One day before the U.S. withdrawal from the Paris Agreement, ExxonMobil shareholders overwhelmingly voted to require increased attention to and disclosure of the future impact of climate change on business expectations, while Chevron’s shareholders defeated similar proposals. Continue Reading Shareholders Demand More Disclosure of Climate-Change Risks
As President Trump’s administration attempts to dismantle President Obama’s Climate Action Plan, one action may be removing funding from the Securities Exchange Commission (SEC) for enforcement of the 2010 Commission Guidance Regarding Disclosure Related to Climate Change. So, should public companies continue to disclose climate change-driven risks and benefits?
Yes – according to the SEC, the climate change disclosure guidance merely “assists companies in satisfying” their pre-existing requirements concerning disclosure of environmental issues, affirming disclosure obligations in place since the 1970s. By following the guidance, companies merely will be supplying information about climate change that may impact investors’ decision-making. Continue Reading Four Issues Impacting Public Companies’ Climate Change Disclosures
On March 28, 2017, President Trump signed an executive order (EO) called “Promoting Energy Independence and Economic Growth.” The EO rescinds a host of climate change-related policies and rules instituted by the prior administration, including the Clean Power Plan and the Climate Action Plan. This new energy policy promotes all forms of domestic energy, and, as President Trump stated in the rollout, American energy dominance. The EO, through five policy statements, directs all federal agencies to identify and revise or revoke any rule that “burdens” the energy industry.