The Federal Reserve Board (“FRB”) requested comment on draft “Principles for Climate-Related Financial Risk Management for Large Financial Institutions”. The proposed principles provide banks with “a high-level framework for the safe and sound management of exposures to climate-related financial risks for Board-supervised financial institutions with over $100 billion in assets.” The FRB said that the…
Tag: climate risk
Biden Administration requires federal suppliers to use CDP’s model for climate risk
One of the obstacles to better ESG assessments is inconsistency of disclosures. The Biden administration’s new requirement for federal suppliers will mean that corporate executives, shareholders, regulators, and third party ratings firms will have much better data for assessing risk. Acknowledging the vital role of disclosure around environmental impact, the White House Council on Environmental…
The Shareholder Commons Unveils New Investor Strategy for Shielding Portfolios from Climate Change and Public Health Threats
The Shareholder Commons, a non-profit advocate for diversified shareholders, today released two case studies focused on the harmful impacts of climate change and antimicrobial resistance. The case studies demonstrate the gap between company-first ESG advocacy and portfolio-first system stewardship and prove to investors that measuring financial success on an enterprise-by-enterprise basis will never motivate companies…
CalPERS and Massachusetts PRIM Vote Against Chevron Directors
Massachusetts State Treasurer and Receiver General Deborah B. Goldberg today announced her opposition to the election of all members of the board of Chevron Corporation (NYSE: CVX) ahead of the company’s annual meeting on May 25. “Last year more than 60 percent of Chevron’s shareholders voted for a proposal calling on the company to set…
SEC.gov | Sample Letter to Companies Regarding Climate Change Disclosures
The Commission has stated that a number of its disclosure rules may require disclosure related to climate change.[2] For example and depending on the particular facts and circumstances, information related to climate change-related risks and opportunities may be required in disclosures related to a company’s description of business, legal proceedings, risk factors, and management’s discussion…
Short supply of green assets ‘may create bubble’ | Business | The Times
A shortage of suitable environmentally friendly assets for pension schemes to invest in could contribute to a “green asset bubble”, MPs have warned. The Commons’ work and pensions select committee said that pension schemes had the potential to help economies to cut emissions, but warned that there were only a limited number of suitable assets…
SEC Chair on Climate Risk Disclosure
SEC Chair Gary Gensler spoke to PRI about climate risk disclosure requirements. Washington D.C. July 28, 2021 Thank you, Fiona, for the kind introduction. It’s good to be here with the Principles for Responsible Investment. As is customary, I’d like to note my views are my own, and I’m not speaking on behalf of the…
SEC Chair Gensler on Climate Risk Disclosures
Chair Gary Gensler spoke about upcoming SEC guidance on climate Risk to the Principles for Responsible Investment (emphasis added): Washington D.C. July 28, 2021 Thank you, Fiona, for the kind introduction. It’s good to be here with the Principles for Responsible Investment. As is customary, I’d like to note my views are my own, and…
Joe Kennedy: The SEC must require companies to disclose their risk from climate change
Joe Kennedy, great-grandson of the first Chairman of the SEC, calls on the Commission to be true to his commitment to informing investors of material risk. A 2019 survey of 215 of the world’s 500 largest companies found nearly $1 trillion in reported climate-related financial risk. A report last year from the federal Commodity Futures…
Agenda – ISS Probes Boards’ Climate Risk Oversight
Proxy advisor Institutional Shareholder Services today said it is gathering views on the “minimum criteria for boards” in overseeing climate risk. Currently, the proxy advisor may issue adverse voting recommendations for director reelections if board members displayed “demonstrably poor risk oversight of environmental and social issues, including climate change.” It appears with this latest round…
ValueEdge Advisors 