SEC Settles Charges with Keurig Over ESG Disclosures | Jones Day
The SEC s climate disclosure rules have faced numerous challenges and the Climate and ESG Task Force within the Division of Enforcement has been disbanded. Despite this, the SEC continues to pursue enforcement actions related to ESG disclosures. A recent case involved Keurig Dr Pepper Inc. (Keurig), which was charged with making inaccurate claims about the recyclability of its K-Cup pods. The SEC found Keurig s statements in its 2019 and 2020 Form 10-Ks to be incomplete and inaccurate, as Keurig failed to disclose that two large recycling companies involved in testing would not accept the pods. The SEC settled the charges for $1.5 million. Commissioner Peirce disagreed with the SEC s position, arguing that Keurig s statements were accurate since the pods were made of recyclable plastic and testing showed they could be recycled. She also claimed that the SEC did not prove that the recyclability of the pods was material to investors in 2019. The SEC remains focused on ESG-related disclosures, urging public companies to evaluate the accuracy and completeness of their ESG disclosures, especially considering what the Commission deems material to investors. This highlights the importance of transparency and accuracy in ESG disclosures amidst a changing regulatory landscape.
Source: jdsupra.comPublished on 2024-09-18
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