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ARTICLE · 01 JUNE 2018

GAO Report On SEC Efforts To Clarify Climate-Related Disclosure Requirements

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Public companies have an obligation to disclose in their SEC filings material climate-related risks that could affect their finances and operations.

United StatesGovernment, Public Sector
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Public companies have an obligation to disclose in their SEC filings material climate-related risks that could affect their finances and operations.

In this connection, in February 2018, the U.S. Government Accountability Office issued a report summarizing a study carried out regarding (i) the steps taken by the SEC since 2010 to clarify the disclosure requirements for climate-related matters; (ii) the steps taken to examine the changes made by companies in their disclosure; and (iii) the constraints faced by the SEC in reviewing climate changes disclosures.

  • Steps to clarify disclosure requirements:

    • In 2010, the SEC issued a guidance regarding disclosure related to climate change (https://www.sec.gov/rules/interp/2010/33-9106.pdf). Among other things, this guidance establishes four categories of climate-related risks (legislation and regulation, international accords, indirect consequences of regulation or business trends and physical impacts) and provides

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