Climate change disclosure and financial risk : merits and concerns / Carolyn S. Lawrence and Lloyd T. Wheeler, editors.

Format:

Book

Contributor:

Lawrence, Carolyn S.

Wheeler, Lloyd T.

Series:

Climate change and its causes, effects, and prediction series.

Financial institutions and services series.

Climate change and its causes, effects, and prediction

Financial institutions and services

Language:

English

Subjects (All):

United States. Securities and Exchange Commission. Commission guidance regarding disclosure related to climate change.

United States.

Disclosure of information.

Physical Description:

1 online resource (126 p.)

Edition:

1st ed.

Place of Publication:

New York : Nova Publishers, 2012.

Language Note:

English

Summary:

Publicly traded companies are required to transparently disclose material business risks to investors through regular filings with the Securities and Exchange Commission (SEC). On January 27, 2010, the SEC voted to publish "Commission Guidance Regarding Disclosure Related to Climate Change", which clarifies how publicly traded corporations should apply existing SEC disclosure rules to certain mandatory financial filings with the SEC regarding the risk that climate change developments may have on their businesses. The Guidance has been controversial and has prompted the legislation in the 112th Congress to repeal it. This book provides an overview of the Guidance, with a focus on opposing views; congressional legislation; potential corporate costs and benefits of implementing the Guidance; and the impact of the Guidance from the perspective of investors, corporations, and finance professionals.

Contents:

Intro

CLIMATE CHANGE DISCLOSURE AND FINANCIAL RISK: MERITS AND CONCERNS

Library of Congress Cataloging-in-Publication Data

Contents

Preface

Chapter 1: SEC Climate Change Disclosure Guidance: An Overview and Congressional Concerns(

Summary

Introduction

Views on the Need for and Merits of the Guidance

Supportive Perspectives on the Guidance

A Supportive SEC Commissioner

A Supportive Group of Institutional Investors

Two Supportive Members of Congress during the 111th Congress

Opposing Views on the Guidance

A Critical SEC Commissioner

Criticism from an Electrical Utility Industry Trade Group

Critical Responses from Two Members of Congress in the 112th and the 111th Congresses

A Preliminary Look at Potential Costs and Benefits from Implementing the Guidance

Studies on the Guidance's Impact

The Quality of Disclosures after the Guidance, from an Investor's Perspective

Climate Change-Related Filings after the Guidance, from a Corporate Securities Law Firm's Perspective

Changes in the Number of Climate Change-Related Disclosures after the Guidance, and Financial Professionals' Perceptions of Those Disclosures

End Notes

Chapter 2: Commission Guidance Regarding Disclosure Related to Climate Change

I. Background and Purpose of

Interpretive Guidance

A. Introduction

B. Background

1. Recent regulatory, legislative and other developments

2. Potential impact of climate change related matters on public companies

3. Current sources of climate change related disclosures regarding public companies

II. Historical Background of SEC

Environmental Disclosure

III. Overview of Rules Requiring Disclosure of Climate Change Issues

A. Description of Business

B. Legal Proceedings.

C. Risk Factors

D. Management's Discussion and Analysis

E. Foreign Private Issuers

IV. Climate Change Related Disclosures

A. Impact of Legislation and Regulation

B. International Accords

C. Indirect Consequences of Regulation or Business Trends

D. Physical Impacts of Climate Change

Conclusion

Codification Update

List of Subjects

Amendments to the Code of Federal Regulations

Chapter 3: Testimony of Jeffrey A. Smith, Partner in Charge of Environmental Law Practice

Cravath, Swaine &amp

Moore, LLP. Hearing on "Climate Disclosure: Measuring Financial Risks and Opportunities"

I. Introduction

II. Disclosure Background and

Recent Developments

III. Environmental Disclosure

IV. The Mandate of Regulation S-K12

Item 101-Costs of Compliance

Item 103-Disclosure of Legal Proceedings

Item 303-Management Discussion and Analysis (MD&amp

A)

V. Accounting Standards

VI. The Marketplace Is Demanding Information

VII. Market Responses

VIII. Next Steps and Possible Solutions

Chapter 4: Statement of Mindy S. Lubber, President, Ceres. Hearing on "Climate Disclosure: Measuring Financial Risks and Opportunities"

Chapter 5: Testimony of Russell Read, Chief Investment Officer, California Public Employees' Retirement System. Hearing on "Climate Disclosure: Measuring Financial Risks and Opportunities"

Environmental Disclosure and Why

It's Important

Why Voluntary Environmental Disclosure

Is Insufficient

CalPERS Efforts to Improve

CalPERS Environmental Investment Initiatives

Investment Strategies

Chapter 6: Statement of Gary W. Yohe, Economics Professor, Wesleyan University. Hearing on "Climate Disclosure: Measuring Financial Risks and Opportunities"

References

End Notes.

Index.

Notes:

Description based upon print version of record.

Includes bibliographical references and index.

ISBN:

1-62257-496-6

OCLC:

923664059