The California Public Employees' Retirement System's (CalPERS) climate risk reporting shareowner resolution passed at the annual shareowner meeting of Occidental Petroleum,...requiring the company to report on environmental risks and opportunities associated with climate change..."The passing of this resolution...is a first in the United States...The vote demonstrates an understanding among shareowners that climate change reporting is an essential element to corporate governance." The assessment will include long-term impacts due to climate change, short and long-term financial risks of a lower carbon economy, ealuation of resources based on changes to demand and pricing, and public policy positions relating to climate change...CalPERS believes companies should provide accurate and timely disclosure of environmental risks and opportunities associated with climate change...[and that] the effective management of environmental factors...increases the likelihood that companies will perform well over the long-term.