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The February 8, 2010, Federal Register published the U.S. Securities and Exchange Commission's interpretive guidance to assist public companies regarding current SEC requirements as they relate to climate change (the "Guidance"). With this publication, the SEC aims to clarify the scope of, and promote consistency in, disclosures by public companies of material risks related to climate change. The Guidance is effective as of February 8, 2010. A copy of the Guidance as published in the Federal Register is available here.
In its press release announcing the Guidance, the SEC noted that it neither creates new nor modifies existing legal requirements. In comments before the January 27, 2010, Open Commission Meeting on Disclosure Related to Business or Legislative Events on the Issue of Climate Change, SEC Chairman Mary Schapiro said the SEC is "not considering amending well-defined rules concerning public company reporting obligations, nor redefining long-standing interpretations of materiality." She emphasized that the SEC is not "opining on whether the world's climate is changing; at what pace it might be changing; or due to what causes." Rather, Schapiro stated the purpose of the Guidance is to assist "public companies in determining what does and does not need to be disclosed." A copy of the SEC's press release is available here and a copy of Chairman Schapiro's remarks are available here.
Existing SEC reporting requirements require that a company report "material" information regarding environmental liabilities when describing its business, identifying pending legal proceedings, disclosing significant risk factors, and discussing management's financial condition and results of operation. The Guidance highlights four areas where climate change may trigger disclosure obligations consistent with existing SEC requirements as follows:
Day Pitney Alert
On June 2, at the CBIA's 2022 Energy & Environment Conference, Day Pitney Environmental and Land Use partner Harold Blinderman is moderating the panel, "A New Release-Based Clean-Up Program: Status, Process & Next Steps," and Elizabeth C. Barton, partner and Chair of the Environmental practice, is a panelist, along with speakers from CT DEEP's Environmental Quality Branch and Water Protection and Land Use division and BL Companies.
On May 18, Day Pitney New Jersey Real Estate Partner Peter Wolfson was a panelist on the "P3 Partnerships: A Path for Progressive Development," panel at a CoreNet NJ event.
Day Pitney is sponsoring the upcoming New England Energy Conference and Exposition (NEECE), which is being held on May 17-18 at the AC Hotel by Marriott in Worcester, MA.
Day Pitney Alert
Day Pitney Press Release
Day Pitney Hartford Attorney Ashley Membrino has been elected to the Board of Directors for the Hartford County Bar Association (HCBA).
Day Pitney Environmental Partner Todd Terhune was featured by Law360 Pulse in a Q&A article discussing his arrival to the firm and his position as Vice Chair of the Environmental practice.
Environmental partner Todd Terhune's arrival to Day Pitney was featured in Real Estate NJ article, "Day Pitney Adds Terhune as Partner, Vice Chair of Environmental Team."
Todd Terhune's arrival to the firm was profiled in the Law360 article titled, "Day Pitney Adds Environmental Group Vice Chair in NJ."
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