Supporting the current definition of materiality in the securities laws and opposing new disclosure requirements outside the core mission of the Securities and Exchange Commission.

HRES 32 is a resolution supporting the current legal standard for "materiality" in securities disclosures, which requires public companies to share information investors reasonably deem important for decision-making. It opposes new disclosure mandates - particularly related to environmental, social, and governance (ESG) issues - that fall outside the Securities and Exchange Commission's (SEC) core mission of protecting investors and maintaining fair markets. The resolution emphasizes that the SEC's existing materiality standard, established since 1976 and reinforced by Supreme Court precedent, already requires climate-related risks to be disclosed if they impact a company's financials. It argues that expanding disclosure requirements beyond this standard would create unnecessary compliance costs and confuse investors without aligning with the SEC's statutory purpose.