This risk factor is meant for use in a public company's periodic disclosure, such as a Form 10-K, or a registration statement, such as a Form S-1, to disclose risks relating to investors' increased attention to environmental, social, and governance (ESG) issues and the company's ability to meet their expectations. This clause includes practical guidance and drafting notes. In recent years, investors have significantly increased their emphasis on ESG concerns when making investment decisions. In addition, regulatory agencies such as the Securities Exchange Commission (SEC) have increased their scrutiny of ESG disclosures in public company disclosures and have begun to propose new rules mandating ESG disclosures. See [SEC Proposes Expanded ESG Disclosures for Certain Investment Companies and Investment Advisers: Client Alert Digest]. One risk that is common to companies across industries is the risk of market dissatisfaction with the company's ESG initiatives, its disclosure regarding ...