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ARTICLE · 13 JANUARY 2020

Representatives Introduce Bill To Require ESG Disclosure By Issuers

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Representatives Juan Vargas (D-CA) and co-sponsor Jesús G. Garcia (D-IL) introduced legislation that would update environmental

United StatesFinance and Banking
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Representatives Juan Vargas (D-CA) and co-sponsor Jesús G. Garcia (D-IL) introduced legislation that would update environmental, social and governance ("ESG") disclosure requirements for public companies. Under the legislation, "ESG metrics" would be deemed "de facto material for purposes of disclosures" under the Securities Act and the Exchange Act.

Specifically, H.R. 4329 (the "ESG Disclosure Simplification Act of 2019") would:

  • require public companies to provide a "clear" description of (i) the connection between ESG metrics and long-term business strategies and (ii) the process used to determine how ESG metrics impact the long-term business strategies of the issuer; and

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