The U.S. Securities and Exchange Commission on Wednesday will vote to propose a pair of rule changes aimed at stamping out unfounded claims by funds on their environmental, social and corporate governance credentials, and enforcing more standardization of such disclosures.
An SEC official said the agency estimates the new rule would capture around 75% of all funds versus 62% currently, and would bar funds from using “ESG” labels if those factors are not central to investment decisions. “We are hopeful that the new rule will require fund managers to follow basic naming guidelines. This will help to eliminate confusion and misleading marketing,” said Andrew Behar, president of climate activist group As You Sow.
SEC Chair Gary Gensler said in a statement that the measures respond to growing investor demand for such details.
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