Chamber Warns SEC’s Gensler Against Expansive ESG Disclosures

May 12, 2021, 9:27 PM

The U.S. Chamber of Commerce said it’s opposed to possible SEC actions on requiring corporate disclosures on climate change, political activity, and other environmental, social, and governance issues that go beyond what average investors deem important.

The Securities and Exchange Commission under Democratic control hasn’t formally proposed such a requirement. But SEC Chairman Gary Gensler, who arrived at the agency last month, has said he plans to bring “some consistency and comparability” to companies’ largely voluntary ESG disclosures.

But the SEC must follow the Supreme Court’s 1976 definition of materiality in corporate disclosures as the agency looks to add new ...

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