More than a dozen of Australia’s largest mining and infrastructure companies may be in breach of their legal duties by refusing to consider the financial risks posed by climate change, an investor action group says.
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| The Australian Securities and Investments Commission audited 60 mining and infrastructure companies and found only 10 identified climate as a material risk. |
In September, the Australian Securities and Investments Commission published a report that said “the law requires” relevant companies to “include a discussion of climate risk” in their annual report.
Market Forces, a group that advocates for environmentally sustainable investment, assisted shareholders at company annual general meetings. Almost all of those companies ignored or dismissed climate change as a financial risk to their business.
“Directors are legally required to consider climate risk. Failure to do so may constitute a breach of their legal duties,” Market Forces campaigner Rachel Deans said.
Read the story from The Guardian by Ben Smee - “Australian mining giants 'may be breaking law' by ignoring climate change risks.”
