Part of the bargain of being a public company in the United States is that the firm must submit to the authority of the Securities and Exchange Commission (SEC) and its ability to require mandatory disclosures. However, that authority is not unlimited: the SEC cannot go beyond what the law will allow.
This limitation has significance even when you accept the argument that the SEC has the authority to require disclosures regardless of whether they are material to a reasonable investor. This is an argument that is likely to be adopted by the SEC when it soon proposes its highly anticipated mandatory climate-change disclosures.
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