Environmental disclosures summary
IBA Securities Law Committee members recently participated in a survey of disclosure requirements with regard to environmental and climate change issues under the securities laws of participating jurisdictions. Lawyers representing 25 countries ultimately participated.
The survey focused on five issues: (i) disclosure explicitly required by securities regulators with respect to environmental issues and climate change issues, (ii) disclosure implicitly required by securities regulators with respect to environmental issues and climate change issues, (iii) the treatment of foreign issuers with regard to the above disclosure requirements, (iv) disclosures required by the accounting principles applicable to public companies and (v) trends in enforcement by securities regulators of environmental and climate change disclosure requirements.
The results indicate that, unsurprisingly, disclosure of environmental and climate change issues is required in all participating jurisdictions to the extent they materially affect the value of an issuer’s securities. Approaches to explicit disclosure requirements on environmental issues, however, vary widely. Finally, on the topic of climate change, no participating jurisdiction imposes explicit disclosure requirements under its securities laws.
A full discussion of the survey responses, including references to responses by jurisdiction, is attached.
Please click here to view the presentation (Powerpoint)
Please click here to view the full summary (Word)