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Articles by David Hay
Sustainability, Risk And Value In Mainstream Lending
Sustainability considerations in the loan market are often discussed through the lens of labelled products: green, social, transition, and sustainability-linked loans. However, a more fundamental development is underway. Across mainstream lending, sustainability-related factors are increasingly integrated into ordinary credit, risk and value decisions, regardless of whether a financing carries a sustainability label.
Sustainability, Risk and Value in Mainstream Lending
Sustainability considerations in the loan market are often discussed through the lens of labelled products: green, social, transition, and sustainability-linked loans. However, a more fundamental development is underway. Across mainstream lending, sustainability-related factors are increasingly integrated into ordinary credit, risk and value decisions, regardless of whether a financing carries a sustainability label.
LMA updates draft provisions for sustainability-linked loans
Over the summer, the Loan Market Association ("LMA") completed its first comprehensive review of its draft provisions for sustainability-linked loans (the "Draft Provisions"), originally published in May 2023. The updates, agreed with a taskforce of experienced market participants, preserve the core architecture of the Draft Provisions while streamlining the drafting, improving clarity and reflecting developments in market practice.
LMA Updates Draft Provisions For Sustainability-linked Loans
SM Slaughter & May More Slaughter and May is regarded as one of the most prestigious law firms in the world. We advise on high profile and groundbreaking international transactions and have an excellent and varied international client list. We have a diverse and extensive international practice providing a full range of legal services. Mergers and Acquisitions, Corporate and Commercial and Financing represent our core practice areas.
Transition Finance: Frameworks, Progress and Outlook
The past twelve months have marked significant progress for transition finance. We have seen the publication of the UK Transition Finance Council's exposure draft Transition Finance Guidelines (the “TFC Guidelines”), the loan trade associations’ Guide to Transition Loans (the “LMA Guidance”), and ICMA's Climate Transition Bond Guidelines (the “ICMA Guidelines”), which have recently been supplemented by a guidance handbook.
Words on What's Next for Markets
In this episode of Words on Wealth, Senior Investment Advisor David Hay is joined by CIO Tim Rocks to explore what lies ahead for markets following the Middle East conflict. They discuss why oil markets proved far more resilient than expected, why the global economy is more adaptable than many commentators suggest, and what a move toward ceasefire could mean for different sectors.
Takeaways from the Sustainable Debt Conference: Sustainable Finance at a Crossroads
The Environmental Finance Sustainable Debt EMEA Conference, held in London on 23 April 2026, brought together issuers, investors, asset managers and advisers from across the sustainable debt market. Unlike previous iterations of the conference, which focused on market growth, product innovation and the expansion of sustainably-labelled instruments, this year’s discussions were more reflective in tone.
From the Archive: For $145K, Architect William Massie Built a Curvy Concrete Home From the Ground Up
His clients figured a prefabricated log cabin was all they could afford. Massie built something with more personality for less cash. Welcome to From the Archive, a look back at stories from Dwell’s past. This story previously appeared in the August 2002 issue. Keith and Sylvia Owens are a suburban London couple who like to indulge in travel and architecture, albeit in a modest fashion. Seven years ago, they found their way to Montana.
Words on Tensions in the Middle East (Part 3)
Listen time 30mins E&P Podcast Now Listening: Words on Tensions in the Middle East (Part 3) In this episode of Words on Wealth, host David Hay is joined by CIO Tim Rocks to discuss the latest developments in the Middle East and what they could mean for investor portfolios. They explore why the risk of a global recession remains low despite higher oil prices, how impacts may differ across regions, and where recent market moves may be creating opportunities.
Sustainability Assurance Quality: Indicators and Consequences
1 Introduction The dominant trend in sustainability disclosure and assurance is an increase in both disclosure and assurance, even though there have been some recent steps backward. In the European Union (EU), the Corporate Sustainability Reporting Directive (CSRD) provides enhanced reporting standards for social and environmental information.
Words on Tensions in the Middle East (Part 2)
In this episode of Words on Wealth, host David Hay is joined by CIO Tim Rocks for an update on the evolving situation in the Middle East and what the latest developments mean for investors. They discuss why the impact on oil markets has been larger than expected, the new scenarios now in play for oil prices, and what the broader macro effects could mean for the global economy.
Words on Tensions in the Middle East
In this episode of Words on Wealth, host David Hay is joined by CIO Tim Rocks to discuss potential market implications of the recent bombings in Iran and rising geopolitical tensions across the Middle East. They discuss why oil and gas price spikes have historically had limited long-term impact on markets, how investors should think about geopolitical risk within portfolios, and what these developments could mean for the Australian dollar, interest rates and AI stocks. Tune in to find out more.
The Butcher of Nazareth
Written by Tony Jones Published by Whiskey Tit Written by David Scott Hay 2026, 307 pages, Fiction Released on 26th February 2026 Review: It takes a brave man to write fiction with Jesus Christ as a major character because whatever path the story takes, you are bound to offend someone who disagrees with the manner of your interpretation. Even if David Scott Hay’s The Butcher of Nazareth does cause some offense amongst Christians, it remains a fascinating work of fiction and is highly recommended.
Omnibus Update: EU passes legislation to amend CSRD and CS3D, drawing the saga to a close (for now) (via Passle)
The trilogue negotiations on revisions to the content of the EU’s Corporate Sustainability Reporting Directive (CSRD) and Corporate Sustainability Due Diligence Directive (CS3D) were concluded and announced in the early hours of the morning on 9 December 2025, and confirmed in a Parliamentary vote today (16 December). The revisions include changes to the size of companies in scope and the extent of their obligations, in particular the removal of transition plan requirements.
First time originator's guide to securitisation
Originators can use securitisation to achieve a lower cost of funding than from other debt products and to remove securitised assets from their balance sheet. Securitisation plays an important role in facilitating liquidity and risk management, allowing originators to diversify funding sources, mitigate balance sheet risks and optimise capital allocation.
Transition loans: The loan trade associations publish their much-awaited guidance (via Passle)
On 16 October 2025, the loan trade associations (LMA, APLMA and LSTA) published their much-anticipated Guide to Transition Loans (the “Guide”). This Guide is intended as a practical, voluntary resource designed to support loan market participants navigating the fast-evolving and complex field of transition finance.
Two years on – where is the TNFD now? (via Passle)
At New York Climate Week 2025, the Task Force on Nature‑related Financial Disclosures (TNFD) released its 2025 Status Report (the Report) - two years after it made its final disclosure recommendations in September 2023. The Report shows accelerating uptake of nature‑related assessments and reporting, growing investor engagement, and deepening alignment with other reporting standards.
Two years on - where is the TNFD now?
At New York Climate Week 2025, the Task Force on Nature‑related Financial Disclosures (TNFD) released its 2025 Status Report (the Report) - two years after it made its final disclosure recommendations in September 2023. The Report shows accelerating uptake of nature‑related assessments and reporting, growing investor engagement, and deepening alignment with other reporting standards.
SARAH TROTMAN, ONZM: PROTECTING THE CHARACTER OF AUCKLAND
For decades, many Aucklanders have made deep personal and financial investments to preserve the unique special character of Auckland. Homeowners have lovingly restored historic villas, maintained heritage features and worked hard to uphold the distinct identity of their suburbs. My own family has contributed to this legacy through the painstaking restoration of Hurstmere, one of Auckland’s oldest homes.
Words on the Shifting Investment Landscape
In this episode of Words on Wealth, host David Hay is joined by CIO Tim Rocks to unpack the forces shaping markets right now. They explore why US recession fears may be overdone, how companies are absorbing tariff pressures, and the massive AI investment boom driving global change. The conversation also covers Australian earnings, opportunities beyond the US, and why diversification is more important than ever in today’s changing landscape. Tune in to find out more.
Omnibus Updates: Council and Parliament respond to the Commission’s proposals (via Passle)
Recent developments in the Council and in the European Parliament have shed some light on the discussions we can expect in the upcoming trilogue negotiations about content changes to the EU’s Corporate Sustainability Reporting Directive (CSRD) and Corporate Sustainability Due Diligence Directive (CS3D). This falls under the second part of the EU’s omnibus package as released by the European Commission in February (the Amending Directive).
Is professional exam performance associated with career success for Big 4 auditors? Evidence on gender differences
REFERENCES AICPA. (2018). The uniform CPA examination: Purpose and structure. Association of International Certified Professional Accountants. , & (2010). Education requirements, audit fees, and audit quality. Auditing: A Journal of Practice and Theory, 29(2), 1–25. , , , & (2021). Partner gender differences in prestige of clients served at the largest US audit firms. Journal of Business Ethics, 173(2), 401–421. , , , & (2022).
EU Clean Industrial Deal: Commitments to competitiveness and decarbonisation
The European Commission (EC) Clean Industrial Deal (CID), published on 26 February 2025, outlines the European Union’s plan to accelerate industrial decarbonisation whilst securing the future of EU manufacturing in the face of high energy costs and fierce global competition. To achieve this delicate balance, the deal focuses on two closely related aspects of the transition: energy-intensive industries and clean tech. The first requires support to decarbonise and electrify.
The Sustainability Omnibus: Streamlining Sustainability Regulation
The Commission is focussing on legislating for the very largest companies and reducing what it is they have to do - whilst ensuring small and medium-sized enterprises (SMEs) are shielded from the burden of much of this legislation. The proposals also signal a recognition that companies need more guidance from the EU, sooner, on how to meet their obligations, and that assurance remains an ongoing challenge.
EU Clean Industrial Deal: Commitments to competitiveness and decarbonisation (via Passle)
The European Commission (EC) Clean Industrial Deal (CID), published on 26 February 2025, outlines the European Union’s plan to accelerate industrial decarbonisation whilst securing the future of EU manufacturing in the face of high energy costs and fierce global competition. To achieve this delicate balance, the deal focuses on two closely related aspects of the transition: energy-intensive industries and clean tech. The first requires support to decarbonise and electrify.
Soft2Bet obtiene la licencia para ofrecer productos de casino en España
El proveedor y operador de iGaming Soft2Bet anunció que recibió una Licencia General de la Dirección General de Ordenación del Juego (DGOJ) de España, que le permitirá ofrecer productos de casino bajo los estándares del mercado español, certificando su cumplimiento con la normativa de juego online. La empresa calificó la nueva autorización como un "hito regulatorio" en su misión continua de ofrecer experiencias de gamificación de casino a los jugadores españoles.
Soft2Bet obtains General Licence for other games in Spain
iGaming provider and operator Soft2Bet has acquired a General Licence for other games from the Directorate General for the Regulation of Gambling (DGOJ) in Spain. This license authorizes Soft2Bet to offer casino products under the Spanish market’s standards, certifying its compliance with online gaming regulations. Sof2Bet called the receipt of the new license a “regulatory milestone” in its ongoing mission to deliver casino gamification experiences to Spanish players.
EFRAG publishes draft transition plan guidance to support with reporting under the CSRD (via Passle)
Earlier this month, the European Financial Reporting Advisory Group (EFRAG) – the body responsible for developing European Sustainability Reporting Standards (ESRS) and providing implementation support – published its draft non-authoritative transition plan implementation guidance to support companies reporting against the ESRS, as required by the Corporate Sustainability Reporting Directive (CSRD). See our ‘Getting Ready’ article on the CSRD here.
Sustainability reporting in ESMA’s enforcement priorities for 2025 (via Passle)
At the end of October, the European Securities and Markets Authority (ESMA) – the independent European Supervisory Authority responsible for investor protection and the promotion of financial markets in the EU – published its enforcement priorities in respect of FY2024 annual reports of issuers admitted to trading on regulated markets within the EU.
Friday Haymaker
Hello, Readers! For those of you not joining us for today’s Ask Haymaker Anything! webinar — and even if you are — we wanted to provide you with some thoughtful written commentary. For this Friday’s Haymaker, we are once again running an article from one of our most dedicated and talented allies, Louis Gave. In our view, his piece provides an excellent perspective on inflation and what the more accurate rate might be for consumers in their everyday lives.
Soft2Bet fue nominada en dos categorías de los Vixio Regulatory Awards 2024
Soft2Bet, proveedor de soluciones llave en mano de iGaming, anunció que fue preseleccionado en dos categorías de los Vixio Regulatory Awards 2024: Compromiso con el Cumplimiento por parte de un Operador y Equipo Legal del Año.
Soft2Bet shortlisted in two categories at the Vixio Regulatory Awards 2024
Soft2Bet has been shortlisted in two Vixio Regulatory Awards 2024 categories: Commitment to Compliance by an Operator and Legal Team of the Year. “Being nominated for these valued awards is a testament to the quality of the regulatory work carried out by Soft2Bet legal and compliance teams and further recognition of the expanded regulatory footprint the company has accomplished in recent years,” the company said.
Revolutionizing Drug Discovery: The Impact of Distinct Designs and Biosensor Integration in Microfluidics-Based Organ-on-a-Chip Technology
All articles published by MDPI are made immediately available worldwide under an open access license. No special permission is required to reuse all or part of the article published by MDPI, including figures and tables. For articles published under an open access Creative Common CC BY license, any part of the article may be reused without permission provided that the original article is clearly cited. For more information, please refer to https://www.mdpi.com/openaccess.
Comments on recent International Ethics Standards Board for Accountants Exposure Drafts regarding sustainability assurance and the use of external experts
The Auditing and Assurance Standards Committee of the Accounting and Finance Association of Australia and New Zealand (AFAANZ) is pleased to provide its comments on the International Ethics Standards Board for Accountants' Exposure Drafts (EDs) on the proposed standards. AFAANZ is the peak regional academic accounting and finance association and counts among its membership the region's leading and emerging accounting and finance researchers.
To Buy or Not to Buy?
Financial Times Top 300: FINANCIAL TIMES TOP 300 The rating of Top 300 in the FT 300 is based on several factors set by the Financial Times which they list as; AUM, AUM growth rate, Companies’ years in existence, compliance record (evidence of past client disputes), industry certifications (CFA, CFP, etc), and online accessibility.
Soft2Bet se asocia con Rightlander para fortalecer el cumplimiento de las normas de marketing en jurisdicciones clave
Soft2Bet, proveedor de software para apuestas deportivas e iGaming, anunció una asociación estratégica con Rightlander, proveedor de soluciones de cumplimiento y supervisión para las industrias del iGaming y el marketing de afiliación. La asociación tiene como objetivo reforzar el compromiso de Soft2Bet de mantener los más altos estándares de cumplimiento de marketing en mercados clave como Italia, Suecia, Dinamarca, Rumanía, Ontario, Grecia e Irlanda.
Friday Haymaker
“The central bank of the United States will intervene—it was born with the buttinsky gene—and not always to a constructive end.” -Jim Grant “The Fed has practiced an unappreciated form of government control over the economy since the Greenspan era that is antithetical to capitalism.
Comments of the AFAANZ Auditing and Assurance Standards Committee on Proposed International Standard on Auditing 570 (Revised) Going Concern
1 INTRODUCTORY COMMENTS We begin by commending the International Auditing and Assurance Standards Board (IAASB) for their work on revising the going concern standard. The effectiveness of the audit/auditor is often cast into the spotlight following spectacular corporate collapses shortly after the auditor has issued a clean opinion.
EUD's Report highlights the barriers faced by deaf women and girls in the EU to accessing their right to protection from all forms of violence
Today, the European Union of the Deaf (EUD) proudly publishes its much-anticipated Report “Combatting Gender-based Violence and Discrimination against Deaf Women and Girls in the EU”. This comprehensive report emerges from in-depth discussions with female representatives from our member organisations, offering an insight into the lived experiences of deaf women and girls across Europe.
Comments on Exposure Draft for Proposed ISSA 5000, sustainability assurance engagements by the Auditing and Assurance Standards Committee of AFAANZ
We provide below our responses to the specific questions asked in the exposure draft the Proposed International Standard on Sustainability Assurance (5000)—General Requirements for Sustainability Assurance (IAASB, 2023). We have also provided the text of the questions. The exposure draft and explanatory material are available at: https://www.iaasb.org/publications/proposed-international-standard-sustainability-assurance-5000-general-requirements-sustainability. Responses to specific questions.
David Scott Hay’s Playlist for His Novel “[NSFW]”
In the Book Notes series, authors create and discuss a music playlist that relates in some way to their recently published book. Previous contributors include Jesmyn Ward, Lauren Groff, Bret Easton Ellis, Celeste Ng, T.C. Boyle, Dana Spiotta, Amy Bloom, Aimee Bender, Roxane Gay, and many others.
Audits of smaller entities
No abstract is available for this article. REFERENCES , , & (2023). Audit fee determinants in small municipalities: Further evidence from Connecticut small towns. International Journal of Auditing, forthcoming. https://doi.org/10.1111/ijau.12301 , & (2023). Auditor choice in the voluntary sector: The case of smaller organizations. International Journal of Auditing, forthcoming. https://doi.org/10.1111/ijau.12312 , , & (2023). The role of auditors and banks in the tax aggressiveness of private firms.
Comments of the AFAANZ Auditing and Assurance Standards Committee on the Proposed Standard on Assurance Engagements over GHG Emissions Disclosure
Abstract The New Zealand External Reporting Board (XRB) issued for public comment a standard on Assurance Engagements over GHG Emissions Disclosure. The Auditing and Assurance Standards Committee of AFAANZ prepared a submission, based on the findings reported in published research, responding to a number of the questions asked by the XRB. This technical note presents the formal submission made to the XRB.
Haymaker - Friday Edition
“It has become cheaper to look for oil on the floor of the New York Stock Exchange than in the ground.” -T. Boone Pickens (A quip from him many years ago but just as true today… possibly even more so.) "My formula for success?
Making Hay Monday - Guest Article
“People do stupid things. When you have free money for 11 years, people do really stupid things.” -Stan Druckenmiller in a May 9th, 2023, interview. For our many new subscribers, including around 500 over the last few days (thank you, by the way!), some explanations are in order. The “Gave” in my firm’s name, Evergreen Gavekal, to which I devote most of my time, is primarily a function of two individuals, Charles and Louis Gave. They are father and son, with the former turning 80 in a few months.
Comments of the AFAANZ Auditing and Assurance Standards Committee on Proposed International Standard on Auditing 500 (Revised) Audit Evidence
RESEARCH ARTICLE The Auditing and Assurance Standards Committee is a subcommittee under the governance of the Accounting and Finance Association of Australia and New Zealand's Auditing and Assurance Special Interest Group. The views expressed represent a consensus view of the Committee, but do not necessarily reflect the individual views of every member, nor do they necessarily represent the official position of The Accounting and Finance Association of Australia and New Zealand.
The Influence of Sex Hormones in Liver Function and Disease
This is an early access version, the complete PDF, HTML, and XML versions will be available soon. Open AccessFeature PaperReview by Alvile Kasarinaite 1, Matthew Sinton 2,3, Philippa T. K. Saunders 4 and David C.
Making Hay Monday - April 24th, 2023
“How can we keep the government we create from becoming a Frankenstein that will destroy the very freedom we establish it to protect?” -Milton Friedman, from his 1962 book Capitalism and Freedom "In war, truth is the first casualty." -Aeschylus | “You know what the second casualty of war is?
Making Hay (Almost) Monday - February 21st, 2023
Image: Shutterstock "In the next few weeks, the [natural gas refining] plants should be open, which should give natural gas a nice boost." -Jim Cramer, January 3rd, 2023. (Since then, natural gas has tumbled from $3.64 per million British Thermal Units [MMBtu] to $2.13.
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