気候関連情報開示規則の撤回提案に関する協議 | ノルゲス銀行投資管理
専門家の視点
気候情報開示の撤回提案に対し、世界最大級の機関投資家が「全面撤回には反対」と明確な姿勢を示しました。ノルゲス銀行投資管理は、米国市場が総投資額の53%を占め、1,306社の米国企業に平均1.2%出資する少数株主です。この立場から、自社の投資判断や議決権行使に必要なのは、物語的な説明ではなく、財務諸表と接続した一貫性のある比較可能な開示だと主張しています。 興味深いのは、同社が「重要性の基準そのものは支持する」と述べつつ、規則の枠組みが気候リスクの識別・管理・財務反映の構造化を促進すると評価している点です。つまり、全面撤回ではなく代替案の検討を求める、実務的な折衷案です。開示義務化に備える日本企業にとって、この動きは「規制が緩和されるから準備不要」ではなく、「投資家が求める情報の質は後退しない」というシグナルとして読むべきです。撤回論議の行方より、大手機関投資家が開示情報をどう活用するかという需要側の構造が、長期的な企業行動を規定します。次の観測点は、SECの最終決定と、それに対するNBIM以外の機関投資家の反応です。
We refer to the Securities and Exchange Commission (SEC)'s request for comment on the proposed rescission of the Final Rules requiring registrants to provide certain climate-related information in their registration statements and annual reports. We appreciate the opportunity to contribute our perspective. Norges Bank Investment Management (NBIM) is the investment management division of the Norwegian Central Bank that manages the Norwegian Government Pension Fund Global. We work to safeguard and build financial wealth for future generations. As of year-end 2025, we managed over 2 trillion USD in assets, with the United States representing our largest market at 53% of total investments. Within our equity portfolio, 822 billion USD was invested in shares of 1,306 U.S. public companies. We are a minority shareholder in U.S. public companies, with an average equity ownership of 1.2 percent. As a long-term, diversified financial investor, we rely on companies narrative disclosures to add analytical context to financial statements, which informs our investment decisions, shareholder voting and risk management processes. We have an interest in effective disclosure regimes that surface material, investor-relevant information in a consistent and comparable format, without imposing undue cost or duplication on reporting companies. NBIM does not recommend outright rescission of the Final Rules. We support the existing framework's materiality standard, which elicits disclosure of climate-related risks when material to a registrant's financial condition. In our view, the Final Rules would add a valuable analytical layer by codifying a structured framework for how climate-related risks, when material, are identified, managed and reflected in company governance, strategy and financial statements. We believe a well-designed framework of this kind can serve the interests of companies and investors alike, and that alternatives to outright rescission exist that would address the Commi
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