Pushing social policy by way of corporate disclosure is not exactly new to federal securities law. It is, however, becoming more common.
Among the oldest social policies targeted by disclosure requirements has been executive compensation, the subject of ever-increasing rules and disclosures since the 1990s—even if those rules haven’t succeeded in curbing executive pay. The Dodd-Frank Act will pursue executive pay still more in coming months, but also on deck are disclosure requirements for conflict minerals and oil companies’ payments to foreign governments.
