As companies prepare their 2007 10K filings to the U.S. Securities and Exchange Commission (SEC), issues surrounding disclosure of the risks and opportunities presented by climate change loom like an iceberg awaiting the passing of the Titanic. Despite numerous appeals from a variety of sources, the SEC has yet to issue interpretive guidance describing how companies should disclose climate change impacts.

Institutional investors, groups such as Ceres, and traditional environmental groups are demanding that public companies identify and quantify the impacts of climate change on their business. As recently as two years ago, shareholder resolutions relating to climate change were rare and generally considered “nuisance” resolutions. No more. Such resolutions abound and must be treated seriously.

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