FFC SUPPORTS CLIMATE RISK DISCLOSURE REQUIRMENTS FOR PRIVATE MARKET COMPANIESApril 4, 2023
Friends Fiduciary and other investors joined a letter led by the Consumer Federation of America (CFA) to SEC Chairman, Gary Gensler, addressing the private market’s contribution to climate-related risks in the financial system. Public companies are selling high-emitting assets to private companies allowing public companies to appear more environmentally conscious without an overall reduction in emissions. The investor letter urges the SEC to “limit private companies ability to hide the climate-related risks” by “updating the Accredited Investor definition, making modest changes to the Regulation D framework, and making long overdue changes to Section 12(g) of the Exchange Act”. The letter was also featured in an article by the CFA found here.