Major investors are pushing Canadian companies for more disclosure on greenhouse gas emissions to gauge the financial risks, but have yet to start avoiding stocks due to poor public information, a top pension fund chief said yesterday.
An increasing number of long-term investors are concerned public companies face a host of risks, physical to economic, as global warming accelerates and more stringent regulations are imposed, said Doug Pearce, chief executive of British Columbia Investment Management Corp., Canada's fourth-largest institutional investor.
But disclosure practices are in their infancy in Canada and far from standardized, and investors are taking a go-slow approach to seeking more and better data, Mr. Pearce said. "We've got to get the message out there, and what government has to do is be very clear on guidance," he said after speaking at a carbon disclosure seminar.
"But give companies a couple more years, and give investors time to work with those companies."
Cost-cutting effortts bu senior management at BP PLC contributed to a deadly explosion at a refinery last year, said federal investigators, a finding that ratchets up the legal stakes for the London-based oil giant.
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"Every successful corporation must contain its costs", the [U.S. Chemical Safety] Board chairwoman, Carolyn Merritt, said in the statement. "But at an aging facility like Texas City, it is not responsible to cut budgets related to safety and maintenance without thoroughly examining the impact on the risk of catastrophic accident".
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