A research paper written by Kenya Rothstein, J.D. ’21, when she was a Miami Law student in Professor Ileana Porras’ climate change law and policy course, was recently cited by the Securities and Exchange Commission in a new proposed rule, the Enhancement and Standardization of Climate-Related Disclosures for Investors. Porras is a part of the core faculty in Miami Law's Environmental Law Program which offers a unique intersectionality with other University of Miami graduate programs in marine affairs, land use, architecture, and business.
“I went to law school to pursue a career at the intersection of environmental, business, and sustainable law,” Rothstein said. “I’m proud to start my career by contributing to rulemaking at this intersection both nationally and internationally.”
In her paper, Rothstein argues that sustainability reporting should be mandated and regulated by the SEC. The SEC cited Rothstein’s position that climate-related metrics can be part of the existing management discussion and analysis disclosures.
Rothstein explains the backdrop and importance of the proposed rule: “In recent years, sustainability reporting, which includes climate-related disclosures, has become an increasingly popular way for publicly traded companies to communicate their sustainability performance to investors. So far, in the U.S, companies produce sustainability reports voluntarily, as there has not been a government mandate for and regulation of sustainability reporting. However, voluntary reporting falls short in producing accurate and reliable information to investors and other stakeholders due to it being unregulated and lacking uniformity, sufficient third-party assurances that the information is accurate, and enforceability. The rule would provide investors with consistent, comparable, and decision-useful information for making their investment decisions and would provide consistent and clear reporting obligations for issuers. This is a step toward ensuring that an accurate picture of a company’s sustainability performance is depicted.”
While at Miami Law, Rothstein served as a HOPE Fellow her 1L summer with the Department of Justice’s Natural Resources Division in Washington, D.C. and during her 2L summer with the Environmental Protection Agency in Atlanta, Georgia. She was also an intern at the U.S Attorney’s Office for the Southern District of Florida in Miami and in the Miami office of the SEC.
She graduated from Miami Law with a concentration in business compliance and sustainability with an area of focus in environmental law and is now an associate with an environmental law firm, Aqua Terra Aeris in Oakland, California, where she works on all areas of the firm’s advocacy and litigation.
“Opportunities through Miami Law’s HOPE Public Interest Resource Center made it possible for me to work at the Department of Justice’s Environment and Natural Resources Division and the Environmental Protection Agency’s Region IV Office where I gained invaluable environmental law and regulatory enforcement experience that I use in my current role,” said Rothstein.
Rothstein’s research paper can be found here: How Existing Securities Law Authorizes the SEC to Mandate and Regulate Sustainability Reporting and the proposed rule can be found here: Proposed rule: The Enhancement and Standardization of Climate-Related Disclosures for Investors (sec.gov). The research paper is also expected to be published in the Spring 2022 edition of the Buffalo Environmental Law Journal and has also been cited by the Canada Climate Law Initiative in their letter to the Canadian Securities Administrators.
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