Shareholders plc and Kim Abrahams have launched a legal action against the Commonwealth Bank of Australia claiming the company failed to adequately disclose the risk climate change poses to its financial position in its 2016 annual report . mark Barnden , a lawyer for Environmental Justice Australia , said the Federal Court litigation is a bellwether case that could have wide - ranging repercussions : " This litigation is the first of its kind to test the validity of climate change risk disclosure in annual reports , " he said .
Shareholders Guy and Kim Abrahams have launched a legal action against the Commonwealth Bank of Australia claiming the lender failed to adequately disclose the risk climate change poses to its financial position in its 2016 annual report. David Barnden, a lawyer for Environmental Justice Australia, said the Federal Court action is a bellwether case that could have wide-ranging repercussions: "This case is the first of its kind to test the extent of climate change risk disclosure in annual reports," he said.