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SEC petition, Senate bill seek rules on ESG disclosures

Joe Mont | October 5, 2018

Climate change activists are upping the pressure on public companies to disclose the risks they face due to a potential environmental catastrophe.

On Oct. 1, the Securities and Exchange Commission received a petition for a rulemaking that seeks a corporate mandate for environmental, social, and governance (ESG) disclosure.

The petition, which the Commission is under no legal obligation to act upon, is authored by Cynthia Williams, a business law professor at Osgoode Hall Law School, and Saul Fox, Professor of Business Law at the University of Pennsylvania Law School. 

It was signed by dozens of investors and associated organizations representing more than $5 trillion in assets under management. Among them: the California Public Employees' Retirement System (CalPERS); New York State Comptroller Thomas DiNapoli; Illinois State Treasurer Michael Frerichs; Connecticut State Treasurer Denise Nappier; Oregon State Treasurer Tobias Read, and the U.N. Principles for...

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