WASHINGTON, D.C. – Representative Adam Smith (D-Wash.) today issued the following statement after the House passed H.R. 1187, the Corporate Governance Improvement and Investor Protection Act.

“As we continue to work to create a more equitable and sustainable economic future that works for all Americans, we must address growing income inequality and the existential threat of climate change. By requiring corporations to disclose environmental, social, and good governance metrics, this legislation will help empower and inform shareholders, workers, and consumers in their investment and savings decisions.

“For too long, decisions by many corporations have been driven by short-term profit, often at the expense of its workers and long-term sustainability. The disclosure of information required under this bill such as climate risk, worker wages, and CEO compensation, and offshore profits and taxes not only promotes transparency and accountability, but reflects the reality that the long-term financial sustainability of corporations and our economy must account for the wellbeing of workers and the risk posed by climate change.  

“I strongly support the efforts to account for climate risk in financial services, help shift economic power towards workers, and promote a more sustainable economic future that benefits all Americans.”

You can read the H.R. 1187 Fact Sheet here.