In the context of increasing pressures for voluntary ESG disclosures, Jones Day's "Managing Legal Risks From ESG Disclosures Under U.S. Law" is an instructive reminder of the potential consequences associated with disclosure (whether mandated or voluntary), and the need for both a keen understanding of the governing regulatory schemes and adherence to a well-considered, disciplined disclosure process.
The memo identifies the myriad of potential ESG disclosure liability sources (e.g., securities law, SEC regulations, consumer protection and antifraud statutes) and targets (companies, CEOs and CFO in their "control" capacity, boards of directors), and suggests a number of sound action steps and practices for companies to consider to mitigate the risks.
See also the Society/Gibson Dunn & Crutcher's "Legal Risks and ESG Disclosures: What Corporate Secretaries Should Know," and additional resources on our Sustainability/ESG page. This post first appeared in the weekly Society Alert!