The embattled Commonwealth Bank is being sued by shareholders for what they say is a failure to properly disclose the risks to the business posed by climate change.
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| Activists unveil a banner in Sydney in May protesting coal financing by the Commonwealth Bank. Shareholders say the bank’s 2016 directors’ report did not adequately inform investors of climate change risks. |
The case will be the first anywhere in the world to test in court how companies are required to disclose climate change-related risks in their annual reports, and follows calls by shareholders, regulators and central banks around the world for greater clarity.
The papers were filed on Tuesday, after which the federal court will decide how the case should proceed.
The claim, brought by lawyers at Environmental Justice Australia on behalf of Commonwealth Bank shareholders Guy and Kim Abrahams, says the bank’s 2016 directors’ report did not adequately inform investors of climate change risks.
It also seeks an injunction to stop the bank making the same omissions in future annual reports.
Read Michael Slezak’s story on The Guardian - “Commonwealth Bank shareholders sue over 'inadequate' disclosure of climate change risks.”
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