Thirteen major public pension fund leaders - including eight state treasurers and comptrollers, four labor pension fund leaders, and the New York City Comptroller, collectively managing assets of nearly $800 billion- today called on the U.S. Securities & Exchange Commission (SEC) to eliminate any doubt that publicly traded companies should be disclosing the financial risks of global warming in their securities filings.
In two separate letters to SEC Chairman William Donaldson, the pension fund leaders say that global warming poses material financial risk to many of their portfolio companies and that those risks should be analyzed as a matter of routine corporate financial disclosure to the SEC. While some companies have voluntarily started to make progress toward such risk disclosure, other companies - including some of the United States' largest emitters of the greenhouse gases that create global warming - have refused to do so citing ambiguous SEC rules governing the acknowledgment of such material dangers to shareholder wealth.
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