Research Objective: This study aims to examine and analyze the impact of climate change risk disclosure on the level of information asymmetry in the stock market, while testing the moderating role of both ownership concentration and board independence on this relationship. Research Design and Methodology: An empirical study was conducted on a sample of 70 companies using content analysis to examine annual reports over the period from 2022 to 2024, resulting in a total of 210 observations. The study tests hypotheses reflecting the impact of ownership concentration and board independence on the relationship between climate change risk disclosure and information asymmetry. Multiple regression analysis was employed to test the results. Climate change disclosure was measured based on the Climate Disclosure Index issued by the Financial Regulatory Authority (Decisions No. 107 and 108 of 2021), which consists of two components: ESG and TCFD. Information asymmetry was measured using trading volume as an inverse proxy, where higher trading volume indicates lower information asymmetry, and vice versa. Trading volume was calculated as the natural logarithm of the average trading volume over five days following the publication date of financial reports. Ownership concentration was measured as the total percentage of shares held by major shareholders (institutions or individuals holding 5% or more), based on ownership structure disclosures. Board independence was measured by the proportion of non-executive (independent) directors to the total number of board members. Results and Recommendations: The empirical findings indicate a statistically significant negative impact of climate change risk disclosure on information asymmetry, suggesting that high-quality disclosure reduces information asymmetry and improves the information environment in the stock market. The results also show that ownership concentration significantly affects this relationship, as it may weaken the informational value of disclosure in some cases due to the dominance of large shareholders. In contrast, board independence enhances the effectiveness of disclosure, as it is associated with increased transparency and credibility and a reduction in greenwashing practices, leading to a greater decrease in information asymmetry. The findings further reveal a combined interaction effect, where the effectiveness of disclosure is stronger in firms with more independent boards and lower ownership concentration. Accordingly, the study recommends strengthening board independence by supporting the role of independent directors, implementing regulations to limit excessive ownership concentration, and developing mandatory standards for climate change risk disclosure to reduce symbolic practices and improve reporting quality. It also emphasizes the importance of regulatory oversight in ensuring the credibility of disclosures, thereby reducing information asymmetry and enhancing market efficiency.