SEC ESG-Related Disclosure

The Securities and Exchange Commission (SEC) finalized “The Enhancement and Standardization of Climate-Related Disclosures for Investors” rule on March 6, 2024. The rule requires public companies to disclose certain climate-related information in their annual reports.

The final rule is a positive development that will help satisfy longstanding investor demand for consistent, comparable and decision-useful information on companies' climate-related risks. PRI will continue to engage with the SEC regarding the rule after implementation.

Access the SEC’s final rule here and read about the PRI's position as set out by PRI CEO, David Atkin.

Region Date Consultation or letter PRI response

US

February 2023

Investor briefing: signatory comments on the SEC Proposed Rule, “Enhanced Disclosures by Certain Investment Advisers and Investment Companies about Environmental, Social, and Governance Investment Practices”

In January 2023, the PRI reviewed the comment letters of each of the 30 PRI signatories who submitted views to the US Securities and Exchange Commission (SEC) on the proposed rule “Enhanced Disclosures by Certain Investment Advisers and Investment Companies about Environmental, Social, and Governance Investment Practices”. The 30 comment letters from PRI signatories represent $26 trillion in AUM.


See letter

US

November 2022

PRI submits sign on letter to the SEC encouraging adoption of climate disclosure rule

The PRI is joined by 75 signatories representing over $1.7 trillion in AUM calling on the Securities and Exchange Commission to finalize the proposed climate-related financial disclosures rule. Strengthening and finalizing the proposed rule will provide clear and comparable information to allow for full accounting of climate-related risks across investment portfolios.


See letter

US

October 2022

Signatory Sign on letter to the SEC on climate-related disclosure for issuers

The PRI is seeking signatures on a letter to the SEC calling for finalization of their proposed rule The Enhancement and Standardization of Climate-Related Disclosures for Investors, and to maintain the emissions disclosure portions of the rule and seek to align with global disclosure efforts.


See letter

US

August 2022

PRI comment to the SEC on Enhanced Disclosures by Investment Advisers and Investment Companies about Environmental, Social, and Governance Investment Practices

The PRI supports the SEC’s efforts to enhance fund and adviser disclosure on their ESG related practices to prevent greenwashing. The PRI supports disclosure of proxy voting and GHG emissions metrics as proposed by the SEC. The PRI recommends the SEC eliminate the “ESG Integration” category, and revise the “Impact Fund” category to only include funds that have impact goals as their primary focus.


See response

US

August 2022

PRI comment to the SEC on Investment Company Names

The PRI supports the SEC’s proposed rule and its efforts to ensure that funds’ names reflect their investments in the fund and address materially misleading or deceptive fund names. The PRI recommends that the SEC Define the term "characteristics" and clarify the expectations for funds on how to determine an investment focus with such characteristics.


See response

US

June 2022

PRI response to the Securities and Exchange Commission consultation on The Enhancement and Standardization of Climate-Related Disclosures for Investors

The PRI supports the Securities and Exchange Commission in taking this vitally important action in line with its mission to protect investors and ensure fair, orderly and efficient markets. The PRI makes recommendations for the Commission to improve the proposed rule on Scope 3 emissions, transition plan and physical risk disclosure and climate scenarios and cross-industry disclosures aligned with TCFD.


See response

US

April 2022

PRI template comment for signatories to respond to the SEC’s proposed climate disclosure rule

The PRI encourages its signatories to submit comments to the SEC on the proposed climate disclosure rule. This template serves as a starting point for signatories looking to prepare their own comment letters.


See letter

US

April 2022

US Policy Briefing: SEC Proposed Rulemaking on Climate-Related Disclosures

On March 21, the SEC proposed climate-risk disclosure requirement. This briefing document provides an overview of the proposed rule in preparation for their comments on the climate disclosure rule.


See briefing document

US

March 2022

PRI interview briefing to help identify ways investors currently acquire and use human capital management information in their investment processes.

The U.S. Securities and Exchange Commission (SEC) revised its rules in 2020 that required information on “human capital resources” be included in standard financial reporting. This report explains that while these changes are promising, the requirements remain too broad to provide the data needed by investors in their decision-making processes.


See briefing document

US

June 2021

Sign On Letter on SEC Request for Comment on Climate Change Disclosures

The PRI organized a sign-on letter for signatories and supporting organizations in support of standardized, mandatory disclosure of material climate and environmental, social and governance (ESG) information, to fulfill a fiduciary obligation to fully consider material information and make informed investment decisions for long-term value creation.


See response

US

June 2021

PRI Response to SEC Request for Comment on Climate Change Disclosures

The PRI recommends that disclosure should be improved as part of a larger effort to facilitate the more thorough provision to investors of ESG information that has investment relevance. Investors need comprehensive, comparable and decisionuseful data from companies on climate change and a range of ESG issues.


See response

US

April 2021

2021 US Policy Briefing: SEC Requests Comments on Climate Change Disclosures

On March 15, the Acting Chair of the Securities and Exchange Commission, Allison Herren Lee, issued a statement requesting public comment on climate change disclosures, acknowledging the lack of consistent and comparable climate change information for investors under existing SEC regulations. This briefing document provides information for signatories in preparation of their comments on climate change and ESG disclosures to the Commission.


See response