WASHINGTON, D.C. – Tom Quaadman, Executive Vice President for the U.S. Chamber’s Center for Capital Markets Competitiveness issued the following statement regarding the SEC’s climate risk disclosures proposal.
“As a result of marketplace dynamics, the current state of ESG reporting is strong. Public companies have been and will continue to meet the interests of their investors on climate-related information, as demonstrated in a U.S. Chamber 2021 C-suite survey.
“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. The Supreme Court has been clear that any required disclosures under securities laws must meet the test of materiality, and we will advocate against provisions of this proposal that deviate from that standard or are unnecessarily broad.
“In 2019, the U.S. Chamber released ESG reporting principles to help facilitate increased climate reporting to meet the needs of investors and illustrate the individual circumstances of industries and businesses. We are committed to working constructively with the SEC to develop clear and workable rules for climate disclosures that build from industry experience and provide meaningful information to investors.”