SEC Commissioner slays ‘myth’ that ESG disclosure rules must pass materiality test

Belief that corporate disclosure rules must be based on materiality is ‘legally incorrect, historically unsupported’, says Allison Herren Lee

SEC Commissioner Allison Herren Lee
SEC Commissioner Allison Herren Lee

The US Securities and Exchange Commission (SEC) is not bound by the concept of materiality when creating corporate disclosure rules, including those around ESG and climate change, according to Allison Herren Lee, one of its commissioners.

In a speech yesterday, Herren-Lee dismantl…

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