#aag? ,,congress  #a/ ,session  ,h4 ,r4 
#aahg  ,,an ,,act  ,to provide =        
disclosure ( additional mat]ial         
in=mation ab\t public companies &       
e/abli% a ,su/a9able ,f9ance ,advisory  
,committee1 & = o!r purposes4  #a4 ,%ort
 title ,?is ,act may be cit$ z !        
,corporate ,gov]nance ,improvem5t &     
,inve/or ,protection ,act4  ,i ,,esg    
,disclosure ,simplification  #aja4 ,%ort
 title ,?is title may be cit$ z ! ,,esg 
,disclosure ,simplification ,act (      
#bjba4  #ajb4 ,f9d+s ,congress f9ds !   
foll[+3 7#a7 ,! ,securities & ,ex*ange  
,commission has broad au?ority to       
require ! disclosure ( in=mation if su* 
in=mation is 9 ! int]e/ (1 or is mat]ial
 to inve/ors4  7#b7 ,! ,commission does 
n require companies to disclose         
in=mation relat$ to environm5tal1       
social1 & gov]nance 7,,esg7 matt]s1 &   
does n require companies to adh]e to    
/&>ds = disclos+ su* in=mation4  7#c7   
,inve/ors h report$ t volunt>y          
disclosures ( ,,esg metrics are         

inadequate4  7#d7 ,a rule requir+       
report+ & /&>dization ( ,,esg           
disclosures is 9 ! int]e/ ( inve/ors4   
7#e7 ,,esg matt]s are mat]ial to        
inve/ors1 & ! ,commission mu/ e/abli%   
/&>ds = disclosure ( su* matt]s4  #ajc4 
,,esg disclosures  7a7 ,9 g5]al ,section
 #ad ( ! ,securities ,ex*ange ,act (    
#aicd 7#ae ,u4,s4,c4 #ghn7 is am5d$ by  
add+ at ! end ! foll[+3  7k7 ,,esg      
disclosures  7#a7 ,9 g5]al ,ea* issu] ! 
securities ( :i* are regi/]$ "u section 
#ab or t is requir$ to file annual      
reports "u section #ae7;d7 %all disclose
 9 any proxy or cons5t solicitation     
mat]ial = an annual meet+ ( !           
%>ehold]s--  7,a7 a cle> description ( !
 views ( ! issu] ab\t ! l9k betwe5 ,,esg
 metrics & ! long-t]m bus9ess /rategy ( 
! issu]2 &  7,b7 a description ( any    
process ! issu] uses to det]m9e ! impact
 ( ,,esg metrics on ! long-t]m bus9ess  
/rategy ( ! issu]4  7#b7 ,,esg metrics  
def9$ ,9 ?is subsection1 ! t]m ,,esg    
metrics has ! mean+ giv5 ! t]m 9 "p #baj

 ( title #ag1 ,code ( ,f$]al            
,regulations z am5d$ pursuant to section
 #c7;b7 ( ! ,,esg ,disclosure           
,simplification ,act ( #bjba4  4  7b7   
,rulemak+  7#a7 ,9 g5]al ,! ,securities 
& ,ex*ange ,commission 79 ?is ,act      
ref]r$ to z ! ,commission7 %all am5d "p 
#baj ( title #ag1 ,code ( ,f$]al        
,regulations 7or any successor !reto7   
to--  7,a7 require ea* issu]1 9 any fil+
 ( ! issu] describ$ 9 su* "p t requires 
audit$ f9ancial /atem5ts1 to disclose   
environm5tal1 social1 & gov]nance       
metrics 79 ?is title ref]r$ to z ,,esg  
metrics72 &  7,b7 def9e ,,esg metrics4  
7#b7 ,su/a9able ,f9ance ,advisory       
,committee ,! ,su/a9able ,f9ance        
,advisory ,committee e/abli%$ pursuant  
to section #d7k7 ( ! ,securities &      
,ex*ange ,act ( #aicd %all1 n lat] ?an  
#ahj days aft] ! date ( ! fir/ meet+ (  
su* ,committee1 submit to ! ,commission 
recomm5dations ab\t :at ,,esg metrics ! 
,commission %\ld require issu]s to      
disclose4  7#c7 ,mat]iality ,x is ! s5se

 ( ,congress t ,,esg metrics1 z su* t]m 
is def9$ by ! ,commission pursuant to   
p>agraph 7#a71 are de facto mat]ial = ! 
purposes ( disclosures "u ! ,securities 
,ex*ange ,act ( #aicd & ! ,securities   
,act ( #aicc4  7#d7 ,incorporation (    
int]national /&>ds ,:5 am5d+ "p #baj (  
title #ag1 ,code ( ,f$]al ,regulations  
7or any successor !reto7 pursuant to    
p>agraph 7#a71 ! ,commission may1 z !   
,commission det]m9es appropriate1       
incorporate any int]nationally          
recogniz$1 indep5d5t1 multi-/akehold]   
environm5tal1 social1 & gov]nance       
disclosure /&>ds4  7#e7 ,location (     
disclosure ,any disclosure requir$ by   
p>agraph 7#a7 may be includ$ 9 a notes  
section ( ! fil+4  7#f7 ,delay = small  
issu]s ,! ,commission may use a phas$   
approa* :5 apply+ any am5dm5ts made     
pursuant to p>agraph 7#a7 to small      
issu]s & may det]m9e ! crit]ia by :i* an
 issu] qualifies z a small issu] =      
purposes ( su* phas$ approa*4  #ajd4    
,su/a9able ,f9ance ,advisory ,committee 

,section #d ( ! ,securities ,ex*ange    
,act ( #aicd 7#ae ,u4,s4,c4 #gh;d7 is   
am5d$ by add+ at ! end ! foll[+3  7k7   
,su/a9able ,f9ance ,advisory ,committee 
7#a7 ,e/abli%m5t ,! ,commission %all    
e/abli% a p]man5t advisory committee to 
be call$ ! ,su/a9able ,f9ance ,advisory 
,committee 79 ?is subsection ref]r$ to z
 ! ,committee74  7#b7 ,duties (         
,committee ,! ,committee %all--  7,a7   
submit a report to ! ,commission n lat] 
?an #ah mon?s aft] ! date ( ! fir/ meet+
 ( ! ,committee t-- 7i7 id5tifies !     
*all5ges & opportunities = inve/ors     
associat$ ) su/a9able f9ance2 &  7ii7   
recomm5ds policy *anges to facilitate ! 
fl[ ( capital t[>ds su/a9able inve/m5ts1
 9 p>ticul> environm5tally su/a9able    
inve/m5ts2  7,b7 :5 solicit$1 advise !  
,commission on su/a9able f9ance2 &  7,c7
 communicate ) individuals & entities ) 
an int]e/ 9 su/a9able f9ance4  7#c7     
,memb]%ip  7,a7 ,memb]s  7i7 ,9 g5]al ,!
 ,committee %all consi/ ( no m ?an #bj  
memb]s :o %all ea* s]ve = "o f\r-ye>    

t]m4  7ii7 ,repres5tation ,ea* memb]    
%all repres5t individuals & entities )  
an int]e/ 9 su/a9able f9ance1 su* z--   
7,i7 exp]ts on su/a9able f9ance2  7,,ii7
 op]ators ( f9ancial infra/ructure2     
7,,iii7 entities t provide analysis1    
data1 or me?odologies t facilitate      
su/a9able f9ance2  7,,iv7 insurance     
companies1 p5sion funds1 asset manag]s1 
depository in/itutions1 or cr$it unions2
 or  7,v7 o!r f9ancial in/itutions t    
int]m$iate inve/m5ts 9 su/a9able f9ance 
or manage risks relat$ to su/a9able     
developm5t4  7iii7 ,repres5tation (     
int]e/s ,a memb] may n repres5t a s+le  
individual or entity & %all repres5t    
types ( individuals & entities ) simil> 
int]e/s 9 su/a9able f9ance4  7,b7       
,selection  7i7 ,9 g5]al ,! ,commission 
%all--  7,i7 publi% crit]ia = selection 
( memb]s on ! website ( ! ,commission & 
9 ! ,f$]al ,regi/]2 &  7,,ii7 solicit   
applications = memb]%ip on ! website ( !
 ,commission & 9 ! ,f$]al ,regi/]4  7ii7
 ,equal %>e ,f ! individuals :o submit  

applications = memb]%ip1 ea*            
,commission] ( ! ,commission %all select
 an equal numb] ( ! memb]s ( !          
,committee4  7,c7 ,pay ,memb]s may n    
receive pay by reason ( _! s]vice on !  
,committee b may receive travel or      
transportation exp5ses 9 accordance )   
applicable provisions "u sub*apt] ,i (  
*apt] #eg ( title #e1 ,unit$ ,/ates     
,code4  7,d7 ,memb] transp>5cy ,! "n (  
ea* memb] & ! types ( individuals &     
entities t su* memb] repres5ts %all be  
publi%$ on ! website ( ! ,commission4   
7,e7 ,/aff ,! ,committee %all be        
support$ by /aff f ! ,(fice ( ! ,inve/or
 ,advocate ( ! ,commission t are d$icat$
 to environm5tal1 social & gov]nance 79 
?is subsection ref]r$ to z ,,esg7       
issues4  7,f7 ,au?orization (           
appropriation ,!re are au?oriz$ to be   
appropriat$ su* sums z are necess>y to  
f9ance co/s associat$ ) /aff d$icat$ to 
,,esg issues 9 ! ,(fice ( ! ,inve/or    
,advocate ( ! ,commission4  7#d7        
,su/a9able f9ance ,= ! purposes ( ?is   

subsection1 ! t]m su/a9able f9ance means
 ! provision ( f9ance ) respect to      
inve/m5ts tak+ into acc\nt environm5tal1
 social1 & gov]nance consid]ations4     
7#e7 ,,sec ,response ,! ,commission     
%all1 n lat] ?an #f mon?s aft] ! date on
 :i* ! ,committee submits a report to ! 
,commission pursuant to p>agraph        
7#b77;,a71 publi% a response to su*     
report4  4  #aje4 ,/udy on %>ehold]     
collective action ,n lat] ?an #a ye>    
aft] ! date ( ! enactm5t ( ?is ,act1 !  
,securities & ,ex*ange ,commission      
%all--  7#a7 conduct a /udy on-- 7,a7 ! 
em]g5ce1 viability1 & significance (    
coalitions ( %>ehold]s :o wi% to pres]ve
 & promote critical employm5t & ,,esg   
/&>ds2  7,b7 :e!r & to :at ext5t        
%>ehold] collective action-- 7i7 occurs2
 &  7ii7 has implications ) respect to  
fil+ requirem5ts "u ! ,securities       
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gh;a et seq472 &  7,c7 any possible    
anticompetitive activities associat$ )  
%>ehold] collective action2 &  7#b7     

submit to ,congress a report t          
includes-- 7,a7 ! f9d+s ( ! /udy        
conduct$ "u p>agraph 7#a72  7,b7        
guidance1 :i* may include an approv$    
li/1 ( %>ehold] engagem5t activities t  
are n consid]$ to involve que/ions (    
corporate control2 &  7,c7              
recomm5dations on regulatory safe h>bors
 = engagem5t ) respect to su/a9ability  
gu>drails & simil> re/rictions on       
portfolio company conduct ) a goal (--  
7i7 pres]v+ economic ju/ice1            
environm5tal sy/ems1 & social           
in/itutions2 &  7ii7 o!rwise protect+ ! 
common int]e/s ( corporate %>ehold]s &  
/akehold]s4  ,,ii ,%>ehold] ,political  
,transp>5cy  #bja4 ,%ort title ,?is     
title may be cit$ z ! ,%>ehold]         
,political ,transp>5cy ,act ( #bjba4    
#bjb4 ,f9d+s ,congress f9ds t--  7#a7   
corporations make significant political 
contributions & exp5ditures t directly  
or indirectly influ5ce ! election (     
c&idates & support or oppose political  
causes2  7#b7 decisions to use corporate

 funds = political contributions &      
exp5ditures are usually made by         
corporate bo>ds & executives1 r ?an     
%>ehold]s2  7#c7 corporations1 act+     
?r\gh bo>ds & executives1 are obligat$  
to conduct bus9ess = ! be/ int]e/s ( _! 
own]s1 ! %>ehold]s2  7#d7 hi/orically1  
%>ehold]s h n _h a way to "k1 or to     
influ5ce1 ! political activities (      
corporations !y own2  7#e7 %>ehold]s & !
 public h a "r to "k h[ corporate       
manag]s are sp5d+ company funds to make 
political contributions & exp5ditures   
b5efitt+ c&idates1 political p>ties1 &  
political causes2 &  7#f7 corporations  
%\ld be acc\ntable to %>ehold]s 9 mak+  
political contributions or exp5ditures  
affect+ ,f$]al gov]nance & public       
policy4  #bjc4 ,report+ requirem5ts     
,section #ac ( ! ,securities ,ex*ange   
,act ( #aicd 7#ae ,u4,s4,c4 #ghm7 is    
am5d$ by add+ at ! end ! foll[+3  7s7   
,report+ requirem5ts relat+ to c]ta9    
political exp5ditures  7#a7 ,def9itions 
,9 ?is subsection3  7,a7 ,exp5diture =  

political activities ,! t]m exp5diture =
 political activities-- 7i7 means--     
7,i7 an indep5d5t exp5diture 7z def9$ 9 
section #cja7ag7 ( ! ,f$]al ,election   
,campaign ,act ( #aiga 7#eb ,u4,s4,c4   
#cjaja7ag7772  7,,ii7 an electione]+    
communication 7z def9$ 9 section        
#cjd7;f77#c7 ( t ,act 7#eb ,u4,s4,c4    
#cjajd7;f77#c777 & any o!r public       
communication 7z def9$ 9 section        
#cja7bb7 ( t ,act 7#eb ,u4,s4,c4        
#cjaja7bb777 t w\ld be an electione]+   
communication if x 7 a broadca/1 cable1 
or satellite communication2 or  7,,iii7 
dues or o!r paym5ts to trade            
associations or organizations describ$ 9
 section #eja7;c7 ( ! ,int]nal ,rev5ue  
,code ( #aihf & exempt f tax "u section 
#eja7;a7 ( t ,code t are1 or c\ld       
reasonably be anticipat$ to be1 us$ or  
transf]r$ to ano!r association or       
organization = ! purposes describ$ 9    
subclause 7,i7 or 7,,ii72 &  7ii7 does n
 include--  7,i7 direct lobby+ ef=ts    
?r\gh regi/]$ lobbyi/s employ$ or hir$  

by ! issu]2  7,,ii7 communications by an
 issu] to its %>ehold]s & executive or  
adm9i/rative p]sonnel & _! families2 or 
7,,iii7 ! e/abli%m5t & adm9i/ration (   
contributions to a sep>ate segregat$    
fund to be utiliz$ = political purposes 
by a corporation4  7,b7 ,issu] ,! t]m   
issu] does n include an inve/m5t company
 regi/]$ "u section #h ( ! ,inve/m5t    
,company ,act ( #aidj 7#ae ,u4,s4,c4    
#hj;a-#h74  7#b7 ,qu>t]ly reports  7,a7 
,reports requir$ ,n lat] ?an #ahj days  
aft] ! date ( enactm5t ( ?is subsection1
 ! ,commission %all am5d ! report+ rules
 "u ?is section to require ea* issu] ) a
 class ( equity securities regi/]$ "u   
section #ab ( ?is title to submit to !  
,commission & ! %>ehold]s ( ! issu] a   
qu>t]ly report conta9+-- 7i7 a          
description ( any exp5diture = political
 activities made dur+ ! prec$+ qu>t]2   
7ii7 ! date ( ea* exp5diture = political
 activities2  7iii7 ! am\nt ( ea*       
exp5diture = political activities2  7iv7
 if ! exp5diture = political activities 

0 made 9 support ( or 9 opposition to a 
c&idate1 ! "n ( ! c&idate & ! (fice     
s\ght by1 & ! political p>ty affiliation
 (1 ! c&idate2 &  7v7 ! "n or id5tity ( 
trade associations or organizations     
describ$ 9 section #eja7;c7 ( ! ,int]nal
 ,rev5ue ,code ( #aihf & exempt f tax "u
 section #eja7;a7 ( su* ,code :i*       
receive dues or o!r paym5ts z describ$ 9
 p>agraph 7#a77;,a77i77,,iii74  7,b7    
,public availability ,! ,commission %all
 ensure t ! qu>t]ly reports requir$ "u  
?is p>agraph are publicly available     
?r\gh ! ,int]net website ( ! ,commission
 & ?r\gh ! ,,edg> sy/em 9 a mann] t is  
se>*able1 sortable1 & d[nloadable1      
consi/5t ) ! requirem5ts "u section #bd4
  7#c7 ,annual reports ,n lat] ?an #ahj 
days aft] ! date ( enactm5t ( ?is       
subsection1 ! ,commission %all1 by rule1
 require ea* issu] to include 9 ! annual
 report ( ! issu] to %>ehold]s--  7,a7 a
 summ>y ( ea* exp5diture = political    
activities made dur+ ! prec$+ ye> 9     
excess ( #aj1jjj1 & ea* exp5diture =    

political activities = a p>ticul>       
election if ! total am\nt ( su*         
exp5ditures = t election is 9 excess (  
#aj1jjj2  7,b7 a description ( !        
specific nature ( any exp5diture =      
political activities ! issu] int5ds to  
make = ! =?com+ fiscal ye>1 to ! ext5t !
 specific nature is kn[n to ! issu]2 &  
7,c7 ! total am\nt ( exp5ditures =      
political activities int5d$ to be made  
by ! issu] = ! =?com+ fiscal ye>4  4    
#bjd4 ,reports  7a7 ,securities &       
,ex*ange ,commission ,! ,securities &   
,ex*ange ,commission %all--  7#a7       
conduct an annual assessm5t ( !         
compliance ( issu]s ) section #ac7s7 ( !
 ,securities ,ex*ange ,act ( #aicd1 z   
add$ by section #bjc2 &  7#b7 submit to 
,congress an annual report conta9+ !    
results ( ! assessm5t "u p>agraph 7#a74 
7b7 ,gov]nm5t ,acc\ntability ,(fice ,!  
,comptroll] ,g5]al ( ! ,unit$ ,/ates    
%all p]iodically evaluate & report to   
,congress on ! effectiv5ess ( ! ov]sight
 by ! ,securities & ,ex*ange ,commission

 ( ! report+ & disclosure requirem5ts "u
 section #ac7s7 ( ! ,securities ,ex*ange
 ,act ( #aicd1 z add$ by section #bjc4  
,,iii ,great] ,acc\ntability 9 ,pay     
#cja4 ,%ort title ,?is title may be cit$
 z ! ,great] ,acc\ntability 9 ,pay ,act 
( #bjba4  #cjb4 ,pay raise disclosures  
,section #ac ( ! ,securities ,ex*ange   
,act ( #aicd 7#ae ,u4,s4,c4 #ghm71 z    
am5d$ by section #bjc1 is fur!r am5d$ by
 add+ at ! end ! foll[+3  7t7 ,pay raise
 disclosures ,an issu] requir$ to file  
an annual report "u ?is section or      
section #ae7;d71 t is n an em]g+ gr[?   
company1 %all include 9 su* report--    
7#a7 ! p]c5tage increase 9 ! m$ian ( !  
annual total comp5sation ( all executive
 (fic]s 7z su* t]m is def9$ 9 section   
#bdj4c;b-#g ( title #ag1 ,code ( ,f$]al 
,regulations7 ( ! issu] ov] ! la/       
complet$ fiscal ye>2  7#b7 ! p]c5tage   
increase 9 ! m$ian ( ! annual total     
comp5sation ( all employees ( ! issu]1  
exclud+ executive (fic]s1 ov] ! la/     
complet$ fiscal ye>2  7#c7 ! ratio ( !  

p]c5tage describ$ 9 p>agraph 7#a7 to !  
p]c5tage describ$ 9 p>agraph 7#b72  7#d7
 a comp>ison ( ! p]c5tage describ$ 9    
p>agraph 7#a7 to ! p]c5tage *ange ov] ! 
same p]iod 9 ! ,consum] ,price ,index = 
,all ,urban ,consum]s publi%$ by !      
,bureau ( ,labor ,/ati/ics ( ! ,dep>tm5t
 ( ,labor2 &  7#e7 a comp>ison ( !      
p]c5tage describ$ 9 p>agraph 7#b7 to !  
p]c5tage *ange ov] ! same p]iod 9 !     
,consum] ,price ,index = ,all ,urban    
,consum]s publi%$ by ! ,bureau ( ,labor 
,/ati/ics ( ! ,dep>tm5t ( ,labor4  4    
,,iv ,climate ,risk ,disclosure  #dja4  
,%ort title ,?is title may be cit$ z !  
,climate ,risk ,disclosure ,act ( #bjba4
  #djb4 ,s5se ( ,congress ,x is ! s5se (
 ,congress t-- 7#a7 climate *ange poses 
a significant & increas+ ?reat to ! gr[?
 & /ability ( ! economy ( ! ,unit$      
,/ates2  7#b7 _m sectors ( ! economy ( !
 ,unit$ ,/ates & _m ,am]ican bus9esses  
are expos$ to climate-relat$ risk1 :i*  
may include exposure to-- 7,a7 !        
physical impacts ( climate *ange1       

includ+ ! rise ( ! av]age global        
temp]ature1 accel]at+ sea-level rise1   
des]tification1 ocean acidification1    
int5sification ( /orms1 increase 9 heavy
 precipitation1 m frequ5t & int5se      
temp]ature extremes1 m sev]e dr\ghts1 & 
long] wildfire seasons2  7,b7 ! economic
 disruptions & security ?reats t result 
f ! physical impacts describ$ 9         
subp>agraph 7,a7 includ+ conflicts ov]  
sc>ce res\rces1 conditions conducive to 
viol5t extremism1 ! spread ( infecti\s  
diseases1 & =c$ migration2  7,c7 !      
transition impacts t result z ! global  
economy transitions to a clean &        
r5ewable en]gy1 l[-emissions economy1   
includ+ f9ancial impacts z climate *ange
 fossil fuel assets becom+ /r&$ & x     
becomes uneconomic = companies to       
develop fossil fuel assets z policymak]s
 act to limit ! wor/ impacts ( climate  
*ange by keep+ ! rise 9 av]age global   
temp]ature to #a4e degrees ,celsius     
above pre-indu/rial levels2 &  7,d7     
actions by ,f$]al1 ,/ate1 ,tribal1      

t]ritorial1 & local gov]nm5ts to limit !
 wor/ effects ( climate *ange by enact+ 
policies t keep ! global av]age surface 
temp]ature rise to #a4e degrees ,celsius
 above pre-indu/rial levels2  7#c7      
assess+ ! pot5tial impact (             
climate-relat$ risks on national &      
int]national f9ancial sy/ems is an urg5t
 conc]n2  7#d7 companies h a duty to    
disclose f9ancial risks t climate *ange 
pres5ts to _! inve/ors1 l5d]s1 &        
insur]s2  7#e7 ! ,securities & ,ex*ange 
,commission has a duty to promote a     
risk-in=m$ securities m>ket t is wor?y (
 ! tru/ ( ! public z families inve/ = _!
 futures2  7#f7 inve/ors1 l5d]s1 &      
insur]s are increas+ly dem&+ climate    
risk in=mation t is consi/5t1 comp>able1
 reliable1 & cle>2  7#g7 includ+        
/&>diz$1 mat]ial climate *ange risk &   
opportunity disclosure t is useful =    
decision mak]s 9 annual reports to !    
,commission w increase transp>5cy )     
respect to risk accumulation & exposure 
9 f9ancial m>kets2  7#h7 requir+        

companies to disclose climate-relat$    
risk exposure & risk managem5t /rategies
 w enc\rage a smoo!r transition to a    
clean & r5ewable en]gy1 l[-emissions    
economy & guide capital allocation to   
mitigate1 & adapt to1 ! effects (       
climate *ange & limit damages associat$ 
) climate-relat$ ev5ts & disa/]s2 &     
7#i7 a critical compon5t 9 fight+       
climate *ange is a transp>5t acc\nt+ ( !
 risks t climate *ange pres5ts & !      
implications ( cont9u$ inaction )       
respect to climate *ange4  #djc4        
,disclosures relat+ to climate *ange    
,section #ac ( ! ,securities ,ex*ange   
,act ( #aicd 7#ae ,u4,s4,c4 #ghm71 z    
am5d$ by section #cjb1 is fur!r am5d$ by
 add+ at ! end ! foll[+3  7u7           
,disclosures relat+ to climate *ange    
7#a7 ,def9itions ,9 ?is subsection3     
7,a7 #a4e degree sc5>io ,! t]m #a4e     
degree sc5>io means a sc5>io t aligns ) 
gre5h\se gas emissions pa?ways t aim to 
limit global w>m+ to #a4e degrees       
,celsius above pre-indu/rial levels4    

7,b7 ,appropriate climate pr9cipals ,!  
t]m appropriate climate pr9cipals       
means--  7i7 ! ,adm9i/rator ( !         
,environm5tal ,protection ,ag5cy2  7ii7 
! ,adm9i/rator ( ! ,national ,oceanic & 
,atmosph]ic ,adm9i/ration2  7iii7 !     
,director ( ! ,(fice ( ,managem5t &     
,budget2  7iv7 ! ,secret>y ( ! ,int]ior2
  7v7 ! ,secret>y ( ,en]gy2 &  7vi7 !   
head ( any o!r ,f$]al ag5cy1 z det]m9$  
appropriate by ! ,commission4  7,c7     
,basel9e sc5>io ,! t]m basel9e sc5>io   
means a widely-recogniz$ analysis sc5>io
 9 :i* levels ( gre5h\se gas emissions1 
z ( ! date on :i* ! analysis is p]=m$1  
cont9ue to gr[1 result+ 9 an increase 9 
! global av]age temp]ature ( #a4e       
degrees ,celsius or m above             
pre-indu/rial levels4  7,d7 ,c>bon      
dioxide equival5t ,! t]m c>bon dioxide  
equival5t means ! numb] ( metric tons ( 
c>bon dioxide emissions ) ! same global 
w>m+ pot5tial z "o metric ton ( ano!r   
gre5h\se gas1 z det]m9$ "u table ,a-#a (
 subp>t ,a ( "p #ih ( title #dj1 ,code (

 ,f$]al ,regulations1 z 9 effect on !   
date ( enactm5t ( ?is subsection4  7,e7 
,climate *ange ,! t]m climate *ange     
means a *ange ( climate t is-- 7i7      
attribut$ directly or indirectly to     
human activity t alt]s ! composition ( !
 global atmosph]e2 &  7ii7 9 addition to
 natural climate v>iability obs]v$ ov]  
comp>able "t p]iods4  7,f7 ,comm]cial   
developm5t ( fossil fuels ,! t]m        
comm]cial developm5t ( fossil fuels     
includes--  7i7 exploration1 extraction1
 process+1 export+1 transport+1 ref9+1 &
 any o!r significant action ) respect to
 oil1 natural gas1 coal1 or any         
byproduct !re( or any o!r solid or      
liquid hydroc>bons t are comm]cially    
produc$2 &  7ii7 acquir+ a lic5se = any 
activity describ$ 9 clause 7i74  7,g7   
,cov]$ issu] ,! t]m cov]$ issu] means an
 issu] t is requir$ to file an annual   
report "u subsection 7a7 or section     
#ae7;d74  7,h7 ,direct & indirect       
gre5h\se gas emissions ,! t]m direct &  
indirect gre5h\se gas emissions         

includes1 ) respect to a cov]$ issu]--  
7i7 all direct gre5h\se gas emissions   
releas$ by ! cov]$ issu]2  7ii7 all     
indirect gre5h\se gas emissions )       
respect to electricity1 heat1 or /eam   
pur*as$ by ! cov]$ issu]2  7iii7        
significant indirect emissions1 o!r ?an 
! emissions describ$ 9 clause 7ii71     
emitt$ 9 ! value *a9 ( ! cov]$ issu]2 & 
7iv7 all indirect gre5h\se gas emissions
 t are attributable to assets own$ or   
manag$1 includ+ assets t are p>tially   
own$ or manag$1 by ! cov]$ issu]4  7,i7 
,fossil fuel res]ves ,! t]m fossil fuel 
res]ves has ! mean+ giv5 ! t]m res]ves  
"u ! f9al rule ( ! ,commission titl$    
,mod]nization ( ,oil & ,gas ,report+    
7#gd ,f$4 ,reg4 #baeh2 publi%$ ,janu>y  
#ad1 #bjji74  7,j7 ,gre5h\se gas ,! t]m 
gre5h\se gas--  7i7 means c>bon dioxide1
 hydr(luoroc>bons1 me?ane1 nitr\s oxide1
 p]fluoroc>bons1 sulfur hexafluoride1   
nitrog5 trifl\ride1 & *lor(luoroc>bons2 
7ii7 includes any o!r                   
an?ropog5ically-emitt$ gas t !          

,adm9i/rator ( ! ,environm5tal          
,protection ,ag5cy det]m9es1 aft] notice
 & comm5t1 to contribute to climate     
*ange2 &  7iii7 includes any o!r        
an?ropog5ically-emitt$ gas t !          
,int]gov]nm5tal ,panel on ,climate      
,*ange det]m9es to contribute to climate
 *ange4  7,k7 ,gre5h\se gas emissions ,!
 t]m gre5h\se gas emissions means !     
emissions ( gre5h\se gas1 express$ 9    
t]ms ( metric tons ( c>bon dioxide      
equival5t4  7,l7 ,physical risks ,! t]m 
physical risks means f9ancial risks to  
long-liv$ fix$ assets1 locations1       
op]ations1 or value *a9s t result f     
exposure to physical climate-relat$     
effects1 includ+-- 7i7 increas$ av]age  
global temp]atures & increas$ frequ5cy (
 temp]ature extremes2  7ii7 increas$    
sev]ity & frequ5cy ( extreme wea!r      
ev5ts2  7iii7 increas$ flood+2  7iv7 sea
 level rise2  7v7 ocean acidification2  
7vi7 increas$ frequ5cy ( wildfires2     
7vii7 decreas$ arability ( f>ml&2       
7viii7 decreas$ availability ( fre%     

wat]2 &  7ix7 any o!r f9ancial risks to 
long-liv$ fix$ assets1 locations1       
op]ations1 or value *a9s det]m9$        
appropriate by ! ,commission1 9         
consultation ) appropriate climate      
pr9cipals4  7,m7 ,social co/ ( c>bon ,! 
t]m social co/ ( c>bon means ! social   
co/ ( c>bon1 z describ$ 9 ! te*nical    
support docum5t entitl$ ,te*nical       
,support ,docum5t3 ,te*nical ,update ( !
 ,social ,co/ ( ,c>bon = ,regulatory    
,impact ,analysis ,"u ,executive ,ord]  
#abhff1 publi%$ by ! ,int]ag5cy ,work+  
,gr\p on ,social ,co/ ( ,gre5h\se       
,gases1 ,unit$ ,/ates ,gov]nm5t1 9      
,augu/ #bjaf or any successor or        
sub/antially relat$ e/imate ( ! monetiz$
 damages associat$ ) an increm5tal      
increase 9 c>bon dioxide emissions 9 a  
giv5 ye>4  7,n7 ,transition risks ,! t]m
 transition risks means f9ancial risks t
 are attributable to climate *ange      
mitigation & adaptation1 includ+ ef=ts  
to r$uce gre5h\se gas emissions & /r5g!n
 resili5ce to ! impacts ( climate *ange1

 includ+--  7i7 co/s relat+ to-- 7,i7   
int]national treaties & agreem5ts2      
7,,ii7 ,f$]al1 ,/ate1 & local policy2   
7,,iii7 new te*nologies2  7,,iv7 *ang+  
m>kets2  7,v7 reputational impacts      
relevant to *ang+ consum] behavior2 &   
7,,vi7 litigation2 &  7ii7 assets t may 
lose value or become /r&$ due to any ( !
 co/s describ$ 9 subclauses 7,i7 ?r\gh  
7,,vi7 ( clause 7i74  7,o7 ,value *a9 ,!
 t]m value *a9-- 7i7 means ! total      
lifecycle ( a product or s]vice1 bo?    
be=e & aft] production ( ! product or   
s]vice1 z applicable2 &  7ii7 may       
include ! s\rc+ ( mat]ials1 production1 
transportation1 & disposal ) respect to 
! product or s]vice describ$ 9 clause   
7i74  7#b7 ,f9d+s ,congress f9ds t--    
7,a7 %ort-1 m$ium-1 & long-t]m f9ancial 
& economic risks & opportunities relat+ 
to climate *ange1 & ! national & global 
r$uction ( gre5h\se gas emissions1      
con/itute in=mation t issu]s-- 7i7 may  
reasonably expect to affect %>ehold]    
decision mak+2 &  7ii7 %\ld regul>ly    

id5tify1 evaluate1 & disclose2 &  7,b7 !
 disclosure ( in=mation describ$ 9      
subp>agraph 7,a7 %\ld--  7i7 id5tify1 & 
evaluate-- 7,i7 mat]ial physical &      
transition risks pos$ by climate *ange2 
&  7,,ii7 ! pot5tial f9ancial impact (  
su* risks2  7ii7 detail any implications
 su* risks h on corporate /rategy2      
7iii7 detail any bo>d-level ov]sight (  
mat]ial climate relat$ risks &          
opportunities2  7iv7 all[ = intra- &    
cross-indu/ry comp>ison1 to ! ext5t     
practicable1 ( climate-relat$ risk      
exposure ?r\gh ! inclusion ( /&>diz$    
indu/ry-specific & sector-specific      
disclosure metrics1 z id5tifi$ by !     
,commission1 9 consultation ) !         
appropriate climate pr9cipals2  7v7 all[
 = track+ ( p]=mance ov] "t ) respect to
 mitigat+ climate risk exposure2 &  7vi7
 incorporate a price on gre5h\se gas    
emissions 9 f9ancial analyses t         
reflects1 at m9imum1 ! social co/ (     
c>bon t is attributable to issu]s4  7#c7
 ,disclosure ,ea* cov]$ issu]1 9 any    

annual report fil$ by ! cov]$ issu] "u  
subsection 7a7 or section #ae7;d71 %all1
 9 accordance ) any rules issu$ by !    
,commission pursuant to ?is subsection1 
include 9 ea* su* report in=mation      
reg>d+-- 7,a7 ! id5tification (1 !      
evaluation ( pot5tial f9ancial impacts  
(1 & any risk-managem5t /rategies relat+
 to--  7i7 physical risks pos$ to !     
cov]$ issu] by climate *ange2 &  7ii7   
transition risks pos$ to ! cov]$ issu]  
by climate *ange2  7,b7 a description ( 
any e/abli%$ corporate gov]nance        
processes & /ructures to id5tify1       
assess1 & manage climate-relat$ risks2  
7,c7 a description ( specific actions t 
! cov]$ issu] is tak+ to mitigate       
id5tifi$ risks2  7,d7 a description ( ! 
resili5ce ( any /rategy ! cov]$ issu]   
has = address+ climate risks :5 diff]+  
climate sc5>ios are tak5 into           
consid]ation2 &  7,e7 a description ( h[
 climate risk is incorporat$ into !     
ov]all risk managem5t /rategy ( ! cov]$ 
issu]4  7#d7 ,rule ( con/ruction ,no?+ 9

 p>agraph 7#c7 may be con/ru$ z preclud+
 a cov]$ issu] f includ+1 9 an annual   
report submitt$ "u subsection 7a7 or    
section #ae7;d71 any in=mation n        
explicitly ref]5c$ 9 su* p>agraph4  7#e7
 ,rulemak+ ,! ,commission1 9            
consultation ) ! appropriate climate    
pr9cipals1 %all1 n lat] ?an #b ye>s aft]
 ! date ( ! enactm5t ( ?is subsection1  
issue rules ) respect to ! in=mation t a
 cov]$ issu] is requir$ to disclose     
pursuant to ?is subsection & su* rules  
%all--  7,a7 e/abli% climate-relat$ risk
 disclosure rules1 :i* %all-- 7i7 be1 to
 ! ext5t practicable1 specializ$ =      
indu/ries )9 specific sectors ( !       
economy1 :i* %all include--  7,i7 !     
sectors ( f9ance1 insurance1            
transportation1 electric p[]1 m9+1 &    
non-r5ewable en]gy2 &  7,,ii7 any o!r   
sector det]m9$ appropriate by !         
,commission1 9 consultation ) !         
appropriate climate pr9cipals2  7ii7    
include report+ /&>ds = e/imat+ &       
disclos+ direct & indirect gre5h\se gas 

emissions by a cov]$ issu]1 & any       
affiliates ( ! cov]$ issu]1 :i* %all--  
7,i7 disaggregate1 to ! ext5t           
practicable1 total emissions ( ea*      
specifi$ gre5h\se gas by ! cov]$ issu]2 
&  7,,ii7 include gre5h\se gas emissions
 by ! cov]$ issu] dur+ ! p]iod cov]$ by 
! disclosure2  7iii7 include report+    
/&>ds = disclos+1 ) respect to a cov]$  
issu]--  7,i7 ! total am\nt ( fossil    
fuel-relat$ assets own$ or manag$ by !  
cov]$ issu]2 &  7,,ii7 ! p]c5tage (     
fossil fuel-relat$ assets z a p]c5tage (
 total assets own$ or manag$ by ! cov]$ 
issu]2  7iv7 specify requirem5ts =1 & ! 
disclosure (1 input p>amet]s1           
assumptions1 & analytical *oices to be  
us$ 9 climate sc5>io analyses requir$ "u
 subp>agraph 7,b77i71 includ+-- 7,i7    
pres5t value disc\nt rates2 &  7,,ii7 "t
 frames to consid]1 includ+ #e1 #aj1 &  
#bj ye> "t frames2 &  7v7 include       
report+ /&>ds & guidance ) respect to ! 
in=mation requir$ "u subp>agraph        
7,b77iii72  7,b7 require t a cov]$      

issu]1 ) respect to a disclosure requir$
 "u ?is subsection-- 7i7 incorporate    
into su* disclosure--  7,i7 quantitative
 analysis to support any qualitative    
/atem5t made by ! cov]$ issu]2  7,,ii7 !
 rules e/abli%$ "u subp>agraph 7,a72    
7,,iii7 indu/ry-specific metrics t      
comply ) ! requirem5ts "u subp>agraph   
7,a77i72  7,,iv7 specific risk managem5t
 actions t ! cov]$ issu] is tak+ to     
address id5tifi$ risks2  7,v7 a         
discussion ( ! %ort-1 m$ium-1 & long-t]m
 resili5ce ( any risk managem5t /rategy1
 & ! evolution ( applicable risk        
metrics1 ( ! cov]$ issu] "u ea* sc5>io  
describ$ 9 clause 7ii72 &  7,,vi7 !     
total co/ attributable to ! direct &    
indirect gre5h\se gas emissions ( !     
cov]$ issu]1 us+1 at m9imum1 ! social   
co/ ( c>bon2  7ii7 consid]1 :5 prep>+   
any qualitative or quantitative risk    
analysis /atem5t conta9$ 9 !            
disclosure-- 7,i7 a basel9e sc5>io t    
includes physical impacts ( climate     
*ange2  7,,ii7 a #a4e degrees sc5>io2 & 

7,,iii7 any additional climate analysis 
sc5>io consid]$ appropriate by !        
,commission1 9 consultation ) !         
appropriate climate pr9cipals2  7iii7 if
 ! cov]$ issu] engages 9 ! comm]cial    
developm5t ( fossil fuels1 include 9 !  
disclosure-- 7,i7 an e/imate ( ! total &
 a disaggregat$ am\nt ( direct &        
indirect gre5h\se gas emissions ( !     
cov]$ issu] t are attributable to--     
7aa7 combu/ion2  7bb7 fl>$ hydroc>bons2 
7cc7 process emissions2  7dd7 directly  
v5t$ emissions2  7ee7 fugitive emissions
 or leaks2 &  7ff7 l& use *anges2       
7,,ii7 a description (-- 7aa7 !         
s5sitivity ( fossil fuel res]ve levels  
to future price projection sc5>ios t    
incorporate ! social co/ ( c>bon2  7bb7 
! p]c5tage ( ! res]ves ( ! cov]$ issu] t
 w be develop$ "u ! sc5>ios e/abli%$ 9  
clause 7ii71 z well z a =eca/ = !       
developm5t prospects ( ea* res]ve "u !  
sc5>ios e/abli%$ 9 clause 7ii72  7cc7 ! 
pot5tial am\nt ( direct & indirect      
gre5h\se gas emissions t are emb$d$ 9   

prov$ & probable res]ves1 ) ea* su*     
calculation pres5t$ z a total & 9       
subdivid$ categories by ! type ( res]ve2
  7dd7 ! me?odology ( ! cov]$ issu] =   
detect+ & mitigat+ fugitive me?ane      
emissions1 :i* %all include ! frequ5cy )
 :i* applicable assets ( ! cov]$ issu]  
are obs]v$ = me?ane leaks1 ! processes &
 te*nology t ! cov]$ issu] uses to      
detect me?ane leaks1 ! p]c5tage ( assets
 ( ! cov]$ issu] t ! cov]$ issu]        
inspects "u t me?odology1 & quantitative
 & "t-b\nd r$uction goals ( ! issu] )   
respect to me?ane leaks2  7ee7 ! am\nt (
 wat] t ! cov]$ issu] )draws f fre%wat] 
s\rces = use & consumption 9 op]ations (
 ! cov]$ issu]2 &  7ff7 ! p]c5tage ( !  
wat] describ$ 9 item 7ee7 t comes f     
regions ( wat] /ress or t face wa/ewat] 
managem5t *all5ges2 &  7,,iii7 any o!r  
in=mation t ! ,commission det]m9es is-- 
7aa7 necess>y2  7bb7 appropriate to     
safegu>d ! public int]e/2 or  7cc7      
direct$ at ensur+ t inve/ors are in=m$ 9
 accordance ) ! f9d+s describ$ 9        

p>agraph 7#b72  7,c7 ) respect to a     
disclosure requir$ "u section #ac7s7 ( !
 ,securities ,ex*ange ,act ( #aicd1     
require t a cov]$ issu] include 9 su*   
disclosure any o!r in=mation1 or use any
 climate-relat$ or gre5h\se gas         
emissions metric1 t ! ,commission1 9    
consultation ) ! appropriate climate    
pr9cipals1 det]m9es is--  7i7 necess>y2 
7ii7 appropriate to safegu>d ! public   
int]e/2 or  7iii7 direct$ at ensur+ t   
inve/ors are in=m$ 9 accordance ) !     
f9d+s describ$ 9 p>agraph 7#b72 &  7,d7 
) respect to a disclosure requir$ "u    
section #ac7s7 ( ! ,securities ,ex*ange 
,act ( #aicd1 e/abli% h[ & :]e ! requir$
 disclosures %all be address$ 9 ! cov]$ 
issu]'s annual f9ancial fil+4  7#f7     
,=matt+ ,! ,commission %all require     
issu]s to disclose in=mation 9 an       
int]active data =mat & %all develop     
/&>ds = su* =mat1 :i* %all include      
electronic tags = in=mation t !         
,commission det]m9es is-- 7,a7 necess>y2
  7,b7 appropriate to safegu>d ! public 

int]e/2 or  7,c7 direct$ at ensur+ t    
inve/ors are in=m$ 9 accordance ) !     
f9d+s describ$ 9 p>agraph 7#b74  7#g7   
,p]iodic update ( rules ,! ,commission  
%all p]iodically update ! rules issu$ "u
 ?is subsection4  7#h7 ,compilation (   
in=mation disclos$ ,! ,commission %all1 
to ! maximum ext5t practicable make a   
compilation ( ! in=mation disclos$ by   
issu]s "u ?is subsection publicly       
available on ! website ( ! ,commission &
 update su* compilation at lea/ once ea*
 ye>4  7#i7 ,reports  7,a7 ,report to   
,congress ,! ,commission %all-- 7i7     
conduct an annual assessm5t reg>d+ !    
compliance ( cov]$ issu]s ) !           
requirem5ts ( ?is subsection2  7ii7     
submit to ! appropriate congressional   
committees a report t conta9s ! results 
( ea* assessm5t conduct$ "u clause 7i72 
&  7iii7 make ea* report submitt$ "u    
clause 7ii7 accessible to ! public4     
7,b7 ,,gao report ,! ,comptroll] ,g5]al 
( ! ,unit$ ,/ates %all p]iodically      
evaluate1 & report to ! appropriate     

congressional committees on1 !          
effectiv5ess ( ! ,commission 9 c>ry+ out
 & en=c+ ?is subsection4  4  #djd4      
,back/op ,if1 #b ye>s aft] ! date ( !   
enactm5t ( ?is ,act1 ! ,securities &    
,ex*ange ,commission has n issu$ ! rules
 requir$ "u section #ac7u7 ( !          
,securities ,ex*ange ,act ( #aicd1 &    
until su* rules are issu$1 a cov]$ issu]
 7z def9$ 9 su* section #ac7u77 %all be 
deem$ 9 compliance ) su* section #ac7u7 
if disclosures set =? 9 ! annual report 
( su* issu] satisfy ! recomm5dations ( !
 ,task ,=ce on ,climate-relat$ ,f9ancial
 ,disclosures ( ! ,f9ancial ,/ability   
,bo>d z report$ 9 ,june1 #bjag1 or any  
successor report1 & z supplem5t$ or     
adju/$ by su* rules1 guidance1 or o!r   
comm5ts f ! ,commission4  #dje4         
,au?orization ( appropriations ,!re are 
au?oriz$ to be appropriat$ to !         
,securities & ,ex*ange ,commission su*  
sums z may be necess>y to c>ry out ?is  
title & ! am5dm5ts made by ?is title4   
,v ,disclosure ( ,tax ,hav5s & ,(f%or+  

#eja4 ,%ort title ,?is title may be cit$
 z ! ,disclosure ( ,tax ,hav5s & ,(f%or+
 ,act4  #ejb4 ,c\ntry-by-c\ntry report+ 
7a7 ,c\ntry-by-,c\ntry ,report+ ,section
 #ac ( ! ,securities ,ex*ange ,act (    
#aicd 7#ae ,u4,s4,c4 #ghm71 z am5d$ by  
section #djc1 is fur!r am5d$ by add+ at 
! end ! foll[+ new subsection3  7v7     
,disclosure ( f9ancial p]=mance on a    
c\ntry-by-,c\ntry basis  7#a7           
,def9itions ,9 ?is subsection--  7,a7 ! 
t]m con/itu5t entity means1 ) respect to
 a cov]$ issu]1 any sep>ate bus9ess     
entity ( ! cov]$ issu]2  7,b7 ! t]m     
cov]$ issu] means an issu] :o--  7i7 is 
a memb] ( a mult9ational ent]prise gr\p2
 &  7ii7 ! mult9ational ent]prise gr\p (
 :i* ! issu] is a memb] has annual      
rev5ue = ! prec$+ cal5d> ye> ( n less   
?an an am\nt det]m9$ by ! ,commission to
 con=m to ,unit$ ,/ates or int]national 
/&>ds = c\ntry-by-c\ntry report+2 &     
7,c7 ! t]m tax jurisdiction-- 7i7 means 
a c\ntry or a jurisdiction t is n a     
c\ntry b t has fiscal autonomy2 &  7ii7 

includes a t]ritory or possession ( !   
,unit$ ,/ates t has fiscal autonomy4    
7#b7 ,disclosure  7,a7 ,9 g5]al ,ea*    
cov]$ issu] %all file a report ) !      
,commission t includes in=mation        
describ$ 9 subp>agraph 7,b71 & any o!r  
in=mation requir$ by ! ,commission1 )   
respect to ! report+ p]iod describ$ 9   
subp>agraph 7,c74  7,b7 ,in=mation      
requir$ ,! in=mation describ$ 9 ?is     
subp>agraph is z foll[s3 7i7 ,con/itu5t 
entity in=mation ,in=mation on !        
con/itu5t entity1 includ+ ! foll[+3     
7,i7 ,! complete legal "n ( ! con/itu5t 
entity4  7,,ii7 ,! tax jurisdiction1 if 
any1 9 :i* ! con/itu5t entity is resid5t
 = tax purposes4  7,,iii7 ,! tax        
jurisdiction 9 :i* ! con/itu5t entity is
 organiz$ or incorporat$ 7if diff]5t f !
 tax jurisdiction ( resid5ce74  7,,iv7  
,! tax id5tification numb]1 if any1 us$ 
= ! con/itu5t entity by ! tax           
adm9i/ration ( ! con/itu5t entity's tax 
jurisdiction ( resid5ce4  7,v7 ,! ma9   
bus9ess activity or activities ( !      

con/itu5t entity4  7ii7 ,tax            
jurisdiction ,in=mation on ea* tax      
jurisdiction 9 :i* "o or m con/itu5t    
entities is resid5t1 pres5t$ z an       
aggregat$ or consolidat$ =m ( !         
in=mation = ! con/itu5t entities resid5t
 9 ea* tax jurisdiction1 includ+ !      
foll[+3  7,i7 ,rev5ues g5]at$ f         
transactions ) o!r con/itu5t entities4  
7,,ii7 ,rev5ues n g5]at$ f transactions 
) o!r con/itu5t entities4  7,,iii7      
,pr(it or loss be=e income tax4  7,,iv7 
,total income tax paid on a ca% basis to
 all tax jurisdictions4  7,v7 ,total    
accru$ tax exp5se record$ on taxable    
pr(its or losses4  7,,vi7 ,/at$ capital4
  7,,vii7 ,total accumulat$ e>n+s4      
7,,viii7 ,total numb] ( employees on a  
full-"t equival5t basis4  7,,ix7 ,net   
book value ( tangible assets1 :i*1 =    
purposes ( ?is section1 does n include  
ca% or ca% equival5ts1 intangibles1 or  
f9ancial assets4  7iii7 ,special rules  
,! in=mation li/$ 9 clause 7ii7 %all be 
provid$1 9 aggregat$ or consolidat$ =m1 

= any con/itu5t entity or entities t h  
no tax jurisdiction ( resid5ce4 ,9      
addition1 if a con/itu5t entity is an   
own] ( a con/itu5t entity t does n h a  
jurisdiction ( tax resid5ce1 !n ! own]'s
 %>e ( su* entity's rev5ues & pr(its w  
be aggregat$ or consolidat$ ) !         
in=mation = ! own]'s tax jurisdiction ( 
resid5ce4  7,c7 ,report+ p]iod ,!       
report+ p]iod cov]$ by ?is p>agraph is !
 p]iod ( ! cov]$ entity's applicable    
f9ancial /atem5t prep>$ = ! #ab-mon?    
p]iod t ends ) or )9 ! taxable ye> ( !  
cov]$ issu]4 ,if ! cov]$ issu] does n   
prep>e an annual applicable f9ancial    
/atem5t1 !n ! report+ p]iod cov]$ by ?is
 p>agraph is ! #ab-mon? p]iod t ends on 
! la/ day ( ! taxable ye> ( ! cov]$     
issu]4  7,d7 ,fil+ deadl9e ,ea* cov]$   
issu] %all submit to ! ,commission a    
report requir$ "u ?is section on or be=e
 ! due date 7includ+ ext5sions7 = fil+ t
 cov]$ issu]'s tax return 9 ! tax       
jurisdiction 9 :i* ! cov]$ issu]'s      
mult9ational ent]prise gr\p is resid5t4 

7,e7 ,regulation ,! ,commission %all1 9 
consultation ) ! ,commission] ( !       
,int]nal ,rev5ue ,s]vice & ,secret>y ( !
 ,treasury-- 7i7 promulgate regulations 
c>ry+ out ?is subsection t con=m to     
,unit$ ,/ates or int]national /&>ds =   
c\ntry-by-c\ntry report+1 includ+       
regulations promulgat$ by ! ,int]nal    
,rev5ue ,s]vice2 &  7ii7 require        
disclosure ( ! acc\nt+ me?ods us$ 9     
calculat+ ! in=mation conta9$ 9 ea*     
report fil$ pursuant to ?is subsection4 
4  7b7 ,rulemak+  7#a7 ,deadl9es ,!     
,securities & ,ex*ange ,commission 79   
?is section ref]r$ to z ! ,commission7  
%all--  7,a7 n lat] ?an #a ye> aft] !   
date ( enactm5t ( ?is ,act1 issue a     
propos$ rule to c>ry out ?is section & !
 am5dm5t made by ?is section2 &  7,b7 n 
lat] ?an #ah mon?s aft] ! date (        
enactm5t ( ?is ,act1 issue a f9al rule  
to c>ry out ?is section & ! am5dm5t made
 by ?is section4  7#b7 ,data =mat ,!    
in=mation requir$ to be provid$ by ?is  
section %all be provid$ by ! issu] 9 a  

report 9 a ma*9e readable =mat prescrib$
 by ! ,commission1 & su* report %all be 
made available to ! public onl9e1 9 su* 
ma*9e readable =mat z ! ,commission %all
 prescribe4  7#c7 ,effective date       
,subsection 7v7 ( section #ac ( !       
,securities ,ex*ange ,act ( #aicd1 z    
add$ by ?is section1 %all become        
effective #a ye> aft] ! date on :i* !   
,commission issues a f9al rule "u ?is   
section4  ,,vi ,work=ce ,inve/m5t       
,disclosure  #fja4 ,%ort title ,?is     
title may be cit$ z ! ,work=ce ,inve/m5t
 ,disclosure ,act ( #bjba4  #fjb4 ,f9d+s
 ,congress f9ds ! foll[+3  7#a7 ,"o ( ! 
keys to ! #bj? c5tury po/-w> economic   
success ( ! ,unit$ ,/ates 0 ! ability to
 prep>e work]s ov] ! c\rse ( _! lives = 
success ?r\gh multiple sectors across   
society4 ,un=tunately1 dur+ ! sev]al    
decades prec$+ ! date ( enactm5t ( ?is  
,act1 !re has be5 a %ift 9 bus9ess norms
 & 9 society4 ,:ile ,congress recognizes
 t ! te*nology & job skills requir$ = "s
 jobs has *ang$ dramatically1 ! private 

& public p>tn]%ip to hire work]s at     
diff]5t education levels & inve/ 9 !m = 
! long-t]m is brok54  7#b7 ,available   
data f ! #aj-ye> p]iod prec$+ ! date (  
enactm5t ( ?is ,act sugge/s t bus9esses 
are inve/+ less 9 work] tra9+ dur+ t "t 
p]iod1 n m4  7#c7 ,9 ! wake ( ! #bjjh   
global f9ancial crisis1 !re 0 a         
well-docum5t$ decl9e 9 ov]all bus9ess   
inve/m5t4 ,t decl9e co9cides ) ! wage   
pol>ization ( work]s & an increase 9    
sp5d+ on %>e buybacks & divid5ds1 lead+ 
sev]al rese>*]s to conclude t companies 
are de-emphasiz+ inve/m5t at ! exp5se ( 
increas+ returns = %>ehold]s4 ,! onset (
 a global p&emic may make t tr5d worse1 
especially ) respect to inve/m5ts 9     
work]s4  7#d7 ,z "p ( ! ov]all decl9e 9 
inve/m5t describ$ 9 p>agraph 7#c71      
publicly trad$ companies are be+ provid$
 ) inc5tives to prioritize inve/m5ts 9  
physical assets ov] inve/m5ts 9 _!      
work=ces1 mean+ t ^? companies are      
inve/+ 9 robots in/ead ( individuals4 ,9
 fact1 !re are already signs t          

automation has increas$ dur+ !          
,,covid-#ai p&emic4  7#e7 ,m ?an ev]1 ! 
,f$]al ,gov]nm5t1 ?r\gh company         
disclosure practices1 ne$s to und]/&    
exactly h[ companies are inve/+ 9 _!    
work]s4 ,ov] ! sev]al mon?s prec$+ !    
date ( enactm5t ( ?is ,act1 companies   
across ! ,unit$ ,/ates h tak5 extreme   
actions to adapt & respond to evolv+    
work=ce *all5ges pres5t$ by ,,covid-#ai4
  7#f7 ,,j ,capital has be5 track+ !    
responses ( ! ,/&>d & ,poor's #ajj l>ge/
 public companies to _! work]s & has    
f\nd wide v>iation 9 ! policies         
implem5t$1 z well z ) respect to !      
disclosure ( ^? policies4 ,?r\gh diff]5t
 responses to _! work=ces1 f lay(fs to  
workplace safety to paid leave1 !       
,,covid-#ai p&emic is expos+ ! myriad   
ways t work=ce managem5t practices (    
companies pose op]ational & reputational
 risks = %ort- & long-t]m f9ancial      
p]=mance4  7#g7 ,ev5 be=e ! ,,covid-#ai 
p&emic1 !re 0 a gr[+ body ( rese>*      
e/abli%+ a relation%ip betwe5 measurable

 work=ce managem5t1 :i* is ! way t      
companies manage _! employees1 & firm   
p]=mance4 ,9 a /udy ( #b1jjj l>ge       
companies1 ,h>v>d ,law ,s*ool's ,labor &
 ,"w ,life ,program f\nd t =w>d-?9k+    
work=ce policies t prioritize work]s1   
su* z h[ companies tra91 reta91 & pay _!
 work]s1 are correlat$ ) long-t]m       
f9ancial p]=mance4  7#h7 ,disclosure (  
work=ce managem5t policies %\ld be "p ( 
a ,gov]nm5t-wide economic recov]y       
/rategy4 ,j z a set ( g5]ally accept$   
acc\nt+ pr9ciples 7commonly kn[n z      
,,gaap7 0 urg5tly adopt$ aft] ! ,great  
,depression1 /&>diz$1 comp>able metrics 
( work=ce disclosure requirem5ts 9 !    
context ( ! ,,covid-#ai p&emic are      
critical = inve/ors to accurately       
measure & project company p]=mance1 bo? 
9 ! pres5t & 9 ! future4  7#i7 ,because 
_m companies already track work=ce      
metrics int]nally1 mov+ t[>ds a         
transp>5t disclosure regime w\ld all[   
inve/ors to bett] judge :e!r companies  
are manag+ risks & mak+ ! inve/m5ts 9 _!

 work=ces t are ne$$ = long-t]m gr[?4   
7#aj7 ,bus9esses increas+ly rely on     
work=ce innovation & intellectual       
capital = competitiv5ess4 ,workplace    
b5efits1 p>ticul>ly paid sick leave1    
m$ical leave1 & flexible "w arrangem5ts1
 critically support employee m5tal &    
physical well-be+4  7#aa7 ,race- &      
g5d]-bas$ workplace discrim9ation h be5 
ti$ to negative heal? outcomes1 z well z
 l[] productivity1 tru/1 morale1 &      
satisfaction & high] rates ( abs5teeism 
& turnov]4 ,organizational report+ on   
practices to r$uce discrim9ation c      
increase employee job satisfaction1     
p]=mance1 & engagem5t4  7#ab7 ,accord+  
to ! ,c5t]s = ,disease ,control &       
,prev5tion1 "w-relat$ /ress is ! lead+  
occupational heal? risk &1 p] ! ,am]ican
 ,in/itute ( ,/ress1 job /ress co/s     
,unit$ ,/ates indu/ry m ?an             
#cjj1jjj1jjj1jjj p] ye> 9 accid5ts1     
abs5teeism1 employee turnov]1 dim9i%$   
productivity1 & m$ical1 legal1 &        
insurance co/s4  7#ac7 ,employee heal? &

 well-be+ is a key asset to deliv]+     
long-t]m value1 ) #hj p]c5t ( public    
companies t took concrete actions on    
heal? & well-be+ hav+ se5 l>g]          
improvem5ts 9 f9ancial p]=mance4  7#ad7 
,organizational well-be+ int]v5tions c  
create co/ sav+s ( up to #aj doll>s = e 
doll> inve/$4 ,specifically1 = e doll> t
 employ]s sp5d on workplace disease     
prev5tion & well-be+ programs1 !re is a 
#c4bg r$uction 9 employee m$ical co/s & 
a #b4gc r$uction 9 abs5teeism co/s4     
,employ]s t implem5t workplace heal?    
promotion programs h se5 r$uctions 9    
sick leave1 heal? plan co/s1 & work]s'  
comp5sation & disability insurance co/s 
( approximately #be p]c5t4  7#ae7 ,!    
,c5t]s = ,disease ,control & ,prev5tion 
has f\nd t prev5table *ronic conditions 
are a major contributor to insurance    
premium & employee m$ical claim co/s1   
:i* are at an all-"t high1 & a ,milk5   
,in/itute /udy %[s t employ]s paid      
#b1fjj1jjj1jjj1jjj 9 #bjaf = ! indirect 
co/s ( employee *ronic disease due to "w

 abs5ces1 lo/ wages1 & r$uc$ economic   
productivity4  7#af7 ,! ,,covid-#ai     
p&emic has sev]ely impact$ employee     
physical1 m5tal1 & emotional well-be+ by
 increas+ /ress1 depression1 burn\t1 &  
mortality rates ( *ronic disease & by   
r$uc+ "w-life balance & f9ancial        
security1 ) ^! *all5ges likely to p]si/ 
due to unc]ta9ty & in/ability ev5 z     
employees return to "w4 ,be=e !         
,,covid-#ai p&emic1 b especially 9 !    
face ( t p&emic1 employ]s t advance     
policies & practices t support work=ce  
heal?1 safety1 & well-be+ are likely to 
outp]=m competitors & b5efit f l[] co/s4
  #fjc4 ,disclosures relat+ to work=ce  
managem5t ,section #ac ( ! ,securities  
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#ghm71 z am5d$ by section #ejb1 is fur!r
 am5d$ by add+ at ! end ! foll[+3  7w7  
,disclosures relat+ to work=ce managem5t
  7#a7 ,def9ition ,9 ?is subsection1 !  
t]m cont+5t work] includes an individual
 p]=m+ "w 9 ! usual c\rse ( bus9ess on a
 tempor>y basis 7includ+ ?r\gh a labor  

int]m$i>y1 includ+ an individual or     
entity t supplies an employ] ) work]s to
 p]=m labor7 or z an indep5d5t          
contractor4  7#b7 ,regulations ,n lat]  
?an #b ye>s aft] ! date ( enactm5t ( ?is
 subsection1 ! ,commission1 9           
consultation ) ! ,secret>y ( ,labor1 !  
,secret>y ( ,comm]ce1 ! ,secret>y (     
,treasury1 & ! ,attorney ,g5]al1 %all   
promulgate regulations t require ea*    
issu] requir$ to file an annual report  
"u subsection 7a7 or section #ae7;d7 to 
disclose 9 t report in=mation reg>d+    
work=ce managem5t policies1 practices1 &
 p]=mance ) respect to ! issu]4  7#c7   
,rules ,consi/5t ) ! requirem5t "u      
p>agraph 7#d71 ea* annual report fil$ ) 
! ,commission 9 accordance ) !          
regulations promulgat$ "u p>agraph 7#b7 
%all include disclosure ( ! foll[+ )    
respect to ! issu] fil+ ! report = ! ye>
 cov]$ by ! report3  7,a7 ,work=ce      
demographic in=mation1 includ+-- 7i7 !  
numb] ( full-"t employees1 ! numb] (    
"p-"t employees1 & ! numb] ( cont+5t    

work]s 7includ+ tempor>y & contract     
work]s7 ) respect to ! issu]1 :i* %all  
include demographic in=mation ) respect 
to ^? categories ( individuals1 includ+ 
in=mation reg>d+ race1 e?nicity1 & g5d]2
  7ii7 any policies or practices ( !    
issu] relat+ to subcontract+1 outs\rc+1 
& ins\rc+ individuals to p]=m "w = !    
issu]1 :i* %all include demographic     
in=mation ) respect to ^? individuals1  
includ+ in=mation reg>d+ race1 e?nicity1
 & g5d]2 &  7iii7 :e!r ! p]c5tage (     
cont+5t work]s ) respect to ! issu] has 
*ang$1 includ+ tempor>y & contract      
work]s1 z comp>$ ) ! previ\s annual     
report fil$ by ! issu] "u ?is           
subsection4  7,b7 ,work=ce /ability     
in=mation1 includ+ in=mation ab\t !     
volunt>y turnov] or ret5tion rate1 !    
involunt>y turnov] rate1 ! int]nal hir+ 
rate1 & ! int]nal promotion rate1 z well
 z in=mation ab\t work]s :o transition  
betwe5 employee & cont+5t work]s1 & !   
horizontal job *ange rate by qu9tile &  
demographic in=mation4  7,c7 ,work=ce   

composition1 includ+--  7i7 data on     
div]sity 7includ+ racial1 e?nic1        
self-report$ sexual ori5tation1 & g5d]  
composition7 = s5ior executives & o!r   
individuals 9 ! work=ce2 &  7ii7 any    
policies1 audits1 & programm+           
exp5ditures relat+ to div]sity4  7,d7   
,work=ce skills & capabilities1         
includ+-- 7i7 in=mation ab\t tra9+ &    
cross-tra9+ ( employees & cont+5t work]s
 by qu9tile & demographic in=mation1    
di/+ui%+ betwe5 compliance tra9+1 c>e]  
developm5t tra9+1 job p]=mance or       
te*nical tra9+1 & tra9+ ti$ to recogniz$
 po/second>y cr$5tials2  7ii7 av]age    
numb] ( h\rs ( tra9+ = ea* employee &   
cont+5t work]2  7iii7 total sp5d+ on    
tra9+ = all employees & cont+5t work]s2 
7iv7 av]age sp5d+ p] employee or cont+5t
 work]2  7v7 tra9+ utilization rates2 & 
7vi7 :e!r completion ( tra9+            
opportunities translates into value add$
 b5efit = work]s1 z det]m9$ by wage     
increases or int]nal promotions4  7,e7  
,work=ce heal?1 safety1 & well-be+1     

includ+ in=mation reg>d+--  7i7 !       
frequ5cy1 sev]ity1 & lo/ "t due to      
injuries1 physical & m5tal illness1 &   
fatalities2  7ii7 ! scope1 frequ5cy1 &  
total exp5diture on workplace heal?1    
safety1 & well-be+ programs2  7iii7 !   
total doll> value ( assess$ f9es "u !   
,occupational ,safety & ,heal? ,act (   
#aigj 7#bi ,u4,s4,c4 #fea et seq472     
7iv7 ! total numb] ( actions br\ght "u  
section #ac ( ! ,occupational ,safety & 
,heal? ,act ( #aigj 7#bi ,u4,s4,c4 #ffb7
 to prev5t imm95t dang]s2  7v7 ! total  
numb] ( actions br\ght aga9/ ! issu] "u 
section #aa7;c7 ( ! ,occupational       
,safety & ,heal? ,act ( #aigj 7#bi      
,u4,s4,c4 #ffj7;c772  7vi7 any f9d+s (  
workplace h>assm5t or workplace         
discrim9ation dur+ ! #e fiscal ye> p]iod
 ( ! issu] prec$+ ! fiscal ye> 9 :i* !  
report is fil$2 &  7vii7 communication  
*annels & grievance me*anisms 9 place = 
employees & cont+5t work]s4  7,f7       
,work=ce comp5sation & inc5tives1       
includ+ in=mation reg>d+--  7i7 total   

work=ce co/s1 includ+ sal>ies & wages1  
heal? b5efits1 o!r ancill>y b5efit co/s1
 & p5sion co/s2  7ii7 work=ce b5efits1  
includ+ paid leave1 heal? c>e1 *ild c>e1
 & retirem5t1 includ+ in=mation reg>d+  
b5efits t are provid$--  7,i7 to full-"t
 employees & n to "p-"t employees2 or   
7,,ii7 to employees & n to cont+5t      
work]s2  7iii7 total contributions made 
to unemploym5t insurance by ! issu]1 h[ 
_m employees to :om ^? contributions    
apply1 & ! total am\nt paid 9           
unemploym5t comp5sation to individuals  
:o 7 laid (f by ! issu]2  7iv7 policies 
& practices reg>d+ h[ p]=mance1         
productivity1 equity1 & su/a9ability are
 consid]$ :5 sett+ pay & mak+ promotion 
decisions2 &  7v7 policies & practices  
relat+ to any inc5tives & bonuses       
provid$ to employees & any policies or  
practices design$ to c\nt] any risks    
creat$ by su* inc5tives & bonuses4  7,g7
 ,work=ce recruit+ & ne$s1 includ+--    
7i7 ! numb] ( new jobs creat$1 seek+ to 
be fill$1 & fill$1 disaggregat$ bas$ on 

classification /atus2  7ii7 ! %>e ( new 
jobs t require a ba*elor's degree or    
high]2  7iii7 in=mation reg>d+ ! quality
 ( hire = jobs describ$ 9 clause 7i72 & 
7iv7 ! ret5tion rate = individuals hir$ 
to fill ! jobs describ$ 9 clause 7i74   
7,h7 ,work=ce engagem5t & productivity1 
includ+ in=mation reg>d+ policies &     
practices ( ! issu] relat+ to-- 7i7     
engagem5t1 productivity1 & m5tal        
well-be+ ( employees & cont+5t work]s1 z
 det]m9$ 9 consultation ) ! ,dep>tm5t ( 
,labor2 &  7ii7 fre$om ( association &  
"w-life balance initiatives1 includ+    
flexibility & ! ability ( ! work=ce to  
"w remotely1 z det]m9$ 9 consultation ) 
! ,dep>tm5t ( ,labor4  7#d7             
,disaggregation ( in=mation ,to !       
maximum ext5t feasible1 ! in=mation     
describ$ 9 p>agraph 7#c7 %all be        
disaggregat$ by--  7,a7 ! work=ce       
composition describ$ 9 subp>agraph      
7,c77i7 ( t p>agraph2  7,b7 wage        
qu9tiles ( ! employees ( ! issu] = ! ye>
 cov]$ by ! applicable annual report2 & 

7,c7 ! employm5t /atus ( individuals    
p]=m+ s]vices = ! issu]1 includ+ :e!r ^?
 individuals are full-"t employees1     
"p-"t employees1 or cont+5t work]s4     
7#e7 ,treatm5t ( em]g+ gr[? companies ,!
 ,commission may exempt em]g+ gr[?      
companies f any disclosure requir$ "u   
subp>agraph 7,d71 7,e71 7,f71 7,g71 or  
7,h7 ( p>agraph 7#c7 if ! ,commission   
det]m9es t su* an exemption is necess>y 
or appropriate 9 ! public int]e/4  7#f7 
,false or mislead+ /atem5ts  7,a7 ,9    
g5]al ,except z provid$ 9 subp>agraph   
7,b71 x %all be unlawful = any p]son1 9 
any report or docum5t fil$ "u ?is       
subsection1 to make or cause to be made 
any untrue /atem5t ( a mat]ial fact or  
omit to /ate a mat]ial fact requir$ to  
be /at$ 9 ! report or docum5t or        
necess>y to make ! /atem5t made1 9 !    
light ( ! circum/ances "u :i* x is made1
 n mislead+4  7,b7 ,exception ,a p]son  
%all n be liable "u subp>agraph 7,a7 if 
! p]son %[s t ! p]son _h1 aft]          
reasonable inve/igation1 reasonable     

gr\nd to believe1 & did believe1 at ! "t
 ! applicable /atem5t 0 made1 t !       
/atem5t 0 true & t !re 0 no omission to 
/ate a mat]ial fact necess>y to make !  
/atem5t made1 9 ! light ( ! circum/ances
 "u :i* x is made1 n mislead+4  7,c7 ,no
 private "r ( action ,no?+ 9 ?is        
p>agraph may be con/ru$ z creat+ a      
private "r ( action4  7#g7 ,exemption   
,?is subsection %all n apply to an      
inve/m5t company regi/]$ "u section #h (
 ! ,inve/m5t ,company ,act ( #aidj 7#ae 
,u4,s4,c4 #hj;a-#h74  4  #fjd4 ,back/op 
7a7 ,def9itions ,9 ?is section-- 7#a7 ! 
t]m ,commission means ! ,securities &   
,ex*ange ,commission2  7#b7 ! t]m cov]$ 
issu] means an issu] t is requir$ to    
file an annual report "u section #ac7;a7
 or section #ae7;d7 ( ! ,securities     
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#ghm7a71 #gho7d772 &  7#c7 ! t]m issu]  
has ! mean+ giv5 ! t]m 9 section #c7;a7 
( ! ,securities ,ex*ange ,act ( #aicd   
7#ae ,u4,s4,c4 #gh;c7a774  7b7          
,compliance ,if1 z ( ! date t is #b ye>s

 aft] ! date ( enactm5t ( ?is ,act1 !   
,commission has n promulgat$ !          
regulations requir$ "u subsection 7w7 ( 
section #ac ( ! ,securities ,ex*ange    
,act ( #aicd 7#ae ,u4,s4,c4 #ghm71 z    
add$ by section #fjc1 a cov]$ issu]1    
dur+ ! p]iod beg9n+ on t date & end+ on 
! date on :i* ! ,commission promulgates 
^? regulations1 %all be deem$ to be 9   
compliance ) su* subsection 7w7 if      
disclosures set =? 9 ! annual report ( !
 cov]$ issu] satisfy ! public disclosure
 /&>ds ( ! ,int]national ,organization =
 ,/&>dization's ,,iso #cjdad1 or any    
successor /&>ds = ext]nal work=ce       
report+1 z supplem5t$ or adju/$ by      
rules1 guidance1 or o!r comm5ts f !     
,commission4  #fje4 ,,sec /udy  7a7     
,def9itions ,9 ?is section1 ! t]ms      
,commission & issu] h ! mean+s giv5 ^?  
t]ms 9 section #fjd7;a74  7b7 ,/udy ,!  
,commission %all conduct a /udy ab\t !  
value to inve/ors (-- 7#a7 in=mation    
ab\t ! human rights commitm5ts ( issu]s 
requir$ to file annual reports "u       

section #ac7;a7 ( ! ,securities ,ex*ange
 ,act ( #aicd 7#ae ,u4,s4,c4 #ghm7a771  
includ+ in=mation ab\t any pr9ciples us$
 to evaluate risk1 con/itu5cy           
consultation processes1 & suppli] due   
dilig5ce2 &  7#b7 ) respect to issu]s   
requir$ to file annual reports "u       
section #ac7;a7 ( ! ,securities ,ex*ange
 ,act ( #aicd 7#ae ,u4,s4,c4 #ghm7a771  
in=mation ab\t-- 7,a7 violations ( !    
,fair ,labor ,/&>ds ,act ( #aich 7#bi   
,u4,s4,c4 #bja et seq47 by ^? issu]s2   
7,b7 violations ( work]                 
misclassification by ^? issu]s2  7,c7   
surveys reg>d+ employee satisfaction1   
well-be+1 & engagem5t2  7,d7 ! numb] &  
ov]all p]c5tage ( quality jobs1 z       
det]m9$ by comp5sation above m$ian wage 
& compreh5sive employ]-provid$ b5efits2 
&  7,e7 in=mation ab\t work=ce inve/m5t 
tr5ds1 z det]m9$ by at lea/ a #c-ye> "t 
p]iod4  7c7 ,report ,n lat] ?an #a ye>  
aft] ! date ( enactm5t ( ?is ,act1 !    
,commission %all submit to ,congress a  
report t conta9s ! results ( ! /udy     

requir$ to be conduct$ "u subsection    
7b71 ) recomm5dations = additional      
disclosure regulations bas$ on ! f9d+s1 
& any actions ! ,commission plans to    
take to enhance disclosures bas$ on !   
f9d+s4  ,,vii ,prev5t+ & ,respond+ to   
,workplace ,h>assm5t  #gja4 ,,sec fil+s 
& mat]ial disclosures at public         
companies  7a7 ,def9itions ,9 ?is       
section--  7#a7 ! t]m ,=m #aj-,k means !
 =m describ$ 9 section #bdi4caj ( title 
#ag1 ,code ( ,f$]al ,regulations1 or any
 successor regulation2 &  7#b7 ! t]m    
issu] has ! mean+ giv5 ! t]m 9 section  
#c7;a7 ( ! ,securities ,ex*ange ,act (  
#aicd 7#ae ,u4,s4,c4 #gh;c7a774  7b7    
,f9d+s ,congress f9ds t-- 7#a7 %>ehold]s
 & ! public %\ld "k :e!r corporations-- 
7,a7 are exp5d+ company funds to        
resolve1 settle1 or litigate claims (   
workplace h>assm5t1 includ+ sexual      
h>assm5t2 &  7,b7 along ) ! executives &
 manag]s ( ^? corporations--  7i7 are   
comply+ ) prohibitions aga9/ workplace  
h>assm5t1 includ+ sexual h>assm5t2 &    

7ii7 facilitate a culture ( sil5ce1     
disrespect1 intimidation1 & abuse t     
negatively impacts ! heal? & safety ( ! 
work]s ( ^? corporations & ! value ( ^? 
corporations2 &  7#b7 ! requirem5ts (   
?is section w-- 7,a7 e/abli% necess>y   
transp>5cy & acc\ntability2 &  7,b7     
provide an inc5tive = corporations to-- 
7i7 promptly address workplace h>assm5t1
 includ+ sexual h>assm5t1 z t misconduct
 occurs2 &  7ii7 fo/] a culture 9 :i*   
workplace h>assm5t is n protect$ & does 
n occur4  7c7 ,in=mation requir$ ,n lat]
 ?an #a ye> aft] ! date ( enactm5t ( ?is
 ,act1 ! ,securities & ,ex*ange         
,commission %all promulgate a regulation
 t requires any issu] t is requir$ to   
submit an annual report us+ ,=m #aj-,k  
to include 9 any su* submission--  7#a7 
dur+ ! p]iod cov]$ by ! submission--    
7,a7 ) respect to workplace h>assm5t1   
includ+ sexual h>assm5t1 & retaliation =
 report+1 resi/+1 oppos+1 or assi/+ 9 ! 
inve/igation ( workplace h>assm5t--  7i7
 ! numb] ( settlem5ts rea*$ by ! issu] z

 a signatory or :5 ! issu] is a         
b5efici>y ( a release ( claims2 &  7ii7 
:e!r any judgm5ts or aw>ds 7includ+     
aw>ds ?r\gh arbitration or adm9i/rative 
proce$+s7 7 ent]$ aga9/ ! issu] 9 "p or 
9 :ole1 or any paym5ts made 9 connection
 ) a release ( claims2 &  7,b7 ! total  
am\nt paid by ! issu] or ano!r p>ty z a 
result (-- 7i7 ! settlem5ts describ$ 9  
subp>agraph 7,a77i72 &  7ii7 ! judgm5ts 
describ$ 9 subp>agraph 7,a77ii72 &  7#b7
 in=mation reg>d+ :e!r1 9 ! aggregate1  
includ+ ! p]iod cov]$ by ! submission1  
!re h be5 ?ree or m settlem5ts rea*$ by1
 or judgm5ts aga9/1 ! issu] ) respect to
 workplace h>assm5t1 includ+ sexual     
h>assm5t1 or retaliation = report+1     
resi/+1 oppos+1 or assi/+ 9 !           
inve/igation ( workplace h>assm5t t     
relate to a p>ticul> individual employ$ 
by ! issu]1 )\t id5tify+ t individual by
 "n4  ,,viii ,cyb]security ,disclosure  
#hja4 ,%ort title ,?is title may be cit$
 z ! ,cyb]security ,disclosure ,act (   
#bjba4  #hjb4 ,cyb]security transp>5cy  

,! ,securities ,ex*ange ,act ( #aicd    
7#ae ,u4,s4,c4 #gh;a et seq47 is am5d$  
by ins]t+ aft] section #ad;,b 7#ae      
,u4,s4,c4 #ghn-#b7 ! foll[+3  #ad;,c4   
,cyb]security transp>5cy  7a7           
,def9itions ,9 ?is section-- 7#a7 ! t]m 
cyb]security means any action1 /ep1 or  
measure to detect1 prev5t1 det]1        
mitigate1 or address any cyb]security   
?reat or any pot5tial cyb]security      
?reat2  7#b7 ! t]m cyb]security ?reat-- 
7,a7 means an action1 n protect$ by !   
,fir/ ,am5dm5t to ! ,con/itution ( !    
,unit$ ,/ates1 on or ?r\gh an in=mation 
sy/em t may result 9 an unau?oriz$ ef=t 
to adv]sely impact ! security1          
availability1 confid5tiality1 or        
integrity ( an in=mation sy/em or       
in=mation t is /or$ on1 process$ by1 or 
transit+ an in=mation sy/em2 &  7,b7    
does n include any action t solely      
involves a violation ( a consum] t]m (  
s]vice or a consum] lic5s+ agreem5t2    
7#c7 ! t]m in=mation sy/em--  7,a7 has !
 mean+ giv5 ! t]m 9 section #cejb (     

title #dd1 ,unit$ ,/ates ,code2 &  7,b7 
includes indu/rial control sy/ems1 su* z
 sup]visory control & data acquisition  
sy/ems1 di/ribut$ control sy/ems1 &     
programmable logic controll]s2  7#d7 !  
t]m ,,ni/ means ! ,national ,in/itute ( 
,/&>ds & ,te*nology2 &  7#e7 ! t]m      
report+ company means any company t is  
an issu]--  7,a7 ! securities ( :i* are 
regi/]$ "u section #ab2 or  7,b7 t is   
requir$ to file reports "u section      
#ae7;d74  7b7 ,requirem5t ,to issue     
rules ,n lat] ?an #cfj days aft] ! date 
( enactm5t ( ?is section1 ! ,commission 
%all issue f9al rules to require ea*    
report+ company1 9 ! annual report ( !  
report+ company submitt$ "u section #ac 
or section #ae7;d7 or 9 ! annual proxy  
/atem5t ( ! report+ company submitt$ "u 
section #ad7;a7-- 7#a7 to disclose :e!r 
any memb] ( ! gov]n+ body1 su* z ! bo>d 
( directors or g5]al p>tn]1 ( ! report+ 
company has exp]tise or exp]i5ce 9      
cyb]security & 9 su* detail z necess>y  
to fully describe ! nature ( ! exp]tise 

or exp]i5ce2 &  7#b7 if no memb] ( !    
gov]n+ body ( ! report+ company has     
exp]tise or exp]i5ce 9 cyb]security1 to 
describe :at o!r aspects ( ! report+    
company's cyb]security 7 tak5 into      
acc\nt by any p]son1 su* z an (ficial   
s]v+ on a nom9at+ committee1 t is       
responsible = id5tify+ & evaluat+       
nom9ees = memb]%ip to ! gov]n+ body4    
7c7 ,cyb]security exp]tise or exp]i5ce  
,= purposes ( subsection 7b71 !         
,commission1 9 consultation ) ,,ni/1    
%all def9e :at con/itutes exp]tise or   
exp]i5ce 9 cyb]security us+ commonly    
def9$ roles1 specialties1 k1 skills1 &  
abilities1 su* z ^? provid$ 9 ,,ni/     
,special ,publication #hjj-aha1 entitl$ 
,national ,initiative = ,cyb]security   
,education 7,,nice7 ,cyb]security       
,work=ce ,framework1 or any successor   
!reto4  4  ,,ix ,data ,relat+ to        
,div]sity ,disclosure  #ija4 ,%ort title
 ,?is title may be cit$ z ! ,improv+    
,corporate ,gov]nance ,?r\gh ,div]sity  
,act ( #bjba4  #ijb4 ,submission ( data 

relat+ to div]sity by issu]s ,section   
#ac ( ! ,securities ,ex*ange ,act (     
#aicd 7#ae ,u4,s4,c4 #ghm71 z am5d$ by  
section #ejb1 is fur!r am5d$ by add+ at 
! end ! foll[+3  7w7 ,submission ( data 
relat+ to div]sity  7#a7 ,def9itions ,9 
?is subsection-- 7,a7 ! t]m executive   
(fic] has ! mean+ giv5 ! t]m 9 section  
#bcj4eja7;f7 ( title #ag1 ,code ( ,f$]al
 ,regulations1 z 9 effect on ! date (   
enactm5t ( ?is subsection2 &  7,b7 ! t]m
 vet]an has ! mean+ giv5 ! t]m 9 section
 #aja ( title #ch1 ,unit$ ,/ates ,code4 
7#b7 ,submission ( disclosure ,ea* issu]
 requir$ to file an annual report "u    
subsection 7a7 %all disclose 9 any proxy
 /atem5t & any in=mation /atem5t relat+ 
to ! election ( directors fil$ ) !      
,commission ! foll[+3  7,a7 ,demographic
 data1 bas$ on volunt>y                 
self-id5tification1 on ! racial1 e?nic1 
g5d] id5tity1 & sexual ori5tation       
composition (-- 7i7 ! bo>d ( directors (
 ! issu]2  7ii7 nom9ees = ! bo>d (      
directors ( ! issu]2 &  7iii7 !         

executive (fic]s ( ! issu]4  7,b7 ,!    
/atus ( any memb] ( ! bo>d ( directors (
 ! issu]1 any nom9ee = ! bo>d (         
directors ( ! issu]1 or any executive   
(fic] ( ! issu]1 bas$ on volunt>y       
self-id5tification1 z a vet]an4  7,c7   
,:e!r ! bo>d ( directors ( ! issu]1 or  
any committee ( t bo>d ( directors1 has1
 z ( ! date on :i* ! issu] makes a      
disclosure "u ?is p>agraph1 adopt$ any  
policy1 plan1 or /rategy to promote     
racial1 e?nic1 & g5d] div]sity among--  
7i7 ! bo>d ( directors ( ! issu]2  7ii7 
nom9ees = ! bo>d ( directors ( ! issu]2 
or  7iii7 ! executive (fic]s ( ! issu]4 
7#c7 ,alt]native submission ,9 any      
#a-ye> p]iod 9 :i* an issu] requir$ to  
file an annual report "u subsection 7a7 
does n file ) ! ,commission a proxy     
/atem5t or an in=mation /atem5t relat+  
to ! election ( directors1 ! issu] %all 
disclose ! in=mation requir$ "u p>agraph
 7#b7 9 ! fir/ annual report ( issu] t !
 issu] submits to ! ,commission aft] !  
end ( t #a-ye> p]iod4  7#d7 ,annual     

report ,n lat] ?an #ah mon?s aft] ! date
 ( enactm5t ( ?is subsection1 & annually
 !reaft]1 ! ,commission %all submit to !
 ,committee on ,bank+1 ,h\s+1 & ,urban  
,affairs ( ! ,s5ate & ! ,committee on   
,f9ancial ,s]vices ( ! ,h\se (          
,repres5tatives1 & publi% on ! website (
 ! ,commission1 a report t analyzes !   
in=mation disclos$ "u p>agraphs 7#b7 &  
7#c7 & id5tifies any tr5ds ) respect to 
su* in=mation4  7#e7 ,be/ practices     
7,a7 ,9 g5]al ,! ,director ( ! ,(fice ( 
,m9ority & ,wom5 ,inclusion ( !         
,commission %all1 n lat] ?an #c ye>s    
aft] ! date ( enactm5t ( ?is subsection1
 & e #c ye>s !reaft]1 publi% be/        
practices = compliance ) ?is subsection4
  7,b7 ,comm5ts ,! ,director ( ! ,(fice 
( ,m9ority & ,wom5 ,inclusion ( !       
,commission may1 pursuant to sub*apt]   
,,ii ( *apt] #e ( title #e1 ,unit$      
,/ates ,code1 solicit public comm5ts    
relat$ to ! be/ practices publi%$ "u    
subp>agraph 7,a74  4  #ijc4 ,div]sity   
advisory gr\p  7a7 ,def9itions ,= !     

purposes ( ?is section3  7#a7 ,advisory 
,gr\p ,! t]m ,advisory ,gr\p means !    
,div]sity ,advisory ,gr\p e/abli%$ "u   
subsection 7b74  7#b7 ,commission ,! t]m
 ,commission means ! ,securities &      
,ex*ange ,commission4  7#c7 ,issu] ,!   
t]m issu] has ! mean+ giv5 ! t]m 9      
section #c7;a7 ( ! ,securities ,ex*ange 
,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a774  
7b7 ,e/abli%m5t ,! ,commission %all     
e/abli% a ,div]sity ,advisory ,gr\p1 :i*
 %all be compos$ ( repres5tatives f--   
7#a7 ! ,f$]al ,gov]nm5t & ,/ate & local 
gov]nm5ts2  7#b7 academia2 &  7#c7 !    
private sector4  7c7 ,/udy &            
recomm5dations ,! ,advisory ,gr\p %all--
  7#a7 c>ry out a /udy t id5tifies      
/rategies t c be us$ to increase g5d]   
id5tity1 racial1 e?nic1 & sexual        
ori5tation div]sity among memb]s ( bo>ds
 ( directors ( issu]s2 &  7#b7 n lat]   
?an #bgj days aft] ! date on :i* !      
,advisory ,gr\p is e/abli%$1 submit to !
 ,commission1 ! ,committee on ,bank+1   
,h\s+1 & ,urban ,affairs ( ! ,s5ate1 & !

 ,committee on ,f9ancial ,s]vices ( !   
,h\se ( ,repres5tatives a report t--    
7,a7 describes any f9d+s f ! /udy       
conduct$ "u p>agraph 7#a72 &  7,b7 makes
 recomm5dations reg>d+ /rategies t      
issu]s c\ld use to increase g5d]        
id5tity1 racial1 e?nic1 & sexual        
ori5tation div]sity among bo>d memb]s4  
7d7 ,annual report ,n lat] ?an #a ye>   
aft] ! date on :i* ! ,advisory ,gr\p    
submits ! report requir$ "u subsection  
7c77#b71 & annually !reaft]1 !          
,commission %all submit to ! ,committee 
on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! 
,s5ate & ! ,committee on ,f9ancial      
,s]vices ( ! ,h\se ( ,repres5tatives a  
report t describes ! /atus ( g5d]       
id5tity1 racial1 e?nic1 & sexual        
ori5tation div]sity among memb]s ( !    
bo>ds ( directors ( issu]s4  7e7 ,public
 availability ( reports ,! ,commission  
%all make all reports ( ! ,advisory     
,gr\p available to issu]s & ! public1   
includ+ on ! website ( ! ,commission4   
7f7 ,inapplicability ( ,f$]al ,advisory 

,committee ,act ,! ,f$]al ,advisory     
,committee ,act 7#e ,u4,s4,c4 ,app47    
%all n apply ) respect to ! ,advisory   
,gr\p or ! activities ( ! ,advisory     
,gr\p4  ,x ,uyghur ,=c$ ,labor          
,disclosure  #ajja4 ,%ort title ,?is    
division may be cit$ z ! ,uyghur ,=c$   
,labor ,disclosure ,act4  #ajjb4        
,disclosure ( c]ta9 activities relat+ to
 ! ,x9jiang ,uyghur ,autonom\s ,region  
7a7 ,9 g5]al ,section #ac ( !           
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #ghm71 z am5d$ by section     
#ejb1 is fur!r am5d$ by add+ at ! end ! 
foll[+3  7w7 ,disclosure ( c]ta9        
activities relat+ to ! ,x9jiang ,uyghur 
,autonom\s ,region  7#a7 ,9 g5]al ,n    
lat] ?an ! end ( ! #ahj-;day p]iod      
beg9n+ on ! date ( enactm5t ( ?is       
subsection1 ! ,commission %all issue    
rules to require ea* issu] requir$ to   
file an annual report "u ?is section or 
section #ae7;d7 or a proxy /atem5t "u   
section #ad to disclose 9 ea* su* report
 or proxy /atem5t :e!r1 dur+ ! p]iod    

cov]$ by ! report or proxy /atem5t--    
7,a7 ! issu] or any affiliate ( ! issu]1
 directly or indirectly1 engag$ ) an    
entity or ! affiliate ( an entity to    
import-- 7i7 manufactur$ goods1 includ+ 
electronics1 food products1 textiles1   
%oes1 auto p>ts1 polysilicon1 & teas1 t 
are s\rc$ f or ?r\gh ! ,,xu>2  7ii7     
manufactur$ goods conta9+ mat]ials t are
 s\rc$ f or ?r\gh ! ,,xu>2 or  7iii7    
goods manufactur$ by an entity engag$ 9 
labor transf]s f ! ,,xu>2  7,b7 )       
respect to any goods or mat]ials        
describ$ "u subp>agraph 7,a71 :e!r !    
goods or mat]ial orig9at$ 9 =c$ labor   
camps2 &  7,c7 ) respect to ea*         
manufactur$ good or mat]ial describ$ "u 
subp>agraph 7,a7--  7i7 ! nature & ext5t
 ( ! comm]cial activity relat$ to su*   
good or mat]ial2  7ii7 ! gross rev5ue & 
net pr(its1 if any1 attributable to !   
good or mat]ial2 &  7iii7 :e!r ! issu]  
or ! affiliate ( ! issu] int5ds to      
cont9ue ) su* importation4  7#b7        
,availability ( in=mation ,! ,commission

 %all make all in=mation disclos$       
pursuant to ?is subsection available to 
! public on ! website ( ! ,commission4  
7#c7 ,reports  7,a7 ,annual report to   
,congress ,! ,commission %all-- 7i7     
conduct an annual assessm5t ( !         
compliance ( issu]s ) ! requirem5ts (   
?is subsection2 &  7ii7 issue a report  
to ,congress conta9+ ! results ( !      
assessm5t requir$ "u clause 7i74  7,b7  
,,gao report ,! ,comptroll] ,g5]al ( !  
,unit$ ,/ates %all p]iodically evaluate 
& report to ,congress on ! effectiv5ess 
( ! ov]sight by ! ,commission ( !       
disclosure requirem5ts "u ?is           
subsection4  7#d7 ,def9itions ,9 ?is    
subsection3 7,a7 ,=c$ labor camp ,! t]m 
=c$ labor camp means--  7i7 any entity  
engag$ 9 ! mutual pair+ assi/ance       
program :i* subsidizes ! e/abli%m5t (   
manufactur+ facilities 9 ,,xu>2  7ii7   
any entity us+ convict labor1 =c$ labor1
 or ind5tur$ labor describ$ "u section  
#cjg ( ! ,t>iff ,act ( #aicj 7#ai       
,u4,s4,c4 #acjg72 &  7iii7 any o!r      

entity t ! ,commission det]m9es is      
appropriate4  7,b7 ,,xu> ,! t]m ,,xu>   
means ! ,x9jiang ,uyghur ,autonom\s     
,region4  4  7b7 ,repeal ,! am5dm5t made
 by ?is section %all be repeal$ on !    
e>li] (-- 7#a7 ! date t is #h ye>s aft] 
! date ( ! enactm5t ( ?is section2 or   
7#b7 ! date on :i* ! ,presid5t submits  
to ,congress 7includ+ ! ,(fice ( ! ,law 
,revision ,c\ncil7 a det]m9ation t !    
,gov]nm5t ( ! ,p's ,republic ( ,*9a has 
end$ mass int]nm5t1 =c$ labor1 & any o!r
 gross violations ( human rights        
exp]i5c$ by ,uyghurs1 ,kazakhs1 ,kyrgyz1
 & memb]s ( o!r p]secut$ gr\ps 9 !      
,x9jiang ,uyghur ,autonom\s ,region4    
,,xi ,o!r ,matt]s  #aaja4 ,/udy & report
 on small bus9esses & ,,esg disclosures 
7a7 ,9 g5]al ,n lat] ?an #a ye> aft] !  
date ( ! enactm5t ( ?is ,act1 !         
,securities & ,ex*ange ,commission1 9   
coord9ation ) ! ,director ( ! ,(fice ( !
 ,advocate = ,small ,bus9ess ,capital   
,=mation & ! ,inve/or ,advocate ( !     
,(fice ( ! ,inve/or ,advocate1 %all--   

7#a7 conduct a /udy on ! issues small   
bus9esses face ) respect to comply+ )   
disclosure requirem5ts relat$ to        
environm5tal1 social1 & gov]nance       
metrics2 &  7#b7 submit a report to     
,congress t includes--  7,a7 ! results (
 ! /udy requir$ "u p>agraph 7#a72 &     
7,b7 recomm5dations ) respect to small  
bus9ess compliance ) su* disclosure     
requirem5ts4  7b7 ,def9ition ( small    
bus9ess ,9 ?is section1 ! t]m small     
bus9ess has ! mean+ giv5 ! t]m small    
bus9ess conc]n "u section #c ( ! ,small 
,bus9ess ,act 7#ae ,u4,s4,c4 #fcb74     
,pass$ ! ,h\se ( ,repres5tatives ,june  
#af1 #bjba4;,cl]k4