The agency’s approach threatens to increase compliance costs for firms and may unintentionally make it harder for investors to discern information that’s significant to a company’s bottom line, BlackRock said in a letter to SEC. The firm, among the leading advocates for sustainable investing, said it supports the overarching goal of having public companies disclose climate-related information.
The letter is one of many filed with the agency last week in response to its March proposal to force companies to include the data in annual reports and other filings. The effort is a cornerstone of the agenda of SEC Chair Gary Gensler, who has argued the disclosures are a vital tool for investors to make informed financial decisions.
While Republican lawmakers and businesses groups have submitted letters to the SEC rejecting parts or all of the proposal, the pushback from BlackRock is notable because its the world’s biggest asset manager.
Nasdaq Urges SEC Not to Move Ahead with Climate Disclosure Plan
Parts of the proposal “will decrease the effectiveness of the commission’s overarching goal of providing reliable, comparable, and consistent climate-related information to investors,” a group of BlackRock executives led by Paul Bodnar, global head of sustainable investing, wrote in the letter.
ca.finance.yahoo.com/news/blackrock-calls-sec-change-climate-183542721.html
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