CLIMATE CHANGE DISCLOSURE AND FINANCIAL RISK: MERITS AND CONCERNS -- CLIMATE CHANGE DISCLOSURE AND FINANCIAL RISK: MERITS AND CONCERNS -- Library of Congress Cataloging-in-Publication Data -- Contents -- Preface -- Chapter 1: SEC Climate Change Disclosure Guidance: An Overview and Congressional Concerns( -- Summary -- Introduction -- Views on the Need for and Merits of the Guidance -- Supportive Perspectives on the Guidance -- A Supportive SEC Commissioner -- A Supportive Group of Institutional Investors -- Two Supportive Members of Congress during the 111th Congress -- Opposing Views on the Guidance -- A Critical SEC Commissioner -- Criticism from an Electrical Utility Industry Trade Group -- Critical Responses from Two Members of Congress in the 112th and the 111th Congresses -- A Preliminary Look at Potential Costs and Benefits from Implementing the Guidance -- Studies on the Guidance's Impact -- The Quality of Disclosures after the Guidance, from an Investor's Perspective -- Climate Change-Related Filings after the Guidance, from a Corporate Securities Law Firm's Perspective -- Changes in the Number of Climate Change-Related Disclosures after the Guidance, and Financial Professionals' Perceptions of Those Disclosures -- End Notes -- Chapter 2: Commission Guidance Regarding Disclosure Related to Climate Change -- Summary -- I. Background and Purpose of -- Interpretive Guidance -- A. Introduction -- B. Background -- 1. Recent regulatory, legislative and other developments -- 2. Potential impact of climate change related matters on public companies -- 3. Current sources of climate change related disclosures regarding public companies -- II. Historical Background of SEC -- Environmental Disclosure -- III. Overview of Rules Requiring Disclosure of Climate Change Issues -- A. Description of Business -- B. Legal Proceedings -- C. Risk Factors.

D. Management's Discussion and Analysis -- E. Foreign Private Issuers -- IV. Climate Change Related Disclosures -- A. Impact of Legislation and Regulation -- B. International Accords -- C. Indirect Consequences of Regulation or Business Trends -- D. Physical Impacts of Climate Change -- Conclusion -- Codification Update -- List of Subjects -- Amendments to the Code of Federal Regulations -- End Notes -- Chapter 3: Testimony of Jeffrey A. Smith, Partner in Charge of Environmental Law Practice -- Cravath, Swaine & Moore, LLP. Hearing on "Climate Disclosure: Measuring Financial Risks and Opportunities" -- I. Introduction -- II. Disclosure Background and -- Recent Developments -- III. Environmental Disclosure -- IV. The Mandate of Regulation S-K12 -- Item 101-Costs of Compliance -- Item 103-Disclosure of Legal Proceedings -- Item 303-Management Discussion and Analysis (MD&A) -- V. Accounting Standards -- VI. The Marketplace Is Demanding Information -- VII. Market Responses -- VIII. Next Steps and Possible Solutions -- Conclusion -- End Notes -- Chapter 4: Statement of Mindy S. Lubber, President, Ceres. Hearing on "Climate Disclosure: Measuring Financial Risks and Opportunities" -- End Notes -- Chapter 5: Testimony of Russell Read, Chief Investment Officer, California Public Employees' Retirement System. Hearing on "Climate Disclosure: Measuring Financial Risks and Opportunities" -- Environmental Disclosure and Why -- It's Important -- Why Voluntary Environmental Disclosure -- Is Insufficient -- CalPERS Efforts to Improve -- Environmental Disclosure -- CalPERS Environmental Investment Initiatives -- Investment Strategies -- End Notes -- Chapter 6: Statement of Gary W. Yohe, Economics Professor, Wesleyan University. Hearing on "Climate Disclosure: Measuring Financial Risks and Opportunities" -- References -- End Notes -- Index.