Concerns misplaced: will compliance with the TCFD recommendations really expose companies and directors to liability risk?
25 September 2017 | Alexia Staker, Alice Garton, Sarah Barker | Briefing Paper
In this briefing from the Commonwealth Climate and Law Initiative (CCLI), experts refute misplaced fears in industry about the legal risks of climate disclosure. New analysis confirms that saying nothing at all about climate issues in corporate reporting puts directors at far greater risk of being sued than disclosure would. Complying with the new reporting recommendations from the Task Force on Climate-related Financial Disclosure (TCFD) will actually protect companies from the kind of liability claims they fear. It is highly likely that there will be additional regulation requiring disclosure of climate risk, or, at the very least, existing laws will be interpreted as requiring robust climate risk analysis. For all these reasons, astute directors should embrace the TCFD recommendations and recognise that climate-risk disclosure is a key component of financial reporting.
International Symposium on Directors' Liability for Climate Change Damages Summary
10am-6pm, Wednesday 8 June 2016 | Lady Margaret Hall, University of Oxford
As business steels itself to deal with seismic changes in the world’s climate, what is legally expected of directors is becoming more stringent. The Paris talks in December confirmed what we already knew – that more serious action is required from the corporate world in future. Business leaders must understand how to respond to this cultural and economic shift – which means legal and financial experts must collaborate to elucidate the law and give the right information to business leaders. The inaugural CCLI conference, the International Symposium on Directors’ Liability for Climate Risk, was the first of an intended series designed to do just that. International experts on finance and climate change met to clarify how the business world must respond to a changing climate.
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