Climate Risk and Corporate Disclosure in SEC Filings

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Source: Ceres, Environmental Defense Fund and The Corporate Library

Boston, MA – The Environmental Defense Fund and Ceres teamed to commission a research report from The Corporate Library, analyzing corporate 10-k filings and inclusion of climate risk and opportunities disclosure.  “The Securities & Exchange Commission must do its part to reclaim a fair marketplace that protects the interests of all investors from Wall Street to Main Street,” the forward by Ceres CEO Mindy Lubber and Fred Krupp, President of EDF states. “The lessons learned from the current economic downturn leave no doubt.  Reclaiming transparency and accountability in the marketplace will help secure lasting prosperity for our nation.”

The report authors – TLC’s Beth Young, Celine Suarez and Kimblerly Gladman – cites pension fund CalPERS call on the SEC to issue guidance to companies to “ensure robust corporate disclosure of material and governance risk, including climate change risks…”  “The 10-k report will remain the gold standard for reporting information to investors,” Anne Stausboll, CEO of the California Public Employees’ Retirement System states. “We call on the SEC to ensure that information regarding climate change effects are accessible and delivered to investors.”

The report uses the Global Framework for Climate Risk Disclosure to evaluate the reporting of 100 US and multinational companies in three categories: (1) emissions and climate change positions; (2) risk assessment; (3) actions to address climate risks and opportunities. (The market sectors are electric utilities; coal; oil and gas; transportation; and insurance.)   Taken together, the authors write, “the finding are strong evidence that investors are not getting the information they need in SEC files, even from industries facing clear, immediate risks from climate change. 

Click on Document Link Below to access full report

 

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