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Capital Markets Law Journal Advance Access originally published online on August 19, 2008
Capital Markets Law Journal 2008 3(4):469-485; doi:10.1093/cmlj/kmn021
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© The Author (2008). Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org

Climate change disclosure: Moving towards a brave new world

Jeffrey A. Smith, Matthew Morreale and Michael E. Mariani*
* Jeffrey A. Smith is a partner and head of the environmental practice group of Cravath, Swaine & Moore LLP (‘Cravath’). Matthew Morreale is an associate in the environmental practice group at Cravath and is on the adjunct faculty of Columbia Law School and Benjamin N. Cardozo School of Law. Michael E. Mariani is a summer associate in the corporate department of Cravath and a law student at Columbia Law School.

The first 150 words of the full text of this article appear below.


Key points

  • Climate change disclosure has become a significant issue for both regulators and institutional investors. A universal standard for disclosure has not been developed, however, nor has one emerged as the clear leader despite multiple attempts in numerous jurisdictions.
  • This article outlines the current forms of climate change disclosure in today's market, and examines the history of and reasons for the fragmentated approach.
  • Although recent regulatory and legislative developments suggest progress, they also illustrate some of the problems with existing climate change disclosure and the impediments to improvement.
  • This article considers several key concepts for any effective climate change disclosure regime and recognizes that historical US securities law disclosure requirements, none of which is specific to climate change, overlap with several proposed disclosure frameworks.
  • The article argues that developing an effective disclosure system will require refining existing standards to create a well-recognized vocabulary of key terms and then requiring . . . [Full Text of this Article]

 

   1. Introduction and background
 

   2. Market forces
 

   3. Regulatory and institutional developments
 
Legislative developments
Institutional pressure

   4. Considerations for a working disclosure model
 
Standardization and existing frameworks
MD&A signalling
Materiality
Emissions figures
Sustainability reporting

   5. Conclusion
 

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Capital Markets Law Journal 2008 3: 373-375. [Extract] [Full Text]