SEC Adopts Climate-Related Disclosure Rules

On March 6, 2024, the U.S. Securities and Exchange Commission (the "SEC") finalized and adopted rules on climate-related disclosures for public companies, including foreign private issuers, that are less onerous than the original proposed rules published by the SEC two years ago, but which still impose significant new reporting obligations on public companies. As set forth in a 886-page Release and summarized by an accompanying Fact Sheet, new subpart 1500 of Regulation S-K, Climate-Related Disclosure, and Article 14 of Regulation S-X will require public companies to provide both quantitative and qualitative disclosures relating to, among other items:

• Climate-related risks identified by the registrant that have had or are reasonably likely to have a material impact on the registrant, including on its strategy, results of operations or financial condition;