US - A coalition of pension funds and institutional investors have filed shareholder proposals at 36 companies to focus on the risk and opportunities derived from climate change.
Ceres also drew up a climate watch list of 10 companies - includign Wells Fargo, Exxonmobil and TXU - that were lagging behind their peers in the responses to climate change.
The investors, who manage manage more than $200bn in assets, claimed the companies were not adequately dealing with potential climate-related business impacts – be they physical changes, regulations or demand for climate friendly services.
Carolina state treasurer Richard Moore, who oversees US$70bn in pension assets, commented on the action taken.
“Those companies ignoring the serious risks posed by climate change do so at their own peril,” Moore said. “Acknowledging the business risks posed by this phenomenon is just good business, and shareholders demand it.
New York City comptroller William Thomspson, whose office has filed resolutions with electric power and coal companies, added: “To enable investors to make informed investment decisions, companies must provide full and transparent disclosure of the actions they are taking to address the risks and opportunities of climate change.”
This week's top stories included Cardano announcing plans to acquire Now Pensions from a Dutch pension fund later this year.
Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.
Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point