Friedman Kaplan Files Amicus Brief on Behalf of Institutional Investors in Support of SEC Climate Disclosure Rules
Friedman Kaplan filed an amicus brief on behalf of a group of institutional investors representing more than $2 trillion in assets under management in support of the U.S. Securities and Exchange Commission’s recently adopted climate disclosure rules for public issuers.
The brief argues that investors need reliable, decision-useful, and comparable climate-related information to make informed investment and voting decisions. It explains that the current voluntary disclosure system yields fragmented and inconsistent data that hampers investors' decision making, and that the SEC’s Final Rules will enhance reliability, comparability, and transparency, allowing better assessment of climate-related risks and opportunities, ultimately benefiting both institutional and individual investors by promoting more accurate asset pricing. The brief stresses that requiring disclosures about financial risks and opportunities is exactly what Congress established the SEC to do.
The case, Iowa et al. v. Securities and Exchange Commission, which has been consolidated with other suits brought by petitioners challenging the SEC’s climate disclosure rules, is currently before the U.S. Court of Appeals for the Eighth Circuit.
Our Friedman Kaplan team included partner Katherine L. Pringle, counsel Geoffrey Cajigas, and paralegal Rumana Khan. Law360 covered the filing, including commentary from Kate about why climate risk exposure is important and necessary information for investors.
