SEC’s Uyeda Challenges Need for More Workforce Reporting Rules

Republican SEC Commissioner Mark Uyeda on Thursday questioned the agency’s plans for more robust workforce disclosures from companies.

Uyeda said he’s concerned the Securities and Exchange Commission could go beyond making companies only report employee data that’s useful to the average investor, a concept known as materiality. The SEC is working to release a proposal this year, after Democrats said the Trump-era rules intended to boost human capital disclosures gave companies too much flexibility.

Materiality is “a framework that has historically guided effective disclosure practices,” Uyeda said at a meeting of the SEC’s Small Business Capital Formation Advisory Committee. ...