SEC final rule on disclosures for description of human capital

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September 2020


The Securities and Exchange Commission (SEC) on August 26 amended its disclosure requirements relating to the description of the business, legal proceedings, and risk factors, which are required in many SEC filings, including Form 10-K and registration statements. No significant revisions to these rules have been made in over 30 years. The final rules become effective 30 days after filing in the Federal Register.

The takeaway

Registrants should inventory their human capital metrics, measures, or objectives currently in use and/or disclosed, whether in current SEC filings or separate reporting, such as through the company’s sustainability reports, and determine if additional information may be needed to comply with the amended disclosures in the final SEC rule. Registrants also should review the processes and controls in place designed to reliably produce any necessary metrics or measures.

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Robert Gruman

US People & Organization Leader, PwC US

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