Interesting debate yesterday before the US Senate Banking Committee on the topic of expanding disclosures of US companies to include environmental, social and governance data besides just financial disclosures. The US House Committee on Financial Services held a hearing on the same topic last week. From testimony before the US Senate Banking Committee: US Senator Sherrod Brown: “SEC should act to require uniform disclosure of corporate ESG factors, said ranking committee member Sherrod Brown, D-Ohio
The US Comptroller General spoke in March before the US Senate Budget Committee about current abuses in government spending because of the lack of transparency and accountability and he personally indicated that he wanted to take an active role in the implementation of the DATA Act to usher in a new era of government financial accountability and transparency
Great news yesterday regarding the expanded use of XBRL across the capital markets by the Securities and Exchange Commission (US SEC). The US SEC Commission voted to propose rules to require public companies (+14,500) to disclose the relationship between executive compensation and the financial...
"In this age of big data, the government has all this data, but it isn't capable of using it because it can't even talk to itself about the numbers," Mulvaney said at his hearing before the Homeland Security and Government Affairs Committee. In another quote from the article: "It's almost as if the computer systems in the agencies are set up to not even allow the men and women working there to understand how the money is being spent."
Importance of Diversity and Inclusion Having an active diversity and inclusion strategy and disclosing these metrics included in the financial report also builds the business case to attract an increasing number of investors looking for this additional data disclosure. The US House of Representatives’ Financial Services Committee just created a Diversity and Inclusion subcommittee (the first in the nation’s history) to examine this important human capital topic and to understand what companies are disclosing this data, why and how the capital markets and government can support better disclosure. The financial services committee has Congressional oversight of the US SEC, PCAOB and the accounting and auditing profession, How Can Diversity and Inclusion Support a Company’s Business Case?
On the same day - February 6, 2019 -- companion bills were introduced into both the U.S. House of Representatives and Senate that would require every public company to disclose in proxy statements: (i) data regarding the racial, ethnic and gender composition of its board of directors, director nominees, and executive officers, as well as the status of any such person as a veteran, in each case, based on voluntary self-identification; and (ii) whether the board has a policy or strategy to promote racial, ethnic and gender diversity among directors, nominees or executive officers
What the world’s other largest and emerging securities regulators are doing to support sustainability disclosures: IOSCO´s Growth and Emerging Market Committee (GEMC) today published the consultation report Sustainable finance in emerging markets and the role of securities regulators , which proposes 11 recommendations for emerging market member jurisdictions to consider when issuing regulations or guidance regarding sustainable financial instruments
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All eyes now turn to see if SEC Chairman Mary Jo White -- will she mandate Inline XBRL for public company financial statement disclosure before President Obama leaves office and she resigns her position Chair and follow the ESMA mandate for EU public companies and other regulators such as UK Companies House. Will this action translate to DATA Act reporting by federal government agencies ?
This announcement today, follows the announcement last week from the White House that US Treasury and OMB has selected the XBRL data standard as the data standard to be used across financial government reporting for better transparency and accountability of federal, state and local governments
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