Silicon Valley's Largest Companies: Stepped Up ESG Reporting Last Year

Key Takeaways * The number of SV 150 companies disclosing ESG information and the comprehensiveness of such disclosures increased in 2022. * Although ESG reporting has not been mandated, most companies have opted to provide some level of disclosure in response to stakeholder demands and in anticipat...

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Bibliographic Details
Published in:Insights; the Corporate & Securities Law Advisor 2023-06, Vol.37 (6), p.12-17
Main Authors: Bell, David A, Llewellyn, Ron C
Format: Article
Language:English
Subjects:
Disclosure
Energy consumption
Ethnicity
Financial reporting
Gender
High tech industries
Human capital
Life sciences
Multiculturalism & pluralism
Proxy statements
Race
Regulation of financial institutions
SEC proxy rules
Social responsibility
Stakeholders
Suppliers
Supply chains
Sustainability
Sustainability reporting
Trends
Workplace diversity
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Summary:Key Takeaways * The number of SV 150 companies disclosing ESG information and the comprehensiveness of such disclosures increased in 2022. * Although ESG reporting has not been mandated, most companies have opted to provide some level of disclosure in response to stakeholder demands and in anticipation of likely mandated disclosures by the Securities and Exchange Commission (SEC). * Areas most frequently disclosed include: environmental issues, human capital resources, diversity, supply chains, customers and products, community impact, and governance. * The quality of ESG disclosure varied by size of company, with the larger SV 150 companies generally providing more comprehensive disclosure, including quantitative metrics. * Technology and life sciences companies contemplating whether to voluntarily disclose ESG information or expand their disclosure should consider these trends and the types of information disclosed, to better assess their preparedness for ESG disclosure and meeting the demands of investors and other stakeholders. [...]party disclosure standards and frameworks often guided these disclosures, with many CSRs containing indices indicating how the information in the CSR satisfied one or more standards. Companies also discussed energy consumption (electricity and gas), water usage and waste management, and disclosed specific goals and commitments to reduce their carbon footprint and/or increase their usage of renewable energy. [...]it is likely that the amount of HCR disclosure in proxy statements and/or other SEC filings will increase in the near future.
ISSN:0894-3524