A coalition of 20 investors and environmental groups, including pension giants CalPERS and CalSTRS, made a new appeal to the SEC to require companies to fully disclose financial risks and opportunities from climate change. The coalition sent a 15-page letter to Florence E. Harmon, the SEC’s acting secretary, calling for an immediate response to a petition the coalition filed with the SEC last September requesting formal guidance “on climate-related risks and economic opportunities companies should be disclosing,” according to a statement from the coalition.
“We urge the SEC to issue guidance on climate risk disclosure,” Anne Stausboll, acting CIO of the $245.4 billion California Public Employees’ Retirement System, Sacramento, said in the statement. “CalPERS is supporting other efforts to improve climate risk disclosure, including state legislation in California and a National Association of Insurance Commissioners proposal to improve climate-related disclosure. But SEC guidance for all publicly traded companies is needed to protect investors.”
John Heine, SEC spokesman, was unable to respond on the status of the petition or new appeal.
The coalition is led by Ceres, a group of investors and other organizations working with companies on environmental issues. Other members of the coalition include Jack Ehnes, CEO of the $169.2 billion California State Teachers’ Retirement System; Alex Sink, CFO of the state of Florida and a trustee of the $159 billion Florida State Board of Investment; Thomas P. DiNapoli, New York state comptroller and sole trustee of the $154.5 billion New York State Common Retirement Fund; and William C. Thompson Jr., New York City comptroller who oversees the $121.7 billion New York City Retirement Systems.
