Although the SEC Guidance does not create new legal requirements, it will likely lead to enhanced disclosure.
Public companies now need to pay closer attention to evaluating climate change in order to determine their disclosure obligations. On February 2, 2010, the U.S. Securities and Exchange Commission published an Interpretive Release concerning climate change disclosure (the “SEC Guidance”). The SEC Guidance responds to heightened public awareness of climate change as well as calls from certain sectors of the investment community for specific guidance. Although the SEC Guidance does not create new legal requirements, it will likely lead to enhanced disclosure.
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