Deja Vu again, or again?
Wednesday, June 3, 2009 at 9:19PM The US-based CERES organisation have produced an important report on levels of financial disclosure from top global companies. It makes for pretty stark reading...
"Based on review of over 6,000 10-K filings spanning more than a dozen years, the report finds: “Despite the clear imperative for prudent oversight, the SEC has failed to protect investors from enduring inadequacies in corporate disclosure concerning the material risks and opportunities posed by climate change.”
The full report is available to download here.
One good step to take is to push your local politicians, members of parliamentm insurance companies and pension funds for solid answers for their level of preparation for the events mentioned in the Ceres document. In our experience, and from the majority of conversations at Hay on Earth, most businesses, councils and politicians have little preparation for the following:
- Peak oil
- The need to reduce carbon by 3%, 6% or the 9% a year of CO2 that's needed
- Food security
More than ever, now is a time to an activist investor, citizen and employee. It's a time for Doversity.
Reader Comments (1)
There is no UK disclosure requirement specific to climate change - something I agree is needed urgently. The Company's Act 2006 increased the requirements for reporting on general Corporate Responsibility issues, but it is pretty easy to fudge.
Organisations like PERC and RREV who give voting recommendations to institutional shareholders, are raising their game, but there is still much more interest in executive pay than any other issue.