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What boards need to know about the SEC’s climate-related disclosure rules
On March 6, the SEC adopted final rules designed to enhance public company disclosures related to the risks and impacts of climate-related matters. Board members need to understand the nature and extent of these new requirements and the implications for their organizations.
In our report we highlight some of the most interesting elements of the final rule in the context of what’s changed from the original proposal.
Key Takeaways and considerations
Board oversight and management accountability will be crucial in preparing for and meeting the new disclosure requirements.
Boards may want to consider the following:
- How has the company’s oversight structure evolved to reflect the varying disclosure expectations around the globe?
- Does the board or committee have the expertise it needs to oversee climate-related risks and opportunities?
- How does management’s current risk identification and evaluation process incorporate climate-related risks?
Audit committees will play a larger role in ensuring compliance
Audit committees may want to consider:
- Does the committee understand how its financial reporting oversight skills and responsibilities translate to climate-related disclosures?
- Are the necessary controls, processes, technology and procedures in place to produce quality disclosures?
- What climate-related reporting requirements is the company subject to globally? Has the company done a gap analysis to identify where investment is needed to meet the requirements?
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