Banks Dragged Into Climate Change Fight With SEC Order

Law360, New York (March 1, 2013, 7:26 PM EST) -- The U.S. Securities and Exchange Commission recently told PNC Financial Services Group Inc. that the bank had to consider a shareholder request to assess the climate change impacts of its investment portfolio, a novel order attorneys say could spark new fights over the environmental disclosures made by publicly traded financial institutions.

In a Feb. 13 notice, the SEC’s Division of Corporate Finance rejected PNC’s contention that it could exclude from its 2013 proxy statement a proposal by shareholder Boston Common Asset Management LLC that the bank...
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