On Friday, the SEC released its latest Reg Flex Agenda. It’s notable in that it’s the first timetable for potential rulemaking we’ve seen from the SEC since Gary Gensler became the SEC Chair – and because it’s ambitious in the number of rulemakings the SEC may undertake and underscores that the SEC is giving priority to ESG disclosure topics.

I say “may” undertake because the Reg Flex Agenda tends to be aspirational – the SEC isn’t committed to the rulemakings nor the timetable within it.

Here are some of the more notable potential rulemakings:

  1. Climate change disclosure – proposal by October
  2. Human Capital disclosure – proposal by October
  3. Cybersecurity risk governance – proposal by October
  4. Rule 10b5-1 plans – proposal by October
  5. Board diversity – proposal by October
  6. Rule 144 – final by October
  7. Clawback rules – re-proposal by next April
  8. SPACs – proposal by next April
  9. Shareholder proposals – proposal by next April
  10. Proxy advisors – proposal by next April
  11. Share buybacks – proposal by next April
  12. Universal proxy – final by next April
  13. Pay-for-performance – final by next April
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Photo of Broc Romanek Broc Romanek

As a strategist for the firm’s Corporate & Securities practice, Broc Romanek has a deep understanding of the regulatory and environmental, social, and governance (ESG) marketplace. Prior to joining Perkins Coie, Broc served as editor at TheCorporateCounsel.net, CompensationStandards.com, and DealLawyers.com, where he oversaw…

As a strategist for the firm’s Corporate & Securities practice, Broc Romanek has a deep understanding of the regulatory and environmental, social, and governance (ESG) marketplace. Prior to joining Perkins Coie, Broc served as editor at TheCorporateCounsel.net, CompensationStandards.com, and DealLawyers.com, where he oversaw and managed coverage on issues related to ESG, corporate governance, executive pay, deals, and market trends and analysis.

In addition to his nearly two decades of working as a journalist and publisher, Broc served as assistant general counsel at a Fortune 50 company, worked in the Office of Chief Counsel of the U.S. Securities and Exchange Commission’s (SEC) Division of Corporation Finance, was a counselor to former SEC Commissioner Laura Unger, and worked in private practice. He also is the author, or co-author, of four legal treatises, and has authored several books focused on the legal industry.