ICAR Releases Joint Review of Comments to the SEC's Disclosure Effectiveness Concept Release
The International Corporate Accountability Roundtable (ICAR), together with the AFL-CIO, Americans for Financial Reform, Center for American Progress, Ceres, FACT Coalition, Patriotic Millionaires, Public Citizen, and US SIF: The Forum for Sustainable and Responsible Investment, is pleased to launch Towards a Sustainable Economy: A Review of Comments to the SEC's Disclosure Effectiveness Concept Release.
This joint report analyzes the comments received by the SEC as part of its Disclosure Effectiveness initiative and in relation to its recent Concept Release, which requested in part information relating to the disclosure of economic, social, and governance (ESG) factors. The report reveals overwhelming support for expanded and enhanced ESG disclosures, including in relation to human rights practices, policies, and impacts, from a wide range of sources: Institutional investment managers, individual investors, public pension funds, public interest advocates, academics, trade associations, standards setting organization, accountants, Members of Congress, and other government entities.
The report was released in conjunction with a discussion held at the Center for American Progress, entitled Toward a Sustainable Economy: Transparency, Long-Termism, and the SEC. Senator Jeff Merkley delivered the keynote address, which was followed by a panel of experts discussing the materiality and need for increased mandatory disclosure of a number of ESG factors, including taxes and corporate structures, environment/climate, political spending, human capital, human rights, and financial risks/derivatives. The event can be viewed here.
This joint report and event follow on the work of ICAR in relation to pushing the SEC to mandate disclosure on human rights policies, practices, and impacts. More information can be found in ICAR's 2013 report, Knowing and Showing: Using U.S. Securities Laws to Compel Human Rights Disclosure, and in ICAR's recent comment letter to the SEC in response to the recent Concept Release.