UK - The £45bn Local Authority Pension Fund Forum is leading a shareholder initiative to persuade FTSE100 firms to report on carbon emissions.
The LAPFF says its research over the past two years shows that nearly a quarter of FTSE100 companies are unable to quantify and disclose their carbon emissions.
And the LAPFF – with the backing of the Environment Agency Pension Fund – now plans to attend FTSE100 company annual general meetings to highlight the problem.
The LAPFF, which comprises 31 pension funds, said its research also found that more than 10% of companies were unable to report according to any of the government guidelines.
LAPFF chairman Bob Sowman (pictured) said institutional investors had a key role in holding companies to account over their response to climate change.
He added: “It is in all of our interests that companies seek to reduce their exposure to climate change risk, recognise their responsibility for emissions and be able to measure and report on them.”
LAPFF attended the fund management group Amvescap’s AGM at the end of April and received a promise from chairman Charles Brady that the issue of disclosure, according to the guidelines, would be given due consideration.
The forum also plans to demand answers at the May 14 AGM of financial services group Old Mutual and the May 18 AGM of IT service providers Logica CMG.
Other companies targeted include Associated British Foods, Shire Pharmaceuticals and software provider Sage.
Sowman is also seeking an urgent meeting with environment minister Eric Morley to discuss the problem of poor disclosure.
Climate change campaigners have attacked the government for setting “carbon caps” on industry at a higher level than expected.
Earlier this year, the government said it wanted to cut emissions by 16.2% from 1990 levels. But it now accepts a 15.2% cut is more realistic.
Pressure groups said the decision showed that the government was “watering down” its environmental ambitions.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
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