“Materiality” Means What?

By Randi Morrison posted 05-06-2021 08:29 PM

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Wachtell Lipton’s “’Materiality’” in America and Abroad” provides an excellent overview of the longstanding notion of “materiality” that underlies the US securities laws in comparison to different definitions of materiality emerging in the EU and increasingly espoused by various widely known sustainability reporting frameworks including the World Economic Forum, GRI, CDP, Climate Disclosure Standards Board, IIRC, and SASB. The piece explains why the US standard with reference to the “reasonable investor” test withstands the passage of time and evolving issues and circumstances.

This post first appeared in the weekly Society Alert!

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