Australian mining giants 'may be breaking law' by ignoring climate change risks

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.

 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.”

Most super funds failing to disclose climate risk

The $2.3 trillion superannuation industry is so woeful in its disclosure of climate risk that trustees could be in breach of their legal duties.

Sixty of the 100 biggest super funds, or three out
 of five, have no disclosure of climate risk at all. 

Sixty of the 100 biggest super funds, or three out of five, have no disclosure of climate risk at all, according to the August report by Market Forces, an affiliate project of environmental group Friends of the Earth.

This includes large players such as retail fund Colonial First State, which represents 2.19 million members and $86.99 billion, and industry fund REST, with 1.96 million members and $41.52 billion under management.

Another 22 funds in the top 100 have inadequate disclosure – defined as a public position that mentions climate change, but fails to back it up with any discussion of how it's being handled in practical terms. Market Forces analyst and report author Daniel Gocher told Fairfax Media it was a "low bar" to be deemed as inadequate and there was a big gap between those making adequate disclosure and the rest.

Read the story in today’s Melbourne Age by Caitlin Fitzsimmons  - “Most super funds failing to disclose climate risk.”