IB 
Union Calendar No. 519 
116TH CONGRESS 
2D SESSION 
H. R. 5930 
[Report No. 116–634] 
To amend the Securities Exchange Act of 1934 to require issuers to disclose 
information about human capital management in annual reports, and 
for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
FEBRUARY 21, 2020 
Mrs. AXNE introduced the following bill; which was referred to the Committee 
on Financial Services 
DECEMBER 8, 2020 
Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed 
[Strike out all after the enacting clause and insert the part printed in italic] 
[For text of introduced bill, see copy of bill as introduced on February 21, 2020] 
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A BILL 
To amend the Securities Exchange Act of 1934 to require 
issuers to disclose information about human capital man-
agement in annual reports, and for other purposes. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Workforce Investment 
Disclosure Act of 2020’’. 
SEC. 2. DISCLOSURES RELATED TO HUMAN CAPITAL MAN-
AGEMENT. 
Section 13 of the Securities Exchange Act of 1934 (15 
U.S.C. 78m) is amended by adding at the end the following: 
‘‘(s) DISCLOSURES RELATED
TO HUMAN CAPITAL 
MANAGEMENT.— 
‘‘(1) IN GENERAL.—Each issuer required to file 
an annual report under subsection (a) shall disclose 
in that report information about human capital man-
agement policies, practices, and performance. 
‘‘(2) RULES.—Not later than 270 days after the 
date of the enactment of this subsection, the Commis-
sion shall issue final rules to carry out paragraph (1) 
and such rules shall require disclosure of the following 
with respect to the issuer: 
‘‘(A) Workforce demographic information, 
including the number of full-time employees, the 
number of part-time employees, the number of 
contingent workers (including temporary and 
contract workers), and any policies or practices 
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‘‘(ii) any incidents of verified work-
place harassment in the previous 5 fiscal 
years of the issuer; and 
‘‘(iii) policies and practices of the 
issuer relating to employee engagement and 
psychological wellbeing, including manage-
ment discussion regarding— 
‘‘(I) the creation of an autono-
mous work environment; 
‘‘(II) fostering a sense of purpose 
in the workforce; 
‘‘(III) trust in management; and 
‘‘(IV) a supportive, fair, and con-
structive workplace. 
‘‘(F) Workforce health and safety, including 
information about— 
‘‘(i) the frequency, severity, and lost 
time due to injuries, illness, and fatalities; 
‘‘(ii) the total dollar value of assessed 
fines under the Occupational Safety and 
Health Act of 1970; 
‘‘(iii) the total number of actions 
brought under section 13 of the Occupa-
tional Safety and Health Act of 1970 to 
prevent imminent dangers; and 
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‘‘(iv) the total number of actions 
brought against the issuer under section 
11(c) of the Occupational Safety and 
Health Act of 1970. 
‘‘(G) Workforce compensation and incen-
tives, including information about— 
‘‘(i) total workforce compensation, in-
cluding disaggregated information about 
compensation for full-time, part-time, and 
contingent workers; 
‘‘(ii) policies and practices about how 
performance, productivity, and sustain-
ability are considered when setting pay and 
making promotion decisions; and 
‘‘(iii) policies and practices relating to 
any incentives and bonuses provided to em-
ployees below the named executive level and 
any policies or practices designed to counter 
any risks create by such incentives and bo-
nuses. 
‘‘(H) Workforce recruiting and needs, in-
cluding the number of new jobs created, the 
worker classification of new jobs, information 
about the quality of hire, and new hire retention 
rate. 
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‘‘(3) TREATMENT OF EMERGING GROWTH COMPA-
NIES.—The 
Commission 
may 
exempt 
emerging 
growth companies from any disclosure described 
under subparagraph (D), (E), (F), (G), or (H) of 
paragraph (2), if the Commission determines that 
such exemption is necessary or appropriate in the 
public interest or for the protection of investors.’’. 
SEC. 3. BACKSTOP. 
If, 2 years after the date of the enactment of this Act, 
the Securities and Exchange Commission has not issued 
rules required under section 13(s)(2) of the Securities Ex-
change Act of 1934, as added by section 2, and until such 
rules are issued, an issuer shall be deemed in compliance 
with section 13(s) of the Securities Exchange Act of 1934 
if disclosures set forth in the annual report of such issuer 
satisfy the public disclosure standards of the International 
Organization for Standardization’s ISO 30414, or any suc-
cessor standards for external human capital reporting, and 
as supplemented or adjusted by such rules, guidance, or 
other comments from the Commission. 
SEC. 4. SEC STUDY. 
(a) STUDY.—The Securities and Exchange Commis-
sion shall conduct a study about the value to investors of— 
(1) information about the human rights commit-
ments of issuers of securities required to file annual 
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reports under section 13(a) of the Securities Exchange 
Act of 1934, including information about any prin-
ciples used to evaluate risk, constituency consultation 
processes, and supplier due diligence; 
(2) information about violations, by issuers of se-
curities required to file annual reports under section 
13(a) of the Securities Exchange Act of 1934, of the 
Fair Labor Standards Act of 1938; 
(3) disaggregating the information requested in 
section 13(s) of the Securities Exchange Act of 1934 
based on relevant workforce subgroups, including— 
(A) full-time employees; 
(B) part-time employees; 
(C) contingent workers; and 
(D) company management; and 
(4) surveys regarding employee satisfaction and 
engagement. 
(b) REPORT.—Not later than 1 year after the date of 
the enactment of this Act, the Securities and Exchange 
Commission shall submit to Congress a report about the 
study conducted pursuant to subsection (a). 
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Union Calendar No. 519 
116TH CONGRESS 
2D SESSION 
H. R. 5930 
[Report No. 116–634] 
A BILL 
To amend the Securities Exchange Act of 1934 to 
require issuers to disclose information about 
human capital management in annual reports, 
and for other purposes. 
DECEMBER 8, 2020 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
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