On March 21st, the SEC hosted an open meeting to discuss the Enhancement and Standardization of Climate-Related Disclosures for Investors. As a result of this meeting, there are some proposed rules regarding new climate-related disclosure requirements. We bet you’ve got some questions, so we’ve provided some FAQs below.

FAQs

Q: What has Workiva leadership said about this announcement?

A: See CEO, Marty Vanderploeg’s letter and our press release.

Q: If adopted, how would this climate change proposal impact my 10-K and 20-F filings?

A: The SEC’s Fact Sheet, published with the proposal, is a helpful resource for a summary of the proposed rules. In essence, the proposed mandate would require the disclosure of climate-related risks, governance, financial impacts, and greenhouse gas (GHG) emissions of SEC registrants. The proposal would also require assurance for GHG emissions for certain registrants, and the addition of a financial statement footnote for climate-related financial statement metrics.

Q: When are these changes going to be effective?

A: Until a final rule is adopted by the SEC, there is no definitive effective date for the proposed rules. However, the SEC’s Fact Sheet published with the proposal shows large accelerated filers would first include the new disclosures in their fiscal year 2023 report, filed in 2024. Accelerated and non-accelerated filers would be given an additional year.

Q: How would I use the Workiva platform today to get ready for these proposed requirements? 

A: As we’re analyzing the proposal and waiting for the final legislation from the SEC, Workiva already offers an Sustainability Management solution featuring capabilities designed to help customers streamline their Sustainability reporting process. If you’d like to know more about that, please contact your Account Owner or Customer Success Manager.

Q: How can I learn more about Sustainability reporting?

A: We'll publish any Sustainability related webinars and recordings here on the Community. There's also a Using Sustainability course on the Learning Hub and in addition, our growing partner network is available to help our customers navigate the Sustainability landscape no matter where they are on their Sustainability journey. 

We will continue to keep you updated here on new happenings regarding climate-related disclosures. If you have any additional questions of your own, feel free to ask them here.