Sustainable Extraction? An Analysis of SEC Disclosure by Major Oil & Gas Companies on Climate Risk and Deepwater Drilling Risk
Disclosure of material business risk is a core underpinning of the modern global economy’s health. A new report says that investors aren’t getting a clear picture from companies of just how deep the material risks are.
This report, based on annual financial filings submitted in Q1 2011 by 10 of the world’s largest oil and gas companies, finds that companies making extensive capital investments related to climate change and deepwater drilling are failing to adequately disclose their substantial material risks in areas such as new regulations, adverse environmental impacts and water availability constraints.
Investors are looking for substantial improvement in these disclosures. The SEC’s guidance for disclosure does not yet require complete, and therefore completely accurate, assessment of companies’ climate or deepwater drilling performance or risks. This report contains detailed recommendations for improving both disclosure and performance.
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