The SEC had planned to usher in a new era of corporate disclosure but now it may be on hold. Its new rules would require public companies to report extensive climate-related information. They are intended to improve the consistency, comparability, and reliability of climate-related data and to provide detailed, decision-useful information for investors seeking company information before they invest.

But already some states and business groups are mounting legal challenges, arguing the rules exceed the SEC’s statutory authority and violate the First Amendment. Environmental advocates are also suing, claiming the rules don’t go far enough. And now in the wake of that litigation, the SEC has just issued a voluntary stay of the rules, hoping it will speed resolution of the case.

Join The Sidley Podcast host and Sidley partner, Sam Gandhi, as he speaks with two of the firm’s thought leaders on these issues — Sonia Barros and Heather Palmer. Sonia is a partner in Sidley’s Capital Markets practice and a co-leader of the firm’s Public Companies and ESG practices. Heather is an environmental and energy partner and a co-leader of the firm’s ESG and Climate Change practices. Together, they discuss the SEC’s newly adopted climate disclosure rules, the status of legal challenges, and how companies should prepare to comply with the requirements.

Executive Producer: John Metaxas, WallStreetNorth Communications, Inc.