SEC Chair Asks Staff to Develop Rule on Mandatory Climate Change Disclosures by the End of 2021


Speaking at a webinar hosted by the Principles for Responsible Investment on Wednesday, July 28, 2021, Securities and Exchange Commission (“SEC”) Chair Gary Gensler indicated that he wants the SEC to develop a rule mandating disclosure of climate risks by the end of the year. According to Gensler, investors are demanding more information on climate change. Based on this demand, Gensler believes the SEC should step in and develop a disclosure rule. Gensler said that he has asked his staff to consider a variety of issues including, among other things, whether the disclosures should be part of a company’s annual Form 10-K filing; which qualitative and quantitative information investors rely on for, or believe would help with, making investment decisions; and whether certain metrics should be disclosed for certain industries. Currently, climate change disclosures are voluntary and according to Gensler this can lead to inconsistent disclosures. 

A complete copy of Gensler’s remarks can be found here: https://www.sec.gov/news/speech/gensler-pri-2021-07-28?utm_medium=email&utm_source=govdelivery.
 

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About Dylan B. Weeks

Dylan B. Weeks is an Associate in Faruqi & Faruqi, LLP's New York office. His practice is focused on securities litigation.

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