies. He also discusses climate risk data can help organizations make more informed strategic discussions.

As highlighted in the recent COSO publication on Internal Controls over Sustainability Reporting, good governance and systems for sustainable business activities and ESG reporting require attention to potential risks around fraud and greenwashing.  Reflecting Grant Thornton's recent report on control activities related to these risks, join us as we take a dive deep into the world of Environmental, Social, and Governance (ESG) in business with our latest episode of the 'Count Me In' podcast. Hosted by a panel of experts, which includes Catie Serex, Douglas Hileman and Dan Mosher, our podcast uncovers the truth behind ESG, its importance in today's business world, the challenges it presents, and importantly, its potential role in fraudulent activities. Tune in for a fascinating conversation on ESG reporting, corporate purpose, sustainability, and the latest trends affecting investors, employees, and stakeholders alike. Don't miss this chance to stay informed and ahead of the curve in the ever-evolving world of business.Connect with our speakers:Catie: https://www.linkedin.com/in/ctserex/ Dan: https://www.linkedin.com/in/dan-mosher-8552519/Doug: https://www.linkedin.com/in/douglas-hileman-fsa-crma-cpea-p-e-6abbb71/Download the reports mentioned into today's podcast:Achieving Effective Internal Control Over Sustainability ReportingManaging Fraud Risks in an Evolving ESG EnvironmentFull Episode Transcript:Adam:            Hello, and welcome back to another enlightening episode of Count Me In. I'm your host, Adam Larson, and today we're diving deep into the complexities of Environmental, Social, and Governance, ESG, with a distinguished panel of experts. We're joined by Douglas Hileman, an experienced sustainability consultant, with over three decades of experience in environmental management systems, and internal controls.  Alongside him, we have Dan Mosher, a seasoned professional who excels in helping businesses navigate the complexities of sustainability and environmental risks. Last but not least, we welcome Catie Serex. A leader in environmental, health, and safety, auditing and management who assists businesses in integrating sustainable and socially responsible practices.  Today's discussion will delve into the importance of ESG, the challenges businesses face in managing ESG data, and the potential risk of fraud in ESG reporting. Here we go, let's listen in together. [00:01:00]       < Music > Doug:              And one of the things that we might kick off is with a very basic question of what is ESG? Dan, when people ask you this, how do you answer? Dan:                Well, it really is a big umbrella, and I'll ask for some help from Catie in this regard. But ESG stands for Environmental, Social, and Governance. And, so, lots of things under that environmental area. Everything from waste management and air quality, climate change. From a social perspective, it could be your human capital management, health and safety matters. Governance, I think of anticorruption, data risks, and the like. So it really is a broad title when we say ESG. Catie, do you have some things you'd like to add to that comment? Catie:              Yes, Dan, you definitely covered the gamut as far as some of the phrasings and the terminology, and really the topics that fall under that ESG umbrella. What I would want to add is that ESG is certainly one of the buzziest words in business today. But you might not know that ESG is, very simply, the newest iteration of concepts you've likely known for a long time. It's been previously known as corporate purpose, sustainability, even philanthropy.  But what differentiates ESG from these previous versions is that it now represents the closest alignment, to date, of business operations, so think about your tangible assets. To those intangible elements of business that drive value. And, in this case, I'm referring to things like customer loyalty, labor environments, community engagement support. And because of this connection, ESG is moving from a nice-to-have to a need-to-have for companies, but also their investors, their customers, and other key stakeholders like their employees. Doug:              I also think of ESG as a convenient taxonomy for all things non-financial. Many people have published those pillars or the word clouds that's in the ACFE report, and what topic goes where. For financial reporting, we know where sales goes and we know where EBITDA goes. We know where those are in a format and how to put the data and information together for clarity and reporting. For all things non-financial, it's just such a sprawling array of topics that ESG serves for one reason, in one way, as just simply a taxonomy. And there are some issues, such as climate change, like Dan mentioned, that really transcend more than one category, if you will. But for purposes of just where do you find it, and how do you manage it, and it can just serve as a taxonomy. Catie, to your point, on how to organize some processes, some controls, some recordings to understand what the organization is doing. Dan:                And I'd be interested in hearing your thoughts on the various channels in which this information is being put out there in the public. Catie, maybe you have some thoughts around the wide scope of that. Catie:              Yes, so in terms of the reporting side of things and getting to the nuts and bolts of what, I'm sure our listeners are interested in, in terms of, what am I on the hook for? There are a lot of reporting frameworks out there that are guiding folks. And I know that that's been a point of confusion for people is understanding, there are all these different acronyms out there. That I can report to like SASB, or the Global Reporting Initiative, GRI, Task Force for Climate-Related Financial Disclosures or TCFD. There are a lot of frameworks out there, but the field is narrowing.  So some of the communication that we've been seeing from these wider umbrella frameworks, are that they are working together to consolidate. To make things a little bit more straightforward, and to make things a little bit more uniform across the reporting landscape. But that's currently in progress, and this is just a result of this being not in nascent stages, but still in its growth period, and really honing down what are the things that shareholders, regulators, and such need to see when it comes to these ESG disclosures. Dan:                And I know that Doug has been on the front line when things are misreported or omitted, and I'd love to hear some of his worst stories. Doug:              Thank you, Dan. The question about reporting channels is a very good one, and Catie brought up several things that are happening in reporting to general capital markets. I also observe that there are other channels for reporting, including impact investors who may be interested in one particular topic. The general purpose capital reporting takes in one tranche, if you will, of topics that need to come external from an organization, a company.  There are other investors who are interested, let's say, in human rights, or in product conformity, or in diversity, or in commitment to climate, and they want more information about those topics. So you may get information from investor groups or analyst groups, and that's a type of report.  Another channel of reporting that I see is B2B reporting. The customers, and business partners, and banks, joint venture participants, are looking more into non-financial risk management. Non-financial performance and alignment, which is ESG. So before entering business relationships, and even during business relationships up and down the value chain, there's also ESG reporting that happens there.  It is starting to align in some ways that they're asking questions about the same topics, but the questions themselves can be different. And, in many cases, the reporting, the demand for reporting has outpaced companies' abilities to report on the data and information. So that pull has created a bit of a vacuum. And many companies are scrambling to come up with processes, systems, and controls so they can generate the data and information that these stakeholders are expecting in terms of reporting. Catie:              Doug, just to jump in there, from a client perspective, we are seeing that a lot of our clients are getting, especially, those B2B requests from either their suppliers or their downstream supply chain vendors. And the way that we're seeing that manifest is a lot of these larger companies are looking at their supply chain. If you think about greenhouse gas emissions, they're looking at their Scope 3 emissions, which is all value chain.  And, so, they're sending requests to clients like ours that are asking, "What are your Scope 1 and 2 emissions? Because we need to report that." We are seeing clients feeling the pressure to respond to that, to continue to be part of those wider supply chains.  And, so, they're coming to us asking for assistance in figuring out what those ESG metrics are and being able to respond in complete and accurate ways. So that they can continue to have those key customers that are asking for that information. Dan:                Yes, and I'd like to pick up on that point, too, and Catie was just touching on it. I think some of the key challenges are, for businesses today, what is the providence of their ESG data?  What is the confidence they have over the accuracy and completeness of it?  And what is the integrity and quality of that data as it travels along its life cycle, from where it started to where it was reported? And has it maintained that integrity all along? Because bringing this back to our main topic of fraud, there are many pressures and incentives that might have someone misstate or omit information in their ESG reporting. Doug:              I'd like to pick up on a topic that Catie discussed on climate change and greenhouse gas emissions. It does, inherently, involve a complex web of data from different sources, including suppliers. And companies may be asked to produce or report the greenhouse gas emissions for themselves, as a company, on Scope 1 and Scope 2. I hope our listeners know what that means. Or on a part of Scope 3, or their carbon emissions as a company, or their carbon emissions in a particular country or state, or their carbon emissions for the products they manufacture for a certain customer.  So those are different ways to slice and dice much of the same data. And it all goes back, I'll put in a plug here for the COSO report mapping the internal control framework to ESG. That can be applied to anything, any topic, any company, including, for example, greenhouse gas emissions. In terms of fraud, there can be a difference between just sloppy, or just unavailability of data and willful reporting of incorrect or misleading data.  For example, to get preferred treatment at a customer, or to get preferred inclusion in an ESG index fund, or to get a reduction on interest rate from a line of credit, from a financial institution that's looking for green investments. So we're still seeing an increase in awareness of the fact where, "Well, we can just report this because nobody cares." Or, "Well, it's not regulatory, so we'll just let it go." And willful deceit in order to get a benefit at the expense of other competitors in these areas, which goes into the fraud bucket. That ACFE and Grant Thornton touched upon in that report. Dan:                Yes, thank you, Doug. The report that Doug is referring to is a joint publication of the Association of Certified Fraud Examiners and Grant Thornton called Managing Fraud Risks in an Evolving ESG Environment. You can get it from our website and from the ACFE, and within that, we did develop an ESG fraud taxonomy.  It encompasses both some of the traditional areas of fraud that have always been there. Corruption, asset misappropriation, and financial statement fraud. And there are certainly ways in which ESG fraud manifests itself under each of those headings.  To that traditional fraud tree we have added an additional area of non-financial reporting fraud, which Doug was alluding to. And the things that might happen under there, there could be false labeling or advertising. Think of things like declarations of saying that it's "Dolphin-free tuna" that has certainly been an area of litigation in the past. I'm thinking about false disclosures or representations, and that might be along the B2B relationships. Where you are omitting information or misstating information to a company that you are a supplier to. Lots of ways that things can be contorted, and misrepresented, and misstated, omitted, and if it is done intentionally, then we're going to consider it fraud. Doug:              Dan, I can't say enough good things about the report that came out and, certainly, my hat is off to you, and Catie, and everybody who contributed to that. I know that was a massive effort. What I think is so elegant about that report is that many of our listeners struggle with how to get their arms around ESG, this sprawling issue is so new, it's so different.  The report begins with a construct that's familiar to everybody who deals with fraud, that famous ACFE fraud tree. And the report adds a leaf, if you will, if you look at that tree at the bottom row, that provides an ESG example for the fraud tree as everybody knows it. And then it was very elegant how you added that branch, if you will, for the ESG, the non-financial reporting with nine different twigs to describe a taxonomy there, and then the leaves with the examples, it was really well done.  So anybody familiar with fraud and the fraud tree. Anybody who has been involved in developing procedures to prevent fraud or to detect fraud on the audit side, you can just use that reference document and get pretty close to how you think about ESG fraud to prevent it and detect it.  Another thing I would observe that the human rights, no product was made with child labor. Non-financial reporting and compliance exists in a lot of places out there, and it can be possible, it can be easy for stakeholders to compare information that arises from different reporting channels for consistency. For example, Dan mentioned one of the claims could be, "None of our products use forced labor".  In the U.S. there's a law called the The Uyghur Forced Labor Prevention Act. That has the rebuttable presumption that products made from a certain area, in China, if you cannot prove that those products were made absent forced labor, the assumption is that they were made with forced labor. And the Customs and Border Protection is seizing products at the docks before they come into the country, and waiting on companies to provide evidence that the products are forced-labor-free.  So if you have claims on your website, or on products, or in contract documents that they're forced labor free, and the Customs and Border Protection is reporting that your goods are being held and not allowed into the country. There is an inconsistency there that can be embarrassing, at a minimum, to companies. And it can cost the company sales, customers, and reputational damage if it turns out that those claims cannot be supported. Dan:                Yes, so just picking up on what Doug was talking with The Uyghur Forced Labor Prevention Act, this is a big stick for the government in they have a presumption of guilt, so to say. That if they suspect that a good has any raw material or input within it because it is in whole or in part of your good that's being imported, is suspected of having forced labor in it, and that means every tier of your supply chain down to the raw material or seed, if it's an agricultural product. If there is a suspicion that it is tainted by forced labor, it will not be allowed into the country unless you can prove otherwise. And, I think, it's going to become, increasingly, challenging for companies to know their supply chain inside and out. And from a fraud perspective, whether any part of that supply chain is deceiving the rest of the supply chain on whether or not it's tainted by forced labor.  I was just reading over the holidays, there is a tremendous report that came out from Sheffield Hallam University, in the UK, around the various risks in the auto industry for being tainted by forced labor in the production of raw materials. it's really a very difficult area, and it is something that our clients are coming to us, asking for help around.  Dan:                Catie, do you have some other thoughts around the regulatory environment in which this is probably just one small piece? Catie:              Yes, Dan and Doug, you both brought up a great point of there are current existing regulations that apply to certain areas of ESG. But what we're seeing is a global movement towards more overarching regulations across different jurisdictions. So, for instance, last year, the European Union approved the Corporate Sustainability Reporting Directive Regulation, also called CSRD, and that sets reporting standards for entities that meet certain EU reporting thresholds.  In the UK, there IS BEIS, which is focused on climate-related disclosures for entities that operate in the UK. And then, of course, for our U.S. listeners, I'm sure you all have heard about the coming SEC final rule when it comes to climate disclosures. We anticipate that being finalized as early as April of this year. But all that to say that the regulatory environment, itself, from an ESG perspective, there is a growing recognition that there needs to be standards that companies adhere to. So that there is comparability across the landscape when it comes to ESG data. Because it is hard for whoever is looking at this data to discern what certain data points may mean because they may be defined differently.  So these standards are helping to create an environment that is more accountable and more comparable which, hopefully, will help clarify some things and clarify the way that you go about reporting. That said, even though some of those regulations are very early stage or haven't been released, yet, there are already consequences for misreporting.  So we saw last year, or in the past couple of years, that Goldman Sachs was fined $4 million and BNY Mellon was fined $1.5 million for what were considering material misstatements. And in the future, we see that more frequent consequences could be around the corner. But I can't speak to what that looks like just, yet. Dan, do you have any experience, or Doug, in terms of any additional consequences that you're seeing for misreporting of ESG data? Dan:                Yes, well, for me, as you said, there are consequences from misstating, publicly, the information. There are just a ton of business consequences of misstating the information. So, for example, I myself was involved in an investigation in which there was a licensor of images for the front of T-shirts and the like. There was a requirement that none of the production would take place in Bangladesh after the tragedy in 2013, in which a building collapsed, killing more than 1000 apparel workers.  And, so, there was a requirement that no production take place in Bangladesh, and there was wide-scale deception on that point. Such that there was a lot of production going on in Bangladesh, but it was being misreported to the licensor as being produced in India or in other jurisdictions throughout Asia. That finding, in the investigation that we carried out, was the subject of whether or not a billion-dollar license would go forward or not. Doug:              I can see several potential risks or consequences for misreporting or misleading content and reporting, and they vary according to the reporting channel. For example, there is ESG content in financial statements, in income statements and balance sheets. There are reserve estimates for contingent environmental liabilities.  Something that's a little newer is asset values for Emission Reduction Credits or expected costs in the future for Emission Reduction Credits, if that's part of a company's strategy for reducing greenhouse gas emissions. Those have a vintage and the value depends on the vintage. If those are, knowingly, misstated, you're subject to all the things that come with that in financial reporting, disclosure controls, and procedures, and the like. For misrepresentation and misreporting in the Form 10-K, the analysts and the investors are using this to make investment decisions. There are shareholders who are quite happy to file proxy filings or to file suit by claiming to be misled for the content in there. Some of those are starting to see the light of day or to get quietly settled. There was an instance of a major European bank, an employee blowing a whistle, publicly, saying that their screening process for companies to include in an ESG index fund was just not very good or, maybe, a sham.  So there's the reputational damage that can be a hit to a company and the market cap for many companies, the reputation, the intangible value, exceeds the value of PP and E - Plant Property and Equipment. So intangible value and brand value is something to watch out for too and that can take a hit, with misrepresentation or loss of reputation in ESG and non-financial matters. Catie:              And, Doug, just to piggyback on that point, there's the financial disclosure side of that, but there's also, as we talked about, the intangible side of that. So customers are increasingly wanting to purchase sustainably made goods, and engage with companies that align with their own personal moral values and beliefs.  And, so, when they learn that whether it's a good that's claiming to be sustainably made is actually unsustainable, you could lose members of your customer base. At times it inspires boycotts and protests and, especially, in the age of digital media, just imagine someone telling their community about their experience, and that going on Twitter, or TikTok, or something of that nature.  Those are some of the risks that we're seeing from not a regulatory penalty approach. But also there are consequences when it comes to your customer base, the value of your brand, and your brand reputation. Doug:              We've discussed a lot of different data, a lot of different stakeholders, a lot of different needs. So how do companies manage this kind of reporting. When everybody wants something different. There are different ways to slice and dice. How does a company get their arms around this and make sure that it's right? Catie:              Yes, that's a great question, Doug. So as I said before, there are a lot of different frameworks out there. But they are working to consolidate the frameworks and to consolidate the data expectations of those frameworks.  From what I'm seeing, it appears that SASB, GRI, and TCFD, all of which I previously mentioned, are emerging as the big three of ESG data disclosure frameworks. And it's important that our listeners understand that while these frameworks are not required for disclosure, they can help guide your reporting. And, ultimately, they can help your company be more aware of any potential fraud risks and avoid being susceptible to associated fraud with those activities and reporting.  Of course, the frameworks, themselves, are not mandatory for disclosure. They are, as I said, guidelines and we talked, previously, about the different regulations that are emerging. I think the thing that's important to know here is that some of these frameworks are being utilized to inform those regulations. So we know that the SEC climate disclosure draws heavily from TCFD reporting framework.  And, so, some of our clients are asking us to conduct TCFD reporting gap analysis to help them prepare for those upcoming SEC-required disclosures. We have clients who are asking us to do assurance readiness services because they know that they will fall in that year one reporting group, the large accelerated filers for the SEC.  And, so, having us test their existing processes, internal controls, things of that nature, and validate that their data is complete and accurate is something that they're doing to prepare for the upcoming regulatory framework. So the way to think about those frameworks is that it's a helpful way for you to organize your disclosures in anticipation of future reporting requirements.  Dan, do you have any thoughts from the fraud risk perspective of how those frameworks can usually help you. In terms of guarding against any potential misreporting or intentional or unintentional? Dan:                Yes, so when I think about this, I usually do go back to the ACFE's Fraud Triangle, thinking about incentives and pressures, the opportunities for fraud, and the rationalizations one might apply to committing those frauds. So when I think about reporting what is the role of that report?  Is it going to a regulator?  Is it going into a corporate social responsibility or a marketing publication? All of those bear different kinds of risks. So in terms of on this reporting topic, that people and companies should be thinking about taking an inventory of all the ways in which that ESG information is going out to the public, across those different channels. And ensuring that as they're building up their capabilities and infrastructure to maintain good data quality, that it is also ensuring consistency across all of those reporting channels.  What I anticipate, and I think we're starting to see it, is that there will be cases where the same information is reported in one channel, but is inconsistent with how it was reported in another channel, and that will be held against the company. You should not be finding yourself saying one thing to the government and something else in a publication. Doug:              Dan, I absolutely agree with that. I would say to this question, it comes back to a familiar trilogy that we hear as the answer to so many questions, and that is people, process, and technology. And I'll start at the end and work my way back, there are many vendors offering technology fixes and even companies, in-house, building technology fixes to gather and report data.  But the data and the information is only as good as the process it took to come up with the data. You can automate the wrong process and just get the wrong answer faster. So you back up to the process and say, "Well, since this non-financial information originates in so many parts of the company, and even from other companies, suppliers, customers, business partners, and the like. What is the process to get them?" There are also challenges I see on reporting periods. Governments, like EPA, may have an annual reporting process. There are companies with a non-calendar fiscal year, who need to report some of this on a fiscal year basis. So where are the reporting periods? What is the process to collect information and report to a state agency, to a stakeholder, to a customer? So those processes need to be nailed down, and that's where that wonderful COSO internal controls framework comes in. Just follow that and apply it as it's appropriate. And because that data and information comes from so many different sources, I encourage people to have the right people involved.  If companies establish a cross-functional team and get folks from all the places who provide this information. Real estate, operations, safety, procurement, R&D if they understand their roles and responsibilities in collecting this information to enable the kind of reporting that Catie has mentioned and others, then that goes a long way to making the process more effective and more efficient. Dan:                Yes, and I would like to add on to what Doug was saying. That in terms of the fact that this information is coming from different parts of organizations, that haven't necessarily undergone third-party assurance procedures. That this is a transition period here where, I think, a broader spectrum of people, within an organization, are going to be changing their mindset around the accuracy and completeness of the data because they know that they are subject to that third-party assurance. Catie:              And, Doug, you had mentioned, I think, very rightly, that having the right team in place is critical to being able to have the right processes and technology also in place, to ensure that your reporting is complete and accurate. And we're seeing on the client side that a lot of our clients don't, necessarily, have the resources in place to start to organize that.  So I wanted to ask, in your opinion, and Dan, feel free to jump in. How important is it to not just assign one person to do all of your ESG reporting? But how important is it to have that cross-functional team approach to these non-financial disclosures? Doug:              I think it is absolutely essential. One structure that I see work a lot is to have a steering committee. To set strategy and to be plugged into those reporting frameworks that you've mentioned, Catie, and some of the customer demands and organizational strategy and where things are going. And a more tactical working group that's closer to operations, and the systems, and controls to really modify those systems and controls and talk to each other.  A couple of things I've seen work really well. I've seen those committees be assembled, and people show up, and they don't know why they're in the room. And it really helps to have a coach or an external resource to help facilitate all that. To make sure that people are talking the right language and not talking past each other. So you get everybody on the same page to take actions in ways that are aligned with the company objectives, that helps a lot.  A couple of functions that I don't see on those teams but, I think, should be there a lot more than they are IT, for sure. And many of our listeners are from accounting, I would say accounting. I don't see on those cross-functional teams as much as I think they should be. Much of what is required for the sustainability reporting, it comes from accounting. You get utility bills from accounting. Get a list of assets from accounting. Get a list of our ten largest customers from accounting. Accounting has the master key to a lot of this information. But the information that's in company systems, in my experience, was not designed for the way the information needs to be reclaimed and used now. So there are some changes that need to be made in accounting to enable this reporting and to enable the systems and controls. To, then, ensure accurate reporting, verifiable reporting, and the fact that we tighten down the controls so that we can prevent the possibility of fraud. Dan:                Yes, great points, Doug. I really appreciate you bringing up the steering committee. Someone at the top of an organization that is there to set strategy. And I think that it is common, and it will become more commonplace, to have that steering committee require that any fraud risk assessments, that are being done within an organization, include ESG fraud as part of what they're doing.  And in conducting a fraud risk assessment that is a stress test, that's looking for ways in which various kinds of scenarios. Such as the scenarios we brought up in our report with the ACFE, of ways in which ESG fraud could be committed. And then looking at whether the controls in place within the organization, are sufficient to prevent and detect or detect those occurrences.  So, Doug, I know that you've been contributing to an exciting report, that's been recently released from the IMA. Could you give us a few highlights in that regard? Doug:              Sure, I'd be happy to. I was one of the primary authors of this document, the only non-CPA on the team. I provided the ESG specialist input for this very important report. It's a COSO report and IMA is, of course, a member of COSO and their leadership had a terrific role in pulling this together. And it will resemble a lot kind of the report you've had major involvement with from the ACFE, on fraud, ESG fraud. In that it begins with a framework that everybody knows and is very familiar with, the COSO Internal Controls Framework, and there's something old and something new.  There is a summary of some of the key points of the COSO Internal Controls Framework, the components, and the points of focus. And on each of the components there's some information demonstrating how the internal controls framework can be applied to ESG.  So that in terms of non-financial management of information, and of reporting, and of communications, and of control environment. It can be applied and it points you in the right direction on how it can be adopted to improve the effectiveness, and the efficiency of company organization, management, and reporting. I encourage everyone to read it and use it. [00:36:50]       < Outro > Announcer:    This has been Count Me In, IMA's podcast. Providing you with the latest perspectives of thought leaders from the accounting and finance profession. If you like what you heard and you'd like to be counted in for more relevant accounting and finance education, visit IMA's website at www.imanet.org.

In this week's episode, host Natalie Pierce speaks with attorneys Alexa Belonick and Andy Thorpe from Gunderson Dettmer's Public Companies and Capital Markets practice. The three discuss the increasing focus on ESG factors in the venture capital landscape and by public companies.

Interview with Arthur Halleran, President & CEO of Trillion Energy (CSE: TCF)Trillion Energy is focused on natural gas production for Europe and Turkey with natural gas assets in Turkiye and Bulgaria. The Company is 49% owner of the SASB natural gas field, one of the Black Sea's first and largest-scale natural gas development projects; a 19.6% (except three wells with 9.8%) interest in the Cendere oil field; and in Bulgaria, the Vranino 1-11 block, a prospective unconventional natural gas property. 

Katica Roy is a gender economist, former Global 500 executive, programmer, data scientist, and the CEO and founder of award-winning SaaS company, Pipeline Equity. Pipeline Equity works to eradicate intersectional gender inequity by making awareness actionable at the individual and corporate levels.  Katica discusses the impact of gender inequity on all people, and how inequality is bad for business. 

By Adam Turteltaub ESG, cyber risk and privacy are all hot topics in compliance, but that doesn't mean people typically identify the data issues as ESG topics.  Lisa Beth Lentini Walker (LinkedIn), CEO & Founder of Lumen Worldwide Endeavors  and Assistant General Counsel at Marqueta, thinks that's a mistake. Cyber and privacy, she believes, fall very much under the Social in Environmental Social and Governance. Just look at the many ethical issues surrounding data usage these days as proof. She explains in this podcast and in the chapter “ESG, Cyber and Privacy: Bridging the Divide” in the 2023 Complete Compliance & Ethics Manual, that privacy and security are not separate and apart from ESG. They are central to how the organization navigates the world and people around it. Keeping data secure is squarely under the social mission of the enterprise. To live up to that obligation, organizations have to focus more on keeping data safe and building proper systems around how individuals interact with the data. Simply believing “well, we have a good practice” is not enough. The practices have to support the ESG framework in terms of meeting the company's commitments. In addition, the temptation to be data hoarders has to be tempered. Collecting data is easy to do, and it's generally inexpensive to store. That makes it easy to rationalize indefinite retention. But, a clear path to data destruction is essential. Think of it like cleaning out the closet. It may not be easy, but it needs to get done. Organizations also need to embrace greater transparency about the processes in place to safeguard and use data. That helps investors and rating agencies better assess how the entity is measuring up against the SASB and other standards. Listen in to learn more, and then check out the 2023 Complete Compliance & Ethics Manual.

Arthur Halleran, CEO of Trillion, stated: “The Guluc-2 well marks a significant success and will be an excellent producer for years to come. It is the fourth successful gas well in our program, which has now been significantly de-risked from both a geological and engineering standpoint. Guluc-2 is the longest reach well to date -over 3 kilometers horizontal distance. The Rig is now mobilizing to drill the Bayhanli gas pool, a proven reserve never previously produced.” On March 28, 5.5 metres of the lower natural gas sands in the Guluc-2 well were perforated and tested. Flow rates peaked at a rate of 16.35 MMcf/day. Shut-in pressure was measured at 2,000 psi. The well will now enter long-term production with an initial production rate of about 6 MMcf/d. As previously press released, the Guluc-2 well discovered 73 metres of gas pay across 14 separate intervals. Current flow test results and production is from only 6 meters of gas pay; 67 meters remains to be perforated in the future ensuring a long-term production horizon for the well. Trillion is an oil and gas producing company with multiple assets throughout Turkiye and Bulgaria. The Company is 49% owner of the SASB natural gas field, one of the Black Sea's first and largest-scale natural gas development projects; a 19.6% (except three wells with 9.8%) interest in the Cendere oil field; and in Bulgaria, the Vranino 1-11 block, a prospective unconventional natural gas property. Trillion Energy also has tremendous blue-sky potential on its natural gas license areas which it is currently seeking to expand. The company's SASB gas field is located just 100km south of the largest gas discovery (19 TCF+) in 30 years in Europe and is the only nearology play in the region. Art is planning to test the most prospective structures he has identified in 2024 and beyond. https://trillionenergy.com/ CSE: TCF - OTCQB: TRLEF - Frankfurt, Z62, Forum Company presentation: https://www.miningstockeducation.com/wp-content/uploads/2023/03/1678991268978-Trillion-Energy-Corporate-Presentation-March-2023.21-OR-2.pdf Recent Press Releases: https://trillionenergy.com/news/ Analyst Report with C$1.50 buy target: https://mcusercontent.com/5e269838a16742a97c90596c2/files/b8d527dd-f5c3-edd9-11cd-4816dadeb403/TCF031623.pdf Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39 Trillion Energy is an MSE sponsor. Bill Powers is biased and, as a shareholder, hopes Trillion shares go much higher. Don't buy this stock without consulting a qualified investment advisor. Full disclaimer: https://www.miningstockeducation.com/disclaimer/

I interview, William Szamosszegi, CEO &  Founder at Sazmining . William's goal is simple: Improve humanity's relationship with both money and energy. He and his team at Sazmining provide an economic incentive to capture harmful emissions such as methane. Their hydroelectric hosting facilities sustainably power bitcoin mining rigs for use by retail investors. We discuss, clean energy as it relates to the production of cryptocurrency, blockchain technology aiding in the auditing of cardon offets, and how regulation is necessary for the space. 

We were joined by Trillion Energy's (TCF

Arthur Halleran, CEO of Trillion, stated: “During 2023 we are focusing on using the Uranus rig to increase production through new wells, sidetracks and workovers. An added benefit of drilling side-tracks from existing well boreholes is that they are already tied into the pipeline and production facility, so once drilled and completed the wells are immediately put on production. We are currently in the process of getting our partner's feedback on the proposed side-tracks. We are pleased to have developed a work program which permits continuous drilling over the year to enable us to exit 2023 with 13 wells.” Natural gas sale prices for January 2023 are about US $27/MCF, historically high pricing for the Turkiye region. As a comparison, Henry Hubb natural gas price is only about US$5.50 currently. Trillion is an oil and gas producing company with multiple assets throughout Turkiye and Bulgaria. The Company is 49% owner of the SASB natural gas field, one of the Black Sea's first and largest-scale natural gas development projects; a 19.6% (except three wells with 9.8%) interest in the Cendere oil field; and in Bulgaria, the Vranino 1-11 block, a prospective unconventional natural gas property. Trillion Energy also has tremendous blue-sky potential on its natural gas license areas which it is currently seeking to expand. The company's SASB gas field is located just 100km south of the largest gas discovery (19 TCF+) in 30 years in Europe and is the only nearology play in the region. Art is planning to test the most prospective structures he has identified in 2024 and beyond. 0:00 Introduction 1:10 TCF increases 2023 production guidance 3:20 Cashflow projections 4:35 Off-block exploration targeting huge discoveries 6:35 Could TPAO's discoveries negatively impact TCF? 8:10 Third well in drill program on schedule 9:16 TCF being paid $27/mcf not HH price 12:13 TCF share price commentary 13:31 CEO Art Halleran's skin-in-the-game 17:28 Dereick on-shore oil exploration license 18:49 Upcoming catalysts https://trillionenergy.com/ CSE: TCF - OTCQB: TRLEF - Frankfurt, Z62, Forum Company presentation: https://trillionenergy.com/wp-content/uploads/2022/12/Trillion_Energy_Intl_Corporate_Presentation_Dec_2022_V1-Web.pdf Recent Press Release: https://trillionenergy.com/2023/01/10/trillion-energy-adds-additional-wells-to-sasb-work-program/ Analyst Report: https://www.miningstockeducation.com/wp-content/uploads/2023/01/TCF_01_10_23.pdf Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39 Trillion Energy is an MSE sponsor. Bill Powers is biased and, as a shareholder, hopes Trillion shares go much higher. Don't buy this stock without consulting a qualified investment advisor. Full disclaimer: https://www.miningstockeducation.com/disclaimer/

In this interview with Martial Combari, Director of Structured Finance at Metrus Energy, he discusses the trends in sustainable energy finance,  how sustainable finance differs from traditional finance, the challenges of financing sustainablity projects, and  how developing economies can meet the demands of sustainable finance and growing their economies. 

In this episode, I interview Mandi McReynolds, Head of Global Environment, Social, and Governance at Workiva. Workiva's mission is to power transparent reporting for a better world. We believe that consumers, employees, shareholders, and other stakeholders today expect more from business – more action, transparency, and disclosure of financial and non-financial information.  McReynolds is also the host of ESG Talk podcast to discuss the latest in ESG. McReynolds discusses, the recent backlash against ESG or "woke capitalism".

Trillion Energy has successfully commenced production with its multi-well drilling program on the SASB natural gas field in the Black Sea. The Uranus Rig is situated at the Akçakoca platform where it has been drilling the first few wells. A total of three directional wells will be drilled from the Akçakoca platform, plus one recompletion of an existing well will occur. Trillion just announced successful flow test results for the South Akcakoca-2 natural gas well at SASB gas field, offshore Turkey. The final log evaluation identified a total of 32.9 metres of natural gas pay within 5 sands in the Akcakoca Member. Two of the lower sands (D, C) were perforated over a combined interval of 22.1 metres MD. The well was then flow tested into the SASB production facilities at 7.0 – 8.2 MMcf/d with a 32/64” choke. Reservoir pressure built up to 1690 psi during shut in. The full 22.1 metres perforation interval is currently undergoing a long-term production test into our facilities. The well was in line with expectations and based on known production characteristics of historical gas wells at SASB. Final production flow rates will be provided when measurement at the onshore gas processing facility is completed. The additional upper interval of 10.8 metres of pay identified through logs as gas bearing sands will be perforated in the future after the production for the initial interval starts to decline. Arthur Halleran CEO of Trillion stated: “The results from the flow-test in the lower intervals are in line with our expectations for the South Akcakoca-2 gas well. We are very pleased that the first of our multi-well program has been completed successfully. This is an excellent start to our program.” After the work at the Akçakoca platform, the Uranus rig will move to the next of the three platforms at SASB to continue the work program. The Company has plans to drill/complete these initial 7 wells followed by another estimated 10 wells prior to further exploration occurring. The Company's development program initially includes seven production wells coming online during a time when acute natural gas shortages are menacing Europe and Turkiye. Drilling of additional ten targets are expected to follow. Natural gas prices continue to spike, breaking historical records as the prospect of a cold winter looms with the worst shortages expected yet to come. Trillion is an oil and gas producing company with multiple assets throughout Turkiye and Bulgaria. The Company is 49% owner of the SASB natural gas field, one of the Black Sea's first and largest-scale natural gas development projects; a 19.6% (except three wells with 9.8%) interest in the Cendere oil field; and in Bulgaria, the Vranino 1-11 block, a prospective unconventional natural gas property. 0:00 Introduction 2:14 Trillion Energy Overview 4:32 South Akcakoca-2 well successfully completed 9:45 SASB production economics 11:15 Undervaluation argument 12:40 Russian & Turkey to form European NatGas hub 13:53 Share price commentary 14:56 Feedback from institutions? 15:38 Interest from corporates? 16:40 Next steps? https://trillionenergy.com/ CSE: TCF - OTCQB: TRLEF - Frankfurt, Z62, Forum Company presentation: https://trillionenergy.com/wp-content/uploads/2022/11/Trillion_Energy_Intl_Corporate_Presentation_NOV_2022-V5.pdf Recent Press Release: https://trillionenergy.com/2022/11/01/trillion-energy-announces-successful-flow-test-results/ Analyst Report: https://mcusercontent.com/5e269838a16742a97c90596c2/files/5ff37a7a-e306-edc6-3a9d-7edc27742f48/TCF_09_13_22.pdf Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39 Trillion Energy is an MSE sponsor. Bill Powers is biased and, as a shareholder, hopes Trillion shares go much higher. Don't buy this stock without consulting a qualified investment advisor. Full disclaimer: https://www.miningstockeducation.com/disclaimer/

In this episode I interview Cornell Verdeja-Woodson, Director of Diversity, Equity, and Belonging at Headspace Health. Headspace Health is a leading provider of mental health and wellbeing solutions, touching the lives of over 100 million people in 190 countries. Through its flagship Headspace brand, they provide mindfulness tools for everyday life, including meditations, sleepcasts, mindful movement, and focus exercises. Verdeja-Woodson discusses diversity, equity, and inclusion, and how to create a program without the guidance of frameworks often associated with enviromentally focused efforts.

In this episode I interview Ms. Charlene Jackson, Global Chief Diversity, Equity and Inclusion Officer (CDEIO) at Iron Mountain. Ms. Jackson discusses her career path, how to influence leaders on the topics of diversity, equity, and inclusion, and how companies can create DEI programs for a multinational employee base. 

Trillion Energy has commenced its multi-well drilling program on the SASB natural gas field, upon successful arrival of the Uranus Rig which was mobilized last week after delays due to maintenance and weather conditions in the Black Sea. The Uranus Rig is situated at the Akçakoca platform where the first wells are being drilled. A total of three directional wells will be drilled from the Akçakoca platform, plus one recompletion of an existing well will occur. Trillion estimates the four operations will be completed within 6 months. The Company planned to pair completion of the Akçakoca wells to reduce cost and rig skid times, but each well will produce gas upon completion and sold to market. First gas production is expected early November 2022. After the work at the Akçakoca platform, the Uranus rig will move to the next of the three platforms at SASB to continue the work program. The Company has plans to drill/complete these initial 7 wells followed by another estimated 10 wells prior to further exploration occurring. Arthur Halleran, CEO stated: “The commencement of drilling operations marks a transformative step towards the Company's bright future, with drilling to lock in much-needed locally sourced gas supplies for the winter months at prices over US$30/mcf. These long reach advanced engineering production wells will allow gas production to immediately be sold under our existing gas contract where we get paid monthly and can then use the revenues to continue to drill new wells.” The Company's development program initially includes seven production wells coming online during a time when acute natural gas shortages are menacing Europe and Turkiye. Drilling of additional 10 targets are expected to follow. Natural gas prices continue to spike, breaking historical records as the prospect of a cold winter looms with the worst shortages expected yet to come. Trillion is an oil and gas producing company with multiple assets throughout Turkiye and Bulgaria. The Company is 49% owner of the SASB natural gas field, one of the Black Sea's first and largest-scale natural gas development projects; a 19.6% (except three wells with 9.8%) interest in the Cendere oil field; and in Bulgaria, the Vranino 1-11 block, a prospective unconventional natural gas property. 0:00 Introduction 1:58 Trillion begins drilling first natural gas well 3:00 Possible acceleration of program B 5:07 Any way to increase production while nat gas prices elevated? 5:50 Uranus rig locked up already for program B 6:13 Projected cashflow at $31/mcf 7:38 Trillion's probably of success much higher than hard rock mining 9:10 Research Capital Corp target price of C$1.35 10:49 Art foresees share price target higher than Research Capital Corp 11:44 Trillion's exploration potential 13:53 Trillion's competitive advantage re: exploration success 14:47 Trillion's delay produced the perfect financial setup: $31/mcf vs. $8/mcf 16:15 European macro situation & energy crisis bullish for nat gas 18:50 Art explains why there is no Turkish nationalization or currency risk https://trillionenergy.com/ CSE: TCF - OTCQB: TRLEF - Frankfurt, Z62, Forum Company presentation: https://www.miningstockeducation.com/wp-content/uploads/2022/09/Trillion-Energy-Intl-Corporate-Presentation-Sept-2022-F.pdf Recent Press Release: https://ceo.ca/@globenewswire/trillion-energys-sasb-natural-gas-drilling-program Analyst Report: https://mcusercontent.com/5e269838a16742a97c90596c2/files/5ff37a7a-e306-edc6-3a9d-7edc27742f48/TCF_09_13_22.pdf Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39 Trillion Energy is an MSE sponsor. Bill Powers is biased and hopes Trillion shares go much higher. Full disclaimer: https://www.miningstockeducation.com/disclaimer/

Bérénice Lasfargues is Sustainability Integration Lead at BNP Paribas Asset Management. In this role, she is in charge of the implementation of the firm's ESG integration policy, working closely with portfolio managers across all asset classes to more purposefully integrate ESG criteria in their portfolios; and manages the internal firm-wide network of ESG Champions in investment teams. The changing regulatory environment is placing increasing importance on ESG data, and in her role, Bérenice works on the evolution of the firm's ESG research platform (including development of BNPP AM proprietary ESG rating and SDG data models) and provides strategic guidance on the optimal flow of ESG data through the company. She also coordinates the firm's approach to impact investment, and leads on its ESG analysis in the ICT sector.  She is the representative for BNPP AM's sustainable investment capabilities across the Americas, promoting the firm's expertise with clients and externally across the region. Previously, she worked at the OECD, undertaking economic research on green and blended finance. She was also a legislative fellow in the U.S. House of Representatives and conducted fieldwork on climate change and development in emerging markets. Bérénice holds masters' degrees in engineering and environmental management from Ecole Centrale Paris (now CentraleSupelec) and the National University of Singapore, respectively. She is an EFFAS CESGA (Certified ESG Analyst) certificate holder. Bérénice joins Sustainable Nation to Discuss: Why asset managers are looking so closely at sustainability and ESG goals BNP Pams sustainability investment beliefs and four standard pillars Challenges with ESG rating systems How ESG data could become more valuable Advice and recommendations for sustainability professionals  Bérénice's Final Five Questions Responses What is one piece of advice you would give other sustainability professionals that might help them in their careers? One piece of advice would be to get involved or keep up as much as you can with collaborative working groups and networks. Depending on your focus area or sector, there are so many. For example, if you are within the investment management industry, you could get involved with Principles for Responsible Investment, the Global Impact Investing network, or the Initial Investors Group on Climate Change, just to name a few. I was collectively marched towards mainstreaming sustainability for more cognitive diversity to solve common challenges and raise the bar across the board. So number one is get involved. Number two would be to put in the work into the training and knowing your stuff on sustainability. It may seem from the outside, the ESG landscape is a bit fuzzy. We just talked about the fact that the market is fragmented. But ESG is now part of a firm's license to operate. Therefore there is a need to engage and upscale your workforce on this topic. There are great trainings that exist, the CFA Institute, the Fundamentals for Sustainability Accounting from SASB, the European Federation of Financial Society also has a training. Within BNP Pam we have a network of ESG champions. Each client and investment facing team has one, and they're required to get some formal certification on ESG. So it starts with people and upscaling your people so they have expertise to make the right judgment calls. Maybe a final one would be: develop your leadership skills as they relate to change management. All ESG jobs at the moment, unless you're working at a pure player firm, and even then, involve some element of persuasion and winning hearts and minds. ESG is a journey, and along the journey you will need people and you will need to be able to convince people in other parts of the firm on the foundation of ESG. That is what change management is all about.  What are you most excited about right now in the world of sustainability? The momentum of the space, but also the increased scrutiny from a new set of stakeholders- regulators, retail, investors, consumers- clearly they shine the light on the fact that we have made so much progress. But there is still so much progress that we still need to make. In the current environment, there is a strong and very important push against greenwashing and that is welcome. I think it will make us only better as practitioners. What is one book you would recommend sustainability professionals read? One short book, which is really a call to action, would be On Impact: A Guide to the Impact Revolution by Sir Ronald Cohen. This book is kind of a prelude of sorts to this much longer book titled Impact: Reshaping Capitalism to Drive Real Change. So you can either read the short manifesto or the longer book depending on your bandwidth. But both books talk about the advent of the impact entrepreneurs and the potential paradigm shift from the risk return equation to a risk return impact equation in investment analysis, and also from measuring activities and inputs to measuring outcomes. Also how at each level as consumers; citizens, employers, we can facilitate this transition in thinking on impact investing. Another book, I have to confess I'm only halfway through, but another book which I find very interesting is Moving Beyond Portfolio Theory by Jon Lukomnik James Hawley. We truly look at how modern portfolio theory has been instrumental in shaping traditional investment but also how it falls short in terms of including a consideration of systemic risk and market ecosystem impact. So that's a very tall order, tackling modern portfolio theory. That's what you're trying to do in this book. What are some of your favorite resources or tools that really help you in your work? In terms of resources, keeping up with market developments related to ESG investing. There are a few newsletters and resources that I would say most of us in the industry tend to read. There is Responsible Investors, Environmental Finance, Bloomberg Green, the Financial Times Moral Money newsletter just to name a few. Another resource for us is academia as well as looking at work done by international organizations, such as the IEA, the OCE or the World Bank Group. We at BMP Pam are a founding supporter of GRAFSI, which is the Global Research Alliance for Sustainable Finance and Investments. It is a global network of leading research universities founded in 2017 that aims to develop academic collaboration on the topic and they have aan annual conference. The next one is in September at the University of Zurich and next year will be at Yale university in September 2023. I think one of the reasons we are very keen to support academia is that as sustainable investment practitioners in such a growing and emerging field, we really need to rely on high quality academic research to make sense of this ESG alphabet to support development of new methodologies, as well as inform development of our new policies in a way that is transparent. Where can our listeners go to learn more about you and your work being done at BNP? They can find information regarding our approach to sustainability on our corporate website https://group.bnpparibas/en/. On it you can find global sustainability strategy, all our policies on integration, stewardship, regulatory documentation. We have a sustainability report but also have profiled members of our firm on what it means for them in the day to day sustainable investor for a changing world. I can also be reached out to directly on LinkedIn and Twitter.

Trillion Energy's CEO Arthur Halleran joined us for a much-anticipated sponsor update. The company is fresh from a C$22.5 million massively oversubscribed offering and how has the cash to start spudding wells. Halleran recently visited Turkey to accelerate the project and expects the first wells to be spudded later this summer.  A lot has happened in the past 18 months. Turkish natural gas prices have more than tripled to $21 mcf and the expectation is that they will go higher still in the months ahead. There's no end in sight to the Ukraine war and Russia has drastically curtailed European gas sales. A cold winter could lead to dramatically higher prices and Trillion is poised to profit from it. The plan is to eventually have at least 17 producing wells. While the SASB field was a prodigious producer in the past, new technology and drilling methods should lead to record production for many years ahead. Best of all capex will be low as existing infrastructure replacement according to Halleran is over C$500 million. The company's Bulgarian project was on the backburner till recently due to the global pandemic. It has worked to Trillion's advantage. The company now has optionality, it can use SASB cash flow to finance production, or it can bring on a production partner. The profit potential is clear with gas now trading at $22 per mcf and Russian induced shortages are prevalent.  We're still extremely bullish about Trillion and continue to hold shares.  Company Website: www.TrillionEnergy.com  Ticker Symbols: OTC: TRLEF -- CSE:TCF – Frankfurt Z62 

In this week's episode, we examine the mixed-bag of retail earnings reports and what it means for the market. We talk about office maturities, stories focused on "vacate and terminate," and the sentiment that the office market may be facing "death by a thousand cuts." Finally, we dive into single-asset, single-borrower transactions and explain the trends seen with those CMBS deals. We also find out what Lonnie would do if he wasn't in CRE and discuss what he would name his startup company... Episode Notes: • Stocks, economy, market news (0:23) • Thing 1 & thing 2 in the market (5:25) • Mixed bag of retail earnings (8:52) • ICSC retail conference sentiment, interview with Stephanie Cegielski (16:58) • Retail stories (22:47) • Office maturities (28:07) • Office crabgrass (34:20) • Trading Alert: NY office loan extension (41:46) • Single-asset, single-borrower issuance (43:13) • Shoutouts (49:08) Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: Twitter: www.twitter.com/TreppWire LinkedIn: www.linkedin.com/company/trepp-llc Facebook: www.facebook.com/TreppLLC