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March 20, 2007
Better disclosure to investors of public company environmental risks needed
In his story today Utility and Sierra Club Deal Aims to Cut Carbon Dioxide, Matt Wald of the New York Times also reports on efforts by a group of large companies and investors that Monday issued a call to Congress to establish a carbon policy to limit climate-change risk and to clarify for businesses what requirements are likely to emerge. The group was organized by the Coalition for Environmentally Responsible Economies, known as Ceres, a corporate responsibility group, and the Investor Network on Climate Risk, a network of institutional investors and financial institutions focused on the financial risks and opportunities of climate change. Wald goes on to point out that the groups also asked the SEC to "clarify 'what companies should disclose to investors on climate change' in their required reports." For a number of years, a variety of public interest organizations, including U.S. PIRG, have issued reports on the failure of companies to report environmental liabilities. Also, others have urged the SEC to broaden requirements for disclosure of social and environmental benchmarks. One network of organizations, the Corporate Sunshine Working Group, has posted a list of 20 proposals for new or enhanced disclosure items, ranging from whether a company is in compliance with the Foreign Corrupt practices Act to whether it has any material risk exposure from potential environmental liabilities. CSWG has posted a compendium of links to documents, including research reports by the GAO and others, SEC complaints and other information about domestic and international efforts to improve corporate social and environmental accounting. The list includes a Rose Foundation petition urging the SEC to act.
Posted by Ed Mierzwinski at March 20, 2007 10:15 AM
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