Aviva Investors demands greater climate change disclosure

ftadviser.com | Published JULY 19, 2017

By Attracta Mooney

Aviva Investors has warned more than 1,000 companies globally that they face shareholder backlash at their annual meetings next year if they fail to publicly disclose the risks posed to their business models by climate change.

The UK fund house, which oversees $437bn of assets, said it will vote against the annual reports and accounts of companies that fail to embrace recommendations set out last month by the task force for climate-related disclosure, a group backed by the Financial Stability Board, the body that makes recommendations to the G20 group of nations about regulation and policy, and led by Mark Carney, the Bank of England governor.

The recommendations, which are voluntary, call for companies to set out the risks and opportunities linked to climate change that they face, and how boards are dealing with these issues. Companies have also been encouraged to describe how their current business strategies would be affected by varying degrees of climate change.

Aviva is the first asset manager to publicly say it will vote against businesses that do not report in line with the climate change recommendations. The fund company’s move is the latest sign that investors are increasingly concerned about the impact of climate change on returns.

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