Corporate and pension schemes must report climate change risk
Large companies and pension schemes must report climate change risk under current law and regulation, or face new legislation, warns the Environmental Audit Committee.
Photo: Chrisjtse, Flickr.
New climate change law will be foisted onto companies if regulators fail to help them follow best practice on reporting.
The House of Commons’ Environmental Audit Committee (EAC) today said that current companies’ legislation effectively requires businesses to report on risks and opportunities presented by climate change, and this must also apply to asset holders (such as pension schemes).
Existing rules and codes, including The Companies Act, Corporate Governance Code and Stewardship Code, should be leveraged to push for greater disclosure.
The focus on investment decisions on short-termism means that longer-term considerations
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