In April, the SEC issued a concept release that openly contemplates proposals to modernize business and financial disclosure requirements related to Regulation S-K. The 341-pg release is the latest in the SEC's ongoing "disclosure effectiveness" project, and the public comment period is open right now. The key section may be Section F: Disclosure of Information Relating to Public Policy and Sustainability Matters, which starts on page 204. It contains points about the materiality assessment process and the increased integration of ESG issues in the capital markets. Here is an example of the requests made during this public comment period: “We are interested in receiving feedback on the importance of sustainability and public policy matters to informed investment and voting decisions. In particular, we seek feedback on which, if any, sustainability and public policy disclosures are important to an understanding of a registrant’s business and financial condition and whether there are other considerations that make these disclosures important to investment and voting decisions. We also seek feedback on the potential challenges and costs associated with compiling and disclosing this information.” Join us as we discuss the relevance, purpose, and possible future path of this concept release. We will focus on the needs of businesses as they attempt to interpret the proposal and/or submit related comments to the SEC—as well as any long-term considerations, if/when this becomes a matter of settled regulation. We will also discuss the disclosure expectations from stakeholders and how to prepare for/manage the disclosure of these emerging material issues. Panelists: Evan Harvey, Director of Corporate Responsibility, Nasdaq Will Martindale, Head of Policy, UNPRI Daniel Goelzer, Senior Counsel, Baker & McKenzie (former general counsel, US SEC) Adam Kanzer, Managing Director/Director of Corporate Engagement & Public Policy, Domini Social Investments; Member, SEC Investor Advisory Committee
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