Investors are increasingly interested in corporate environmental, social, and governance (“ESG”) data, so the SEC has faced pressure to create a mandated ESG disclosure regime. The Commission has begun exploring ESG disclosures, including creating a dedicated task force and opening a public comment process. But, if the SEC wants to require corporations to provide investors with meaningful ESG data, it must be able to hold corporations civilly and criminally liable for providing false information—which hinges on ESG statements being material. This Comment analyzes what types of ESG data would likely be found material under current laws. After applying this information, this Comment concludes with various ways the SEC could utilize the materiality analysis to create a functional, standardized disclosure regime. This recommended framework would benefit investors by providing key ESG information while ensuring that the SEC and DOJ could attach liability to any incorrect and fraudulent data.

投资者对企业环境、社会和治理（“ESG”）数据越来越感兴趣，因此 SEC 面临着建立强制性 ESG 披露制度的压力。委员会已开始探索 ESG 披露，包括成立专门的工作组和启动公众意见征询程序。但是，如果 SEC 希望要求公司向投资者提供有意义的 ESG 数据，它必须能够追究公司提供虚假信息的民事和刑事责任——这取决于 ESG 声明是否重要。本评论分析了哪些类型的 ESG 数据可能在现行法律下被认定为重要数据。应用此信息后，本评论总结了 SEC 可以利用重要性分析创建实用的标准化披露制度的各种方式。