Climate Change Risk Disclosure: A Sector by Sector Analysis of SEC 10-K Filings from 1995-2008

Abstract

This article presents the results of a longitudinal study of annual corporate filings (Forms 10-K) to the SEC, which sought to examine the changes in quantity and quality of disclosures of climate change related risks from 1995 - 2008. Over 6,000 filings were examined from those companies that had been listed on Standard and Poor's 500 index during the years examined. The report concludes that, while the number of companies discussing the risks and opportunities climate change poses for their companies has grown over the years examined, the rate and quality of such discussions still lags far behind what investors require to ensure a transparent marketplace.

Keywords: climate disclosure, 10-K, climate change risk

JEL Classification: K22