Thu 28 Jan 2010
The Securities and Exchange Commission (SEC) yesterday voted to provide public companies, including insurers, with interpretive guidance on existing disclosure requirements as they apply to business or legal developments relating to the issue of climate change. In doing so, the SEC made clear it is neither weighing in on the global warming debate nor considering amending well-defined rules concerning public company reporting obligations. “These rules and interpretations have served investors well for decades, and provide both the framework and flexibility necessary to apply to changing facts and circumstances. If something has a material impact on a company then it is something that needs to be disclosed – that has always been the case,” said SEC chairman Mary Schapiro. Nevertheless, articles in the Wall Street Journal and the New York Times noted this is the first time the SEC has said that public companies should warn investors of any serious risks […]
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