NEW: Changing Expectations for Financial Disclosure of Climate-Related Information discusses changing conceptions of what constitutes a “reasonable investor” and how companies make materiality determinations with respect to disclosures of climate-related information.
Columbia Law School’s Millstein Center discusses demographic and regional differences in directors’ and investors’ expectations around climate-related issues and disclosure and how boards and companies are engaging on climate issues internally and externally in The Results Are in: Global Investor-Director Survey on Climate Risk Management.
Cooley discusses statements by SEC Commissioners regarding the issue of climate disclosure, noting that the debate should be understood in the context of increased investor interest in sustainability disclosure, and challenges created by the absence of common standards for Environmental, Social, & Governance reporting, in SEC debate on climate disclosure regulation gets heated.
Cleary Gottlieb reports that the SEC chose not to include specific disclosure requirements on climate change or other Environmental, Social, & Governance issues in proposed amendments to Management Discussion and Analysis regulations in SEC Maintains the Status Quo on Climate Change Disclosures.
Commissioner Allison Herren Lee of the Securities and Exchange Commission objects to the Commission’s failure to address disclosure around climate change risk in its recent proposed amendments to Regulation S-K disclosure requirements in Statement by Commissioner Lee on “Modernizing” Regulation S-K: Ignoring the Elephant in the Room.
Davis Polk reports that SEC Chairman Jay Clayton issued a January 30, 2020 statement supporting proposed amendments to financial disclosure requirements, noting that the statement includes additional, unrelated Discussion of Environmental and Climate-Related Disclosure Efforts, which is summarized in SEC Chairman Releases Statement on Proposed Changes to Financial Reporting and Discusses Climate-Related Disclosure.
McKinsey discusses socioeconomic risks attributable to clime change, and considerations for companies and governments Integrating climate risk into decision-making in Climate risk and response: Physical hazards and socioeconomic impacts.
Cooley discusses a McKinsey study of the economic effects of climate change as a possible impetus supporting increased focus of financial investors on issues of sustainability in McKinsey looks at socioeconomic impact of climate risk.