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G20 business & finance advisory panel urges disclosure of how CEO pay linked to climate risk

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Article
8 March 2017

Center for Climate and Energy Solutions calls for additional guidance from Bloomberg-led task force on climate change impacts in financial reporting

Author: Center for Climate and Energy Solutions

"Measuring and managing climate change impacts through financial reporting", 16 Feb 2017

Most large companies recognize the risks climate change poses to their facilities, operations, and supply and distribution chains and…are letting their stakeholders know how climate risks and opportunities will affect their bottom line. Currently, much of this information is made public through voluntary reporting to non-profit organizations, in corporate sustainability reports…Reflecting the growing importance of climate change as a material set of risks for companies to manage, finance ministers from 20 major economies asked the Financial Stability Board (FSB) to review the financial implications of climate change…In December 2016, the task force…released recommendations focused on four areas of climate-related financial disclosure...C2ES commends the task force on its efforts to shine a light on the risks we are already facing from climate change, and to enhance the transparency we need to better understand and address them over the long term…In our comments submitted on the recommendations, we suggested that the task force [provide additional guidance related to]: Financial materiality, decision-useful data, maturity model, sector-specific issues, stakeholder engagement]

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Article
15 December 2016

Global taskforce on climate change led by Michael Bloomberg issues recommendations on climate-related financial disclosures

Author: Mark Carney & Michael Bloomberg, in Guardian (UK)

“How to make a profit from defeating climate change”, 14 Dec 2016

…[C]limate change will present serious risks to, and create major opportunities for nearly every industry...The challenge is that investors currently don’t have the information they need to respond to these developments…[M]arket adjustments…will [therefore] be incomplete, late and potentially destabilising…We believe that financial disclosure is essential to a market-based solution to climate change. A properly functioning market will price in the risks associated with climate change and reward firms that mitigate them…[T]he Financial Stability Board created a taskforce on climate-related financial disclosures. Its purpose is to develop voluntary, consistent disclosures to help investors, lenders and insurance underwriters manage material climate risks…[It] is led by members of the private sector from across the G20, including major companies, large investors, global banks and insurers…[I]ts recommendations…concentrate on the practical, material disclosures most relevant to investors and creditors and which can be compiled by all companies that raise capital as well as financial institutions…

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Article
14 December 2016

Carney Panel Urges CEO Compensation Link With Climate Risk

Author: Jessica Shankleman, Bloomberg (USA)

Energy companies should consider telling investors how executive compensation is linked to climate change risks, according to a panel advising the Group of 20 nations.

Remuneration policies should consider how tighter pollution laws, extreme weather events and efforts to reign in fossil fuels could impact creditors and shareholders, according to the Task Force on Climate-Related Financial Disclosures, the group set up by Bank of England Governor Mark Carney...

Michael Bloomberg, founder and majority owner of Bloomberg News and its parent company Bloomberg LP,...[leads] the 31-member panel, which also includes executives and advisers from a variety of industries around the world... Almost 30 energy companies and utilities, including Enel SpAFortum Oyj, and Essar Oil Ltd. already offer their chief executives monetary rewards for the management of climate change... [also refers to Volkswagen, SSE (formerly Scottish & Southern Energy), E.ON, Peabody Energy, ExxonMobil, Barclays]

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