FILE PHOTO: The seal of the U.S. Securities and Exchange Commission (SEC) can be seen at its headquarters in Washington, D.C., USA on May 12, 2021. REUTERS / Andrew Kelly
June 8, 2021
By Katanga Johnson and Ross Kerber
WASHINGTON / BOSTON (Reuters) – A leader in the investment industry called on U.S. regulators on Monday to require public companies to disclose greenhouse gas emissions and employee demographic information, and supported efforts to make those details available to common shareholders.
The call from Eric Pan, president of the Investment Company Institute, came in response to a request for public comment from the Securities and Exchange Commission (SEC) on how it could get companies to report more about the environmental and social impact of their business. The institute represents investment funds, their shareholders and investment advisors.
The comments marked a change for the influential trading group after Pan urged regulators in May to only issue voluntary rules on climate disclosure.
When asked about the previous comments, an ICI spokesperson said that after speaking with members, “our views on the target of certain greenhouse gas emissions and human capital data have solidified”.
Investors have poured money into funds that base their investment decisions on sustainability criteria, which in turn urges large fund firms to support shareholder proposals for corporate reform.
In a letter to the SEC released Monday by ICI, Pan said the requirements would provide fund managers with consistent, comparable and reliable data.
Pan said some disclosures should be required, but the trading group hopes the SEC will be flexible in making changes as needed over time.
He also requested that the SEC require all companies to publicly disclose a form called EEO-1, which they file with the federal government, detailing the race and gender distribution of their workforce. More companies have https://www.reuters.com/article/us-minneapolis-police-corporatediversity/the-heats-on-corporate-america-to-reveal-racial-diversity-data-idUSKBN2431JY so after the Black last one Year Made The Lives Matter protests put a new focus on social justice issues.
In response to investor interest, the SEC plans to disclose detailed information on climate change and a range of personal data, its chairman Gary Gensler said.
(Reporting by Katanga Johnson in Washington and Ross Kerber in Boston; Editing by Michelle Price and Cynthia Osterman)
This article originally appeared on www.oann.com