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SEC Proposed Climate Disclosure: Verification

Authors

Jennifer A. Smokelin, Benjamin H. Patton, Mary M. Balaster, A.J. Wissinger, Megan S. Haines,
Todd Maiden

An aspect of the proposed climate disclosure rule released by the U.S. Securities Exchange Commission on March 21, 2022 focuses on "attestation" requirements in the proposed rule for Scope 1 and Scope 2 GHG emission disclosures.  This is a verification of emissions requirement by a third party and the SEC is actively seeking input on how to establish independence of that third party - speak now, those who will have to attest.

With respect to the issue of “impairment” of a third party provider’s independence, the SEC is requesting comment on whether it should simply require that the third-party be independent according to the standard under 1505(b), or some other standard, or alternatively whether the agency should develop new guidance on what constitutes impairment

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