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On March 4, Acting Chair Allison Herren Lee announced the creation of a “Climate and ESG Task Force” of 22 members from across the Enforcement Division:
Consistent with increasing investor focus and reliance on climate and ESG-related disclosure and investment, the Climate and ESG Task Force will develop initiatives to proactively identify ESG-related misconduct. The task force will also coordinate the effective use of Division resources, including through the use of sophisticated data analysis to mine and assess information across registrants, to identify potential violations.
The move is another, seemingly unilateral, move by the Acting Chair to amp up the SEC’s climate and ESG posture, consistent with the Biden Administration’s policy priorities. It follows the February 1 appointment of a Senior Policy Advisor for Climate and ESG in the Acting Chair’s office and a February 24 statement directing Corporat
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Yesterday, the SEC announced the formation of a Climate and ESG Task Force in the Division of Enforcement. This announcement follows Acting Chair Allison Herren Lee’s earlier statement directing the Division of Corporation Finance to enhance its focus on climate-related disclosures in public company filings, first by reviewing company disclosures and assessing companies’ compliance with disclosure obligations, including under the 2010 Commission Guidance Regarding Disclosure Related to Climate Change.
Consistent with other enforcement priorities, the Division of Enforcement’s efforts will employ “sophisticated data analysis to mine and assess information across registrants, to identify potential violations.” The Climate and ESG Task Force’s first area of focus is identifying “material gaps or misstatements in issuers’ disclosure of climate risks under existing rules.” The task force will also be
Securities and Exchange Commission’s Division of Examinations announced its examination priorities for 2021. SEC Enforcement priorities include a greater focus on climate-related risks, conflicts of interests for brokers and investment advisers, and attendant risks related to FinTech.