SEC

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Coalition on Inclusive Economic Growth Urges the SEC to Propose Human Capital Management Rule

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In partnership with B Lab U.S. & Canada and over 50 investor, business and philanthropic organizations, the U.S. Impact Investing Alliance sent a letter to SEC Chair Gary Gensler urging movement on the long-awaited rulemaking on corporate human capital management (HCM) disclosures. 

Investors are increasingly demanding clear, consistent and comparable information on material considerations such as a company’s workforce composition, compensation, health and safety, and diversity practices. In response to calls from investors, we encourage the Commission to pursue a comprehensive set of HCM disclosure requirements including universal quantitative and supplementary qualitative and information. 

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Opportunity to Support Milestone Regulations for Corporate Climate Transparency

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For years, investors have been demanding access to clear, consistent and comparable data from corporations on their climate risks and impacts. Last month, the SEC helped bring U.S. capital markets regulations into the 21st century by finalizing the climate disclosure rule, joining global regulators and standard setters in the pursuit of mandated, standardized corporate climate disclosures.

Unfortunately, the rule is now under attack, and impact investors must raise their voices in support at this critical moment. As the Alliance noted in our recent statement, we believe the SEC’s final rule represents an important baseline to build upon in the future, even with some provisions weakened from the original proposal. The SEC struck a careful balance based on significant consultation with investors, companies and other market stakeholders.

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The Importance of Safeguarding Impact Investing Principles and Accountability Mechanisms in the Face of Legal Challenges

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The past several months have seen a troubling surge of litigation threatening investor rights and the ability of regulators to respond to market imperatives. These attacks stem from the same desire to halt progress by private sector leaders and regulators toward a more transparent and accountable economic system. The U.S. Impact Investing Alliance has been working to counter the anti-environmental, social and governance (ESG) movement, and we see the same anti-ESG forces now mobilizing to undermine everything from climate disclosures to diversity, equity and inclusion (DEI). This piece analyzes the legal challenges that impact investing advocates should be tracking – some more high-profile than others, but all with the potential for significant ramifications for our collective ability to manifest a thriving, competitive economy.

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U.S. Impact Investing Alliance Applauds Milestone Regulation for Corporate Climate Disclosure

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Today, the U.S. Impact Investing Alliance applauds an important milestone for corporate transparency on climate factors. The Securities and Exchange Commission (SEC) released a long-awaited final rule requiring U.S.-listed companies to disclose information related to climate-related risks and their material impacts.

“Climate risk is financial risk, and investors need access to clear, comparable data on these factors from companies to inform their decisions,” said Fran Seegull, President of the Alliance. “Though there is room to strengthen certain provisions, we still believe the SEC’s final rule marks progress in advancing fair and efficient markets. Today signals a win for investors, U.S. economic competitiveness and market stability.” 

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Alliance Supports Effort to Clarify ESG Fund Names

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Today, the Securities and Exchange Commission voted 4-1 to support final rules addressing investment fund names, including those that purport to factor ESG criteria in investment decision making. A key goal of this update was to address "greenwashing" and other activities that could mislead investors about the sustainability or impact considerations of an investment fund. The U.S. Impact Investing Alliance was broadly supportive of this effort when proposed rules were released last year.

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SEC’s Disclosure Agenda Will Drive Transparency and Protect Investors

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In anticipation of SEC Chair Gensler’s appearance before the House Financial Services Committee this week, the U.S. Impact Investing Alliance reiterates our support for the agency’s investor-driven transparency and disclosure agenda.

Access to clear, comparable information on environmental, social and governance (ESG) factors empowers investors and paves the way for more transparency across the capital markets. This is why the Alliance supports urgent SEC action on corporate and asset manager disclosure requirements around financially relevant factors like climate risks and workforce diversity.

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Policy Corner: Get ready: ESG critics are coming for ‘S’ issues

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By: Fran Seegull

Originally Published In ImpactAlpha’s Policy Corner On April 4, 2023. Read The Article Here.

The year ahead promises to be a momentous one for progress on ‘S,’ or social issues, in public policy solutions, as a recent ImpactAlpha Call explored. From the SEC’s imminent proposal on human capital management disclosures to historic levels of federal funds flowing into rural and low-income communities, there is a groundswell of activity aimed at supporting workers and creating more equitable economic opportunities for all Americans.

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U.S. Impact Investing Alliance Testifies Before House Subcommittee on Corporate Human Capital Management Disclosures

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Earlier today, Fran Seegull, President of the U.S. Impact Investing Alliance, testified at a House Financial Services Subcommittee on Investor Protection, Entrepreneurship and Capital Markets hearing on E, S, G and W: Examining Private Sector Disclosure of Workforce Management, Investment, and Diversity Data.

Seegull’s testimony emphasized the need for the Securities and Exchange Commission (SEC) to pursue a rulemaking on standardized corporate human capital management disclosures, which are critical factors for investor decision-making.

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U.S. Impact Investing Alliance Supports Latest Regulatory Win for Investor Transparency

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The U.S. Impact Investing Alliance expressed support for the latest iteration of the U.S. Securities and Exchange Commission’s (SEC) disclosure agenda to improve transparency for investors. In addition to expressing broad support for the SEC’s objectives to combat greenwashing and equip investors with decision-useful information, the Alliance’s comments focused on ways the Commission could expand the scope and refine certain provisions in the final rule.

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Policy Corner: The S.E.C.’s new rules (Part Two): Five features of the ESG proposal that warrant attention from investors

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[Originally published in ImpactAlpha’s ‘Policy Corner’] I recently wrote about the transformational pair of proposed rules from the SEC that would, at long last, lend clarity and comparability to the ESG investing market. You can read my analysis of the two rulemakings – the Fund Names Rule Amendment and ESG Disclosure Rule – in an accompanying ImpactAlpha article. The two proposals contain a number of features likely to be of enormous importance to investors concerned about greenwashing and other deceptions regarding ESG funds by asset managers. I discuss five below that deserve focused attention in technical comments due to be filed with the SEC by its August 16 deadline.

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The Field Calls on the SEC to Prioritize Human Capital Management Disclosures

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In partnership with B Lab and nearly 50 investor, business and philanthropic organizations, the U.S. Impact Investing Alliance wrote to SEC Chair Gensler expressing support for the long-awaited rulemaking on corporate human capital management disclosures.

Related: Read more from our President, Fran Seegull, on how impact investors can set the record straight on the state of ESG investing and the policies necessary to promote a fair, efficient and sustainable investment ecosystem.

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Policy Corner: Rules and regulatory trends impact investors should be tracking

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[Originally published in ImpactAlpha’s ‘Policy Corner’] Public policy and regulatory action have helped accelerate and catalyze the flow of private capital for public good for decades. The historic regulatory moment we find ourselves in, marked by significant movement on landmark policies, calls for attention and action from actors across the impact investing ecosystem. Below are specific opportunities to raise your voice and help shape regulations that will impact the future of our field.

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Impact Investors Support SEC’s Leadership on Climate Transparency

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Earlier today, the U.S. Impact Investing Alliance submitted comments in support of the U.S. Securities and Exchange Commission’s (SEC) proposed rule to enhance and standardize climate-related corporate disclosures. This represents a historic moment for impact transparency, as investors have long been calling for accessibility to clear, comparable data related to environmental, social and governance (ESG) factors. The Alliance’s comments communicate broad support for the proposal, which is squarely in line with the SEC’s mandate to protect investors, maintain fair and efficient markets and facilitate capital formation.

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Regulatory Progress Toward Transparency in ESG Investing

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Earlier today, the U.S. Securities and Exchange Commission (SEC) proposed two sets of rules that will help shed light on the practices of investment funds and advisors that incorporate environmental, social and governance (ESG) investment factors into their strategies.

The U.S. Impact Investing Alliance is encouraged by the SEC's latest actions to help equip investors with clear, comparable and reliable information about the true nature of their investments and improve overall transparency and accountability across the capital markets.

The Alliance looks forward to reviewing the proposals in depth and providing comments regarding specific provisions and potential areas for strengthening the final rule.

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Impact Transparency on Climate Risks Is Good for Business, Investors and the Economy as a Whole

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A group of 60 impact-oriented business and investor organizations raises our collective and enthusiastic support for the SEC’s proposal to require U.S.-listed companies to disclose their exposure to climate risks, following longstanding calls from investors and other stakeholders. See our full comments to the SEC and keep reading to hear from the letter’s signatories directly.

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Policy Corner: On ESG disclosure, companies should listen to the opinion of the American public

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[Originally published in ImpactAlpha’s ‘Policy Corner’] The risk that climate change poses to business operations and investment portfolios and companies’ role in contributing to global temperature increases are now undeniable. Similarly, since the beginning of the pandemic, it has become clear how critical a strong human capital strategy is to business success.

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U.S. Impact Investing Alliance Celebrates Historic Step Forward on Corporate Climate Disclosure and Impact Transparency

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Today marks a major milestone for the impact investing community and its longstanding efforts to manifest a more equitable, inclusive and sustainable economy. The U.S. Impact Investing Alliance applauds the SEC for their leadership in advancing new climate reporting requirements for U.S.-listed companies, which represents one of the boldest steps a U.S. regulator has taken toward accounting for the risks of climate change to our economy in a transparent and meaningful way.

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Policy Corner: Agents of Impact eye corporate disclosure rules on climate and human capital

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[Originally published in ImpactAlpha’s ‘Policy Corner’] Healthy and functioning markets depend on transparency and accountability. Impact investors have long understood that this extends to a need for information on companies' behavior and impact on the world around them. Now, amid the growing urgency of the climate crisis and the cost of inequality, regulators are taking notice too.

 

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