Financial Stability Board (FSB) Chair Mark Carney announced in Paris on 4 December 2015 the establishment of an industry-led Task Force on Climate-related Financial Disclosures (TCFD), with Michael R. Bloomberg as chair, and that the initial membership of the Task Force would be announced in due course.
Today the FSB announced the initial membership of the Task Force, which will develop voluntary, consistent climate-related financial disclosures for use by companies in providing information to lenders, insurers, investors and other stakeholders.
The Task Force membership includes a balance between preparers and users of financial disclosures, and comprises members from both financial and non-financial companies across a range of countries and relevant areas of expertise. The four Vice Chairs of the Task Force are: Denise Pavarina, Managing Officer, Bradesco; Graeme Pitkethly, Chief Financial Officer, Unilever; Christian Thimann, Group Head of Strategy, Sustainability and Public Affairs, AXA; and Yeo Lian Sim, Special Adviser, Singapore Exchange. Members of the Task Force will act in a personal capacity.
The Task Force will consider the physical, liability and transition risks associated with climate change and what constitutes effective corporate financial disclosures in this area. It will seek to develop a set of recommendations for consistent, comparable, reliable, clear and efficient climate-related disclosures. The Task Force will conduct outreach with a wide range of stakeholders and conduct public consultation to ensure that it receives the necessary input into the development of the final recommendations.
Michael R. Bloomberg said, “The breadth of experience the Task Force brings to this important work will be essential to our success. Managing climate-related risk is increasingly critical to financial stability, but it can’t be done without effective disclosure. The recommendations from the Task Force will increase transparency and help to make markets more efficient, and economies more stable and resilient.”
The Task Force has today launched a website, www.fsb-tcfd.org to provide ongoing information on its work. The website provides further biographical information about the Task Force members.
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