Will ESG Disclosures be Mandated by Law? A Legislative Analysis | King & Spalding jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
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On February 25, 2021, the House Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets held a hearing entitled, “Climate Change and Social Responsibility: Helping Corporate Boards and Investors Make Decisions for a Sustainable World.” The hearing invited panelists, including James Andrus, an investment manager for the California Public Employees’ Retirement System (CalPERS), to discuss a variety of topics, including environmental, social, and governance (ESG) disclosures involving diversity, equity, and inclusion (DEI) metrics, as well as corporate social accountability.
There are two proposed pieces of legislation up for consideration by the committee that intersect with labor and employment issues: (1) the “
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Since issuing disclosure guidance in 2010 (“Commission Guidance Regarding Disclosure Related to Climate Change,”) the SEC has been expecting public companies to address climate change in their SEC filings, but the resulting disclosures have been disappointing to certain constituencies, including institutional investors, certain members of Congress,1 and the Democratic appointees to the Commission. In an unsurprising move, Acting Chair Allison Lee2announced Wednesday that she was directing the Division of Corporation Finance to enhance its focus on climate-related disclosure in public company filings.3 As a result, public companies, at a minimum, should expect their climate change disclosures, or lack thereof, to be scrutinized in 2021 as part of this targeted review in the form of comment letters from the Division’s Staff. It remains to be seen whether the ultimate product of this review will extend beyond Acting Cha