Vanguard har for nyligt forklaret sine bekymringer om klimaændringer og den finansielle risiko, de udgør for langsigtede investorer til Harvard Law School Forum on Corporate Governance. Hertil har Harvard skitseret sine forventninger til virksomheder, hvor klimaændringer udgør en væsentlig risiko.
Vanguards Investment Stewardship-team har engageret sig med virksomheder i CO2-intensive industrier og deres bestyrelser i løbet af de sidste mange år og har diskuteret, hvordan de overvåger klimaændringsrisici, herunder dem, der er relateret til regulering, omdømme, teknologisk forstyrrelse, retssager, skift i udbud og efterspørgsel og fysiske ricisi såsom ekstreme vejrbegivenheder.
Specifikt sæger Vanguard at forstå en virksomheds overgangsplan og sikre værdiskabelse gennem forretningsmodelresiliens. Siden 2015 er målene i Paris-aftalen blevet en almindeligt accepteret standard for lande og virksomheder, der sigter mod at håndtere klimaændringer, og de er for nyligt blevet bekræftet af Glasgow Climate Pact. Hvor klimaændringer er en væsentlig risiko, søger Vanguard at forstå, hvordan virksomheder sætter mål i overensstemmelse med disse mål. Specifikt mener vi, at disse virksomheder bør give klare oplysninger om følgende:
Board-level climate competence
- Description of relevant skills, experiences, and education/training of directors across material climate- related topics, with clear lines of accountability for risk oversight.
- Articulation of a deep understanding of the current and emerging policy and regulatory environment/ framework for these companies in their key reference markets.
- Explanation of how thermal coal remains relevant for a company’s customer base and the market it serves over 10, 20, and 30 years.
- Compelling shareholder value proposition in an environment where regulatory requirements and market activity support the implementation of the Paris Agreement or applicable subsequent agreements, and how the company will deliver shareholder value through the transition to that environment.
Risk mitigation
- Articulation of how the business is resilient within a 1.5°C limit of global warming as the world progressively moves to net zero emissions, such as by serving a specific market niche or through carbon capture and storage.
- An explanation of how the board oversees the capital allocation process (capital expenditures and operating expenses) in the context of the applicable goals of the Paris Agreement and an expected net- zero transition.
- Where applicable to the company’s strategy, emission-reduction initiatives and mix of energy sources to ensure resilience and economic competitiveness (e.g., renewable energy, efficient transport).
- Consideration for responsible transition plans for coal mines and power stations, including site rehabilitation and workers’ retraining, to minimize risks of liabilities and litigation and preserve social license to operate with communities, governments, and other stakeholders
Læs hele deres udlæg her:
https://corpgov.law.harvard.edu/2022/01/07/vanguards-expectations-for-companies-with-significant-coal-exposure/
