SEC’s climate reporting draft rule draws huge public comment

WASHINGTON (AP) — A closely watched rule from the Securities and Exchange Commission that would require public companies to say much more to shareholders about how their operations affect the climate has generated more public comment than many recent regulations from the agency, attorneys and industry experts say.

The SEC is expected to issue a final rule in the spring following a draft last summer that drew nearly 15,000 comments, according to SEC Chairman Gary Gensler. The rule would make the U.S. the latest government, after the European Union, to regulate what companies must report on their greenhouse gas emissions and energy consumption. Companies could have to report on the cost of climate change for their business above a certain threshold.

“Anecdotally, I’ve never seen this number of comments come back on anything proposed by the SEC,” said Steve Soter, vice president at Workiva, a software company that helps companies with regulatory and financial reporting.

Four in 10 executives say their companies are not ready to comply with the rule, according to a recent survey by Workiva and accounting firm PWC of 500 executives at U.S.-based public companies with at least $500 million in annual revenue.

Source link

Tags: No tags

Add a Comment

Your email address will not be published. Required fields are marked *