Abstract

As the U.S. Securities and Exchange Commission considers appropriate “ESG” disclosure mandates, the Financial Economist’s Roundtable contributes to the debate with a statement summarizing its policy discussion. The FER believes financial regulators should limit mandates to matters that directly affect the firm’s cash flows. Further, when issuer filings include ESG ratings, those filings should include information about the raters, the factors used, and the weights on the factors. The FER recommends that the SEC should not mandate disclosure of the firm’s impacts on environmental and social (E&S) outcomes.

中文翻译：

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SEC 应授权哪些与 ESG 相关的披露？

摘要

由于美国证券交易委员会考虑适当的“ESG”披露要求，金融经济学家圆桌会议通过一份总结其政策讨论的声明为辩论做出了贡献。FER 认为，金融监管机构应将授权限制在直接影响公司现金流的事项上。此外，当发行人文件包括 ESG 评级时，这些文件应包括有关评级人、使用的因素以及因素权重的信息。FER 建议 SEC 不应强制要求披露公司对环境和社会 (E&S) 结果的影响。