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S 5132

Requires certain corporations to annually prepare a climate-related financial risk report for submission to the secretary of state and to make such report available to the public

2025 Regular Session Introduced by Andrew Gounardes and 1 co-sponsor

Requires certain corporations to annually prepare a climate-related financial risk report, file with the secretary of state, and publicly disclose it to boost transparency.

REPORTED AND COMMITTED TO INSURANCE
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WeVote Research Nonpartisan
Bill Summary · S 5132

Summary: S 5132 — Climate-related Financial Risk Reporting Requirement

Overview

S 5132 would require certain corporations to annually prepare a climate-related financial risk report, submit the report to the secretary of state, and make the report publicly available. The bill is currently in the legislative process, having progressed from committee referrals to a reporting and commitment to the Insurance Committee.

  • Bill number: S 5132
  • Title: Requires certain corporations to annually prepare a climate-related financial risk report for submission to the secretary of state and to make such report available to the public
  • Status: REPORTED AND COMMITTED TO INSURANCE
  • Introduced: February 19, 2025
  • Primary sponsor: Pete Harckham; co-sponsor: Andrew Gounardes
  • Related bills: S 5437 (prior-session); A 7195 (companion)

What the bill would do

  • Annual requirement: Covered corporations would be required to prepare a climate-related financial risk report each year.
  • Submission and transparency: The report must be submitted to the secretary of state and must be made publicly accessible.
  • Public availability: The intent is to enhance public transparency around how climate-related risks are integrated into a corporation’s financial risk assessment and disclosure.

Scope and definitions

  • The term “certain corporations” indicates that the bill targets a subset of corporations meeting criteria defined in the statute. The provided information does not specify thresholds (e.g., size, revenue, domicile, or sector). The exact eligibility and definitions would be found in the bill’s text.

Key provisions (as indicated by title and status)

  • Requirement to prepare climate-related financial risk reports on an annual basis.
  • Mandatory submission of the report to the secretary of state.
  • Public disclosure/availability of the report for public inspection.

Who is affected

  • Corporations meeting the bill’s defined criteria (as determined by the bill’s definitions) would be subject to the annual reporting requirement.
  • The secretary of state would be the recipient of the reports.
  • The public would gain access to the reports through public availability.

Procedural timeline and status

  • February 19, 2025: Introduced; referred to the Banks Committee (as shown by initial referrals).
  • May 5, 2025: Reported from committee and committed to the Insurance Committee (listed twice in the actions).
  • Ongoing legislative path: Likely moves from Insurance to the full chamber floor for consideration, depending on committee actions and votes.

Sponsorship and related measures

  • Primary sponsor: Pete Harckham
  • Co-sponsor: Andrew Gounardes
  • Related: S 5437 (prior-session) and A 7195 (companion) indicate ongoing or parallel interest in climate-related financial disclosure across chambers.

Potential impact and considerations

  • Transparency and risk disclosure: Could improve visibility into how climate risks affect corporate financial health.
  • Administrative burden: May require new reporting processes and data collection; potential cost for affected firms and for the secretary of state to process and publish reports.
  • Compliance and enforcement: Details on penalties, auditability, and verification would be defined in the bill text.
  • Market and governance implications: Public disclosure could influence investor decisions, benchmarking, and corporate governance practices related to climate risk.

Next steps for readers

  • Monitor for the full bill text to review specific definitions, reporting standards, data elements, and enforcement mechanisms.
  • Compare with related measures (S 5437, A 7195) to understand cross-chamber alignment and potential amendments.

Compiled from official sources — confirm details with the bill’s official record.

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