Week in Review - August 2, 2023
Welcome to this week’s news brief. The?SEC?finalized new rules on cybersecurity last week and in a departure from the proposal, companies will not have to disclose whether there are cyber experts on their board. Leading up to the rule’s finalization, experts told Agenda that requiring disclosure about boardroom cyber expertise could impact board composition in unintended ways. Companies will still have to disclose details about the board’s process for overseeing cyber risk, however.
Under the new rule, companies will get four days to disclose a cyber attack to investors after determining it was material. However, in another break from the proposal, businesses will be allowed to petition the U.S. Attorney General for more time and delay disclosure for 30 days if the AG decides that making the hack public would harm national security or public safety.?Read more here.
Accounting for Jets
Companies will have to report more details about corporate aircraft use under the SEC’s proposed climate rules, which will require emissions disclosure related to travel if material. The fractional jet industry is anticipating more business based on the rule. After all, industry sources say, some companies could seek to move travel-related emissions off their Scope 1 or 2 carbon balance sheets and potentially into the Scope 3 bucket, which covers emissions from leased assets not controlled by the company. Reports suggest the commission is considering whether to nix Scope 3 disclosure in the final rule.
Either way, investors will be watching, and will likely see a much fuller picture of corporate jet use than the perks disclosures they’ve read in the past.?Read more here.
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