Average investors may receive little, if any, financial benefit if companies make more non-financial disclosures, SEC Commissioner Hester Peirce said Nov. 2.

Increased reporting would bring additional costs related to information gathering and reviews from “very expensive” lawyers and accountants, the Republican said at a Case Western Reserve University School of Law symposium in Cleveland. Companies also could face expenses related to litigation over disclosures, she said.

“More is not always better, even from the investor’s viewpoint,” Peirce said. “The more a company must pay to make a disclosure, the less money is left for shareholders to receive in the...