SEC Climate Change Disclosure Guidance: An Overview and Congressional Concerns [May 24, 2012] [open pdf - 258KB]
From the Summary: "Publicly traded companies are required to transparently disclose material business risks to investors through regular filings with the Securities and Exchange Commission (SEC). On January 27, 2010, the SEC voted to publish 'Commission Guidance Regarding Disclosure Related to Climate Change,' which clarifies how publicly traded corporations should apply existing SEC disclosure rules to certain mandatory financial filings with the SEC regarding the risk that climate change developments may have on their businesses. The Guidance has been controversial and has prompted legislation in the 112th Congress to repeal it. [...] Since the Guidance went into effect on February 8, 2010, there have been several attempts to gauge its impact. A 2011 report from Ceres, a nonprofit coalition of institutional investors, environmental organizations, and other public interest groups, concluded that most corporate filers needed more experience at communicating the risks associated with climate change. Although it found that large public companies had improved their climate-change risk disclosures in recent years, the report concluded that there was more work to be done in this area."
CRS Report for Congress, R42544