PwC specialists and a former SEC director discuss governance aspects of the climate disclosure proposal announced by the SEC in March.
On March 21, the SEC published a widely anticipated proposal to enhance companies' climate-related disclosures. In addition to details regarding how management identifies, assesses and manages climate-related risks and the related impact on financial metrics, the proposal calls for companies to provide information about how their boards provide oversight of climate-related matters.
In this episode, Heather Horn was joined by PwC’s Stephen Parker and Jamie Gamble, along with John White, a partner in the law firm Cravath, Swaine & Moore and former Director of the Division of Corporation Finance at the SEC, to focus on the governance aspects of the SEC's climate disclosure proposal.
In this episode, you will hear:
  • 2:46 - Potential timelines for final rule adoption and effective dates
  • 7:16 - The intent of the governance requirements in the climate disclosure proposal
  • 15:24 - If the governance provisions represent a trend for future SEC proposals
  • 25:45 - Reactions in the marketplace and how companies are navigating the “learning curve” around climate and governance
  • 28:29 - Perspectives on where responsibility for climate governance and oversight should reside
  • 41:42 - How board oversight of a well-defined ESG strategy allows companies to manage risks and drive success
  • 47:32 - Final advice on where boards and companies should focus as they continue to prepare for a final rule

Want to learn more? Listen to our previous podcasts that provide an overview of the proposal, related investor perspectives, and legal and regulatory perspectives on the proposal. Also refer to the text or audio version of our In the loop, The SEC wants me to disclose what?
About our guests
Stephen Parker is a partner in PwC’s Governance Insights Center, which strives to strengthen the connection between directors, executive teams, and investors by helping them navigate the evolving governance landscape. With more than 30 years of experience, Stephen has advised boards of directors on a variety of complex financial reporting matters. Stephen’s client service experience has included energy and utility companies, financial services companies, and nonprofits.
Jamie Gamble is a managing director in PwC's Trust Solutions practice with over 25 years of experience focused on corporate governance, cybersecurity, workforce, and ESG-related issues. Before joining PwC, he was a litigation partner at Simpson Thacher & Bartlett LLP.
John White is a partner at Cravath, Swaine & Moore LLP, and chair of that firm’s Corporate Governance and Board Advisory practice. He represents public companies on a variety of disclosure matters, including corporate governance, reporting, financings, and restatements. With over 50 years of experience, he previously served as the Director of the Division of Corporation Finance at the SEC and on the board of Financial Executives International. John is a current member of FASAC, and member of the Board of Trustees of the Practicing Law Institute where he also serves as chair of the audit committee.
About our host
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
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