Shareholders launch ‘world-first’ lawsuit against Commonwealth Bank over climate change risks

Shareholders launch ‘world-first’ lawsuit against Commonwealth Bank over climate change risks, by Charis Chang.

TWO shareholders have lodged a world-first lawsuit against the Commonwealth Bank because it failed to mention climate change risk in its annual report last year. …

The claim alleges that by not disclosing the risks posed to its business, the bank failed to give a true and fair view of its financial position and performance, as required by the Corporations Act.

The shareholders also claim the 2016 directors’ report did not adequately inform investors of climate change risks.

They want an injunction to stop the bank making the same mistake in future annual reports. …

“We bought Commonwealth Bank shares more than 20 years ago as an investment in our children’s future,” Mr Abrahams said. “We are deeply concerned about the serious risks climate change poses to the environment and society. The bank should tell investors about the risks climate change will have on its business.”

No risk. Just a mistake in the modeling. And ignorant activists.

hat-tip Chris