Studies Show Global Companies Still Failing to Report Strategies and Potential Impacts From Climate Change

Studies Show Global Companies Still Failing to Report Strategies and Potential Impacts From Climate Change
Investors Call on SEC to Take Steps to Improve Company Disclosure
WASHINGTON, June 3 /PRNewswire-USNewswire

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Climate change-related disclosure continues to be weak or altogether nonexistent in SEC filings of global companies with the most at stake in preparing for a low-carbon global economy, according to two major studies released today by Ceres, Environmental Defense Fund (EDF) and the Center for Energy and Environmental Security (CEES). The reports' findings highlight the need for the Securities and Exchange Commission (SEC) to respond to repeated investor requests for formal guidance on climate-related disclosure companies should be providing in securities filings.

"These findings are a clarion call for quick SEC action to require better climate risk disclosure from publicly-traded companies," said Mindy Lubber, president of Ceres and director of the Investor Network on Climate Risk, comprised of 80 institutional investors with $7 trillion in collective assets. "Climate change is a bottom line issue and investors have a right to know which companies are best positioned for the emerging clean energy global economy."

"Corporate climate disclosure falls far short of what CalPERS and other investors need to carry out their fiduciary duties," added Anne Stausboll, chief executive officer of the California Public Employees' Retirement System (CalPERS), the nation's largest public pension fund and one of 18 investors that petitioned the SEC in fall 2007 to issue climate disclosure guidance. "We call on the SEC to ensure that information regarding climate change effects, including regulatory and physical impacts, are accessible and delivered to investors."

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