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Norway oil fund says it opposes SEC plan to drop climate disclosures
Norway’s Government Pension Fund Global, known for its oil revenues, said it backs the current materiality standard and warned that outright rescission is unnecessary.
Norway’s Government Pension Fund Global, the world’s largest sovereign wealth fund with about $2.3 trillion in assets, said it does not support a U.S. Securities and Exchange Commission proposal to rescind climate-related risk and disclosure requirements.
According to OilPrice, the SEC asked for investor input in May on whether to scrap final rules that require registrants to provide certain climate-related information in registration statements and annual reports.
The fund’s manager, Norges Bank Investment Management, said in a letter to the SEC that it does not recommend outright rescission of the rules and supports the existing materiality standard, which it said calls for disclosure of climate risks when those risks are material to a company’s financial condition.
OilPrice also notes that the investment manager argued the final rules provide an additional analytical layer by codifying a structured approach to how climate-related risks, when material, are identified, managed, and reflected in company governance and strategy.