SEC Places Global Warming Burdens on Companies

Friday, 19 Feb 2010 11:17 AM

By James Hirsen

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Can you believe the timing?

This month, the U.S. Securities and Exchange Commission (SEC), despite the revelation that the so-called scientific methods and conclusions used to promote the global warming agenda were fraudulent, published a document that asked public companies to make disclosures related to climate change.

They probably had trouble delivering the hard copies of the global warming documents because of the record snowfall and freezing temperatures.

The SEC was pushed to take action by United Nations-influenced global investor groups.

This agency of the government has ignored the fact that one of the leading advocates of the theory of manmade global warming, professor Phil Jones, has conceded that there has been no warming of the earth for the last 15 years.

Jones, the former director of the Climate Research Unit (CRU) of the University of East Anglia, has stepped down as has the U.N. global warming head, Yvo de Boer, the Dutch bureaucrat who led the international climate change conferences.

The CRU destroyed most of the original data according to the Times of London.

Yet the same SEC that couldn’t stop Bernie Madoff and the investment banking derivative games that caused the credit crisis, has issued a document that, if followed, would have U.S. public companies paying big bucks to engage in an expert guessing game involving global warming and climate change.

The U.N. persuaded investor groups to pressure companies and government regulatory agencies like the SEC to adopt disclosure requirements. What the U.N. is trying to do is the same thing the Obama administration is trying to do — institutionalize global climate change as a part of business operations.

In 2005 the U.N. secretary-general brought a group of the world's largest institutional investors together to draft what was called the Principles for Responsible Investment ("PRI"). Representatives of 20 institutional investors from 12 countries agreed to participate. In addition, attending the U.N. shindig was a 70-person multi-stakeholder group of experts from the investment industry, governmental organizations, and academia. The PRI consensus papers came out of these meetings held in 2005 and 2006.

The PRI gives the U.N. and investment professionals an influence on environmental, social, and corporate governance that can affect the performance of investment portfolios.

This is just another part of U.N.'s quest to seek the global governance over the environmental, social, and corporate governance issues.

Just before the December 2009 Climate Change Conference in Copenhagen, Denmark, the U.N. used the PRI to emphasize that investors should put pressure on companies to disclose how climate change might impact their business operations.

At a meeting at the Investor Summit on Climate Risk, held in January 2010 at the U.N. headquarters in New York, a group of global organizations issued a joint statement which called on "national regulators worldwide, including the U.S. Securities and Exchange Commission, to require companies to disclose to their investors material climate-related risks and the programs in place to manage those risks."

The SEC dutifully published its document for public companies to set forth the SEC's existing disclosure requirements as they apply to climate change matters only a month later.

Some of the things that SEC-registered public companies will have to do include:

1. Disclose any material estimated capital expenditures for environmental control facilities for the current fiscal year and the next fiscal year.
2. Describe any material pending legal proceedings.
3. Assess whether any enacted climate change legislation or regulation is reasonably likely to have a material effect on the company’s financial condition.
4. Disclose the impact on their business of treaties or international accords relating to climate change.
5. Identify any new opportunities and demand for new products or services due to climate change.

That’s sure a long list of tasks for companies in a down economy. And it's all essentially based on junk science.

The U.N. and investor groups who have placed their trust in fake science now have our own SEC adopting and implementing expensive and harmful disclosure requirements that inhibit companies in raising capital. The same entities that the nation needs to create jobs.

True insanity.





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