Investors Demand Climate-Risk Disclosure in 2013 Proxies

Shareholders are filing resolutions asking companies to disclose physical risks posed by climate change for the first time this proxy season. The resolutions include setting greenhouse gas emission reduction goals, publishing sustainability reports, pursuing energy efficiency, and disclosing information about hydraulic fracturing operations. Although shareholder resolutions on sustainability rarely receive a majority vote, they can still prompt companies to take action to avoid risk to their reputation or address investor concerns. Environmental and social resolutions accounted for more than 40 percent of all shareholder resolutions submitted in 2012, the largest proportion of those addresses corporate political spending.

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