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Climate change shareholder actions hit record high http://apocadocs.com/s.pl?1267892883
The number of climate change-related shareholder actions has soared 40 per cent during the 2010 proxy season to a record 95 resolutions, according to new figures from sustainable investment lobby group Ceres.
The flurry of shareholder resolutions, many of which call on companies to provide more detailed information on the risks they face as a result of climate change and imminent carbon regulations, are expected to increase further after the Securities and Exchange Commission (SEC) recently released new guidance detailing how climate change can represent a material risk to a firm's operations that should be disclosed to investors.
"We want our companies to closely look at the impact climate change legislation and regulation have on them, to realistically assess those risks, and to consider the indirect consequences of climate change-driven regulation and business trends on their activities," said Jack Ehnes, chief executive of CalSTRS, a pension fund which manages $131bn dollars in assets. "The SEC's interpretive guidance outlines exactly the kind of action we have been asking our portfolio companies to take with regards to the issues raised by climate change."
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[Read more stories about:
smart policy, climate impacts, canary in coal mine]
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'Doc Jim says:
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Sometimes, big money talks.
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But notice: it's about the impact regulation will have. There's still no recognition of the economic implications of converging emergencies, three to eight years out. Long-term investors take note.
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