Australia’s Commonwealth Bank is being sued by shareholders over an alleged failure to disclose its exposure to climate change-related risks. The case, brought on behalf of shareholders Guy and Kim Abrahams by lawyers at Environmental Justice Australia, will be the first in the world to test the requirement for such disclosure in a court of law. It will argue that the bank’s six months directors’ report failed to provide adequate information about the exposure and will also seek an injunction to prevent similar omissions from future reports.
Australia’s Commonwealth Bank is being sued by shareholders over an alleged failure to disclose its exposure to climate change-related risks. The case, brought on behalf of shareholders Guy and Kim Abrahams by lawyers at Environmental Justice Australia, will be the first in the world to test the requirement for such disclosure in a court of law. It will argue that the bank’s 2016 directors’ report failed to provide adequate information about the exposure and will also seek an injunction to prevent similar omissions from future reports.