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Article

14 Dec 2016

Author:
Jessica Shankleman, Bloomberg (USA)

Carney Panel Urges CEO Compensation Link With Climate Risk

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Energy companies should consider telling investors how executive compensation is linked to climate change risks, according to a panel advising the Group of 20 nations.

Remuneration policies should consider how tighter pollution laws, extreme weather events and efforts to reign in fossil fuels could impact creditors and shareholders, according to the Task Force on Climate-Related Financial Disclosures, the group set up by Bank of England Governor Mark Carney...

Michael Bloomberg, founder and majority owner of Bloomberg News and its parent company Bloomberg LP,...[leads] the 31-member panel, which also includes executives and advisers from a variety of industries around the world... Almost 30 energy companies and utilities, including Enel SpAFortum Oyj, and Essar Oil Ltd. already offer their chief executives monetary rewards for the management of climate change... [also refers to Volkswagen, SSE (formerly Scottish & Southern Energy), E.ON, Peabody Energy, ExxonMobil, Barclays]