The definition of materiality is whether there is substantial likelihood that the reasonable investor would consider the information in question to be important in making an investment decision. Are environmental issues material? The AFL-CIO thinks so:
Environmental, social and governance issues shouldn't get “second-class” treatment from the Securities and Exchange Commission, a member of its investor advisory committee said.
“What this committee is asking for is not special treatment but the same treatment,” Damon Silvers, director of policy and special counsel for the AFL-CIO, said at a committee meeting July 14. “That these issues not be ignored and treated as second-class when … they are in fact as relevant to business success as any other sort of issue.”