Moving at a Glacial Pace: What Can State Attorneys General Do About SEC Inattention to Nondisclosure of Financially Material Risks Arising from Climate Change?

摘要

Disclosure of financial risks arising from climate change poses an ongoing challenge for companies and for law enforcement. To date, there is no consensus on when such risks should be disclosed and how much detail ought to be included in federal securities filings. While the SEC's 2010 interpretive release has been viewed as one step toward resolving the debate, it is also incomplete. The SEC itself recognized that the issuance of the release might not be the Commission's final statement on disclosure. In fact, the Commission promised to monitor the situation, solicit public comment, and consider whether further guidance or rulemaking was necessary. To date, this promise has been unfulfilled-at least in any public manner-and disagreement about how and when to report climate change risks persists.