The proposals aim to standardize climate disclosure reporting and add objectively to a process currently dominated by self-reporting.
SEC Commissioner Caroline Crenshaw said “outdated” and “outmoded guidance” had left a vacuum where companies are forced to essentially figure out climate-related disclosures on their own and hope for the best.“Companies do not know which regime to follow, what information to disclose, and how best to disclose it,” Crenshaw said in a.
Predictably, the SEC proposals were met with immediate resistance from groups like the U.S Chamber of Commerce and some Republican lawmakers.“The Chamber is concerned that the prescriptive approach taken by the SEC will limit companies’ ability to provide information that shareholders and stakeholders find meaningful while at the same time requiring that companies provide information in securities filings that are not material to investors,” Tom Quaadman, Executive Vice President for the U.S.
Senator Pat Toomey blasted the regulator’s proposal. The Pennsylvania Republican and member of the Senate Banking Committee the proposal “hijacks the democratic process and disrespects the limited scope of authority that Congress gave to the SEC.”3-1 along party lines to advance the proposal. It will now undergo several months of public comment before commissioners regroup to draft a final proposal. If enacted, companies would have to submit the climate disclosures through annual reports.
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