US Securities and Exchange Commission SEC proposed new disclosure and reporting requirements that mandate a common disclosure framework for demonstrating concrete and specific measures taken to address ESG goals and portfolio allocation.Decreasing practice of greenwashing.
SEC recently brought a fraud action against Vale S.A., a publicly traded Brazilian iron ore producer, for making false and misleading statements about safety before the 2019 collapse of its Brumadinho dam.
SEC brought 76-page complaint in federal district court against Vale, S.A., a Brazilian mining company, alleging that Vale made false misleading claims about safety of dams. Vale regularly misled local governments, communities, and investors about safety of Brumadinho dam.
U.S. Securities and Exchange Commission proposed a rule entitled the Enhancement and Standardization of Climate-Related Disclosures that would require registered public companies to disclose certain climate-related information in registration statements and periodic reports.
The Securities and Exchange Commission is set to formally consider the possibility of enhanced climate disclosure requirements at its upcoming Open Meeting on March 21, 2022.