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Evolving the Definition of Materiality: Accurate Monitoring of Systemic Risk and Portfolio-Wide Impacts

The stakes are high in how broadly or narrowly materiality is defined. Veteran shareholder attorney Sanford Lewis makes a strong case that true materiality includes economy-wide impacts and so-called externalities. The fiction of a singular, mythical, “reasonable investor” against whose interests materiality is determined is contrasted with real-world investors, many of whom are duty bound to monitor systemic risk and portfolio wide impacts. Sanford illustrates his incisive observations with real-world examples, including the infamous Exxon case.

Sanford J. Lewis, ATTORNEY, SANFORD LEWIS

Bill Baue, CO-FACILITATOR, REPORTING 3.0

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