On February 24, 2021, the acting Chair of the U.S. Securities and Exchange Commission (SEC), Allison Herren Lee, issued a statement directing the agency’s Division of Corporation Finance to enhance its focus on climate-related disclosures in public company filings. SEC issued guidance in 2010 to address public companies’ disclosure requirements regarding climate-related risks. Acting Chair Lee will require the Division to work toward updating that guidance. Her statement acknowledged the growing investor interest in climate-related risks and indicated that it is the agency’s “responsibility to ensure that [investors] have access to material information when planning for their financial future.” Acting Chair Lee’s statements are another indicator from the Biden administration for public companies to anticipate new or revised requirements on climate-related disclosures.
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