10 May | Online

Financial statements that ignore the financial impacts of material climate-related issues can misinform executives and shareholders and thus result in the misallocation of capital. If capital is to be deployed effectively, then material climate impacts must be fully reflected in company financial statements and audits.

Investor engagement on these topics has expanded to voting. Following on from near majority votes on this topic at last year’s shareholder meetings, the 2022 proxy season is heating up around this issue: shareholder resolutions have been put forth at the Chevron and Exxon 2022 AGMs, asking boards to produce audited reports assessing the impact of the IEA’s Net Zero 2050 Scenario (the IEA NZE) on the assumptions, costs, estimates, and so valuations underlying its financial statements.

This session will explore why information about the financial impacts of achieving alignment with net zero by 2050 (or sooner) is crucial for investors even if management does not think such a pathway is achievable.

Barbara Davidson, Head of Accounting, Audit and Disclosure at Carbon Tracker will present the key findings from the Chevron and Exxon assessments, forming part of the Climate Action 100+ climate accounting and audit alignment assessment, and then moderate a panel discussion between industry experts.

Panellists include:

• Julie Tanner, Managing Director, CBIS
• Danielle Fugere, President, As You Sow

The panel will be taking questions from the audience and the session available to watch on-demand.