SEC Opens the Door for Climate Change-Related Shareholder Proposals and Disclosure Requirements, With Potential New Liabilites for Public Companies
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Reproduced with permission from BNA's SRLR March 1, 2010. (C) 2010 The Bureau of National Affairs, Inc. (800- 372-1033) www.bna.com
Abstract
The 2009 proxy season saw a record number of shareholder resolutions related to climate change that were directed at a range of industries, including automotive, finance, building, oil, and power generation. Investors are increasingly seeking information from publicly held companies regarding their relative risk position to climate change. Shareholder resolutions seek information about greenhouse gas emissions, energy usage, and go as far as seeking emissions reduction targets. Shareholders are even requesting that financial institutions and banks adopt resolutions limiting or eliminating their lending and investment relationships with companies that present environmental risk. Historically, companies were generally entitled to exclude environmental requests from proxy materials. But times and the rules have changed.
Suggested Citation
Matthew P. Allen, Eric M. Jamison, and Mark J. Bennett. "SEC Opens the Door for Climate Change-Related Shareholder Proposals and Disclosure Requirements, With Potential New Liabilites for Public Companies" BNA- Securities Regulation and Law 42 SRLR (2010).
Available at: http://works.bepress.com/eric_jamison/9
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