Shareholder advocates are asking a trade association for the nation’s top CEOs to explain why it opposes a Biden administration climate policy that has the support of some of the group’s own members.
In a Wednesday letter to the Business Roundtable, the Interfaith Center on Corporate Responsibility said it is “deeply concerning” that the group has backed a legal bid to strike down the Securities and Exchange Commission’s regulation designed to enhance and standardize companies’ public disclosures related to the risks they face from climate change.
As a representative of shareholders in companies that belong to the Business Roundtable, the center wrote that it views the legal challenge “as an attempt to prevent the climate risk disclosures that investors widely have called for to fulfill their fiduciary interests.”
The Business Roundtable in June filed a friend of the court brief siding with the U.S. Chamber of Commerce in its opposition of the SEC rule. An analysis by POLITICO’s E&E News of regulatory filings in July found that more than a fifth of the group’s 27 board members had previously issued comments in support of the rule.
