House opposition is a blow for investors seeking clearer and more comparable data. Opponents claim that “Mandatory ESG disclosures only name and shame companies as well as waste precious company resources,”.
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US Congress rejects European-style ESG reporting standards
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The legislation would require the US Securities and Exchange Commission to write ESG disclosure rules. To date, the agency has done little to advance climate change disclosures on its own, beyond a 2010 set of guidelines on how existing rules may apply to climate- or weather-related risks. “Mandatory ESG disclosures only name and shame companies as well as waste precious company resources,” said Michigan Republican representative Bill Huizenga. “Mandating these disclosures is only doing more harm than good.”
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