The U.S. Securities and Exchange Commission may make corporations reveal more about climate risks in key regulatory filings, a push that Wall Street and the biggest tech companies say will lead to a barrage of shareholder lawsuits.
Top SEC officials want the disclosures to carry the weight of quarterly or annual reports, said four people with knowledge of the matter, exposing companies to increased legal peril if their assessments turn out to be wrong. One option the SEC is strongly considering would require the disclosures appear in year-end financial statements, also known as 10-Ks, two of the people said.
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