CCRcorp Sites  

The CCRcorp Network unlocks access to a world of insights, research, guides and information in a range of specialty areas.

Our Sites


A basis for research and practical guidance focusing on federal securities laws, compliance & corporate governance.


An educational service that provides practical guidance on legal issues involving public and private mergers & acquisitions, joint ventures, private equity – and much more.


The “one stop” resource for information about responsible executive compensation practices & disclosure.

Widely recognized as the premier online research platform providing practical guidance on issues involving Section 16 of the Securities Exchange Act of 1934 and all of its related rules.


Keeping you in-the-know on environmental, social and governance developments

Yesterday was Day 1 of CCRcorp’s Proxy Disclosure Conference and the first speaker of the day was Erik Gerding, Director of SEC’s Division of Corporation Finance, who provided comments on a number of things (standard disclaimer that his comments were his and do not reflect the position of the Commission). Two points he made caught my attention:

  • No further information is yet public about the climate disclosure rule. The Staff is still working through the massive number of comments received on it (Erik said that the proposal set a new record for number of comments received). And yes, the majority had to do with Scope 3 emissions.
  • He also addressed 10-K risk factor disclosures in general, but what he said has specific relevance to climate risk disclosures that companies may already include in their 10-K reports. Erik commented that template or overly-general risk factor disclosures “aren’t helpful”; instead they need to be reasonably specific to the company’s situation. This resonated with me given the current trend towards greenhushing (generally not disclosing ESG/climate matters where possible). I can see where a company might prefer to disclose as little climate risk information as possible as a way to potentially minimize risks posed by anti-ESG efforts and state laws.

Although Erik didn’t discuss enforcement initiatives or trends relative to risk factor disclosures, it is notable that he mentioned it on his own. It probably wouldn’t be prudent for a company to try minimizing their climate risk discussion in their next 10-K and beyond. As a matter of fact, I would suggest making sure it is as robust and specific as possible before your next filing.

If you aren’t already signed up, subscribe to our complimentary ESG blog here for daily updates delivered right to you.

Back to all blogs

The Editor

Lawrence Heim has been practicing in the field of ESG management for almost 40 years. He began his career as a legal assistant in the Environmental Practice of Vinson & Elkins working for a partner who is nationally recognized and an adjunct professor of environmental law at the University of Texas Law School. He moved into technical environmental consulting with ENSR Consulting & Engineering at the height of environmental regulatory development, working across a range of disciplines. He was one… View Profile