On August 14, 2017, State Street Global Advisors,
the world’s third largest asset manager, holding over $2.4 trillion in assets
under management, issued new climate change disclosure guidance targeting U.S.
and international public companies primarily in the oil and gas, utilities and
mining sectors. This new guidance, entitled Perspectives
on Effective Climate Change Disclosure, identifies “best practices” in
climate-related disclosure and prescribes detailed disclosure methods in areas
it deems pertinent to investors for evaluating whether “a company’s assets and
long-term business strategy are resilient to the impacts of climate change.” In
particular, State Street’s guidance emphasizes disclosure of climate change
scenario planning and its impact on long-term strategy, which will carry
significant business and strategic implications for U.S. public companies in
these targeted sectors.