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The art of the recovery: How the changing ESG landscape adds alpha — and risk — to securities class action and foreign withholding tax recovery
Journal of Securities Operations & Custody,
15
(1),
82-91
(2023)
Abstract
Securities class action recovery and foreign withholding tax reclamation drive investment performance for investors and provide a competitive advantage for financial institutions that offer robust services. Emerging environmental, social and governance trends offer enticing new opportunities for increasing returns from these services while adding complexity and risk for asset servicing professionals. This paper summarises both the emerging opportunities and wider changes in the regulatory landscape, concluding with considerations for restructuring asset servicing business models to adapt to the shifting landscape.
Keywords: withholding tax recovery; class actions; risk management; ESG; operational alpha
The full article is available to subscribers to the journal.
Author's Biography
Ali H. Kazimi serves as Managing Director at Hansuke, where he advises financial institutions on financial, regulatory and governance matters. His 25-year career in the financial services industry includes successive leadership roles including Head of Tax at BlackRock and International Partner of Deloitte UK and Middle East. A chartered accountant, he is a long-standing member of the Chartered Institute for Securities and Investment, International Fiscal Association and the Association of Corporate Treasurers. He additionally serves as a member of the Financial Services Faculty Board, Business Representative at the Organisation for Economic Co-operation and Development (OECD) and Trustee at the Lokahi Foundation.
Len A. Lipton GlobeTax Managing Director, oversees the firm's global sales activities. Managing the sales and partnerships teams in both the United States and Europe, Len supports expansion of new business development channels and leads negotiations with asset managers, hedge funds and financial institution clients. Len also participates in the firm's product development efforts to support evolving client needs in the rapidly changing marketplace. A frequent speaker at industry seminars and withholding tax educational forums, Len has also served as a director to the XBRL-US board (2008–2020), as a member of the MFA Tax committee and as GlobeTax's member representative to the International Securities Association for Institutional Trade Communication (ISITC), the Managed Funds Association (MFA), the Securities Industry and Financial Markets Association (SIFMA) and the Alternative Investment Management Association (AIMA).
Jeff Lubitz is Managing Director at ISS Securities Class Action Services (SCAS). In this capacity, Jeff works closely with institutional investors to ensure clients fully leverage SCAS solutions and services to maximise settlement recoveries. He serves as Managing Editor of all SCAS thought leadership, overseeing the production of webinars, white papers, reports, news tweets and This Week in Securities Class Actions, SCAS' weekly newsletter. Jeff is a frequent speaker on the topic of global securities litigation and related matters. His commentary has been featured in Reuters, Fortune Magazine, Bloomberg Law, Law360 and elsewhere. Additionally, both the Harvard Law School Forum on Corporate Governance and Columbia Law School's Blue Sky Blog have published a number of Jeff's authored reports and articles.
