Funds raise global warming alarm to SEC; Pension leaders link investment risk with enviro concern.(News)(Securities & Exchange Commission)
Waste News, April, 2004 by Beckley, Elizabeth Thompson
Byline: Elizabeth Thompson Beckley Leaders of 13 major pension funds are calling on the U.S. Securities & Exchange Commission to issue guidance on the enforcement of existing rules that they say include disclosure of the financial risks of global warming. In two letters to SEC Chairman William Donaldson, the pension fund leaders, who collectively manage almost $800 billion in assets, argued that the SEC already requires companies to report material risks that may diminish shareholder value.
The hazards of climate change should be among those regularly reported in securities filings, the investors said. "The question we must ask as fiduciaries is to what extent are our portfolios at risk to climate change?'' said Dale McCormick, treasurer of...
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