The Financial Stability Board, the body that coordinates national financial authorities and international standard setting bodies, has today (January 21) announced the initial membership of the Task Force on Climate-related Financial Disclosures (TCFD) that will be chaired by former New York Mayor and media tycoon Michael Bloomberg – with many leading names in responsible investment involved.
The task force was announced by Bank of England Governor Mark Carney, who chairs the FSB, in Paris last December. Its brief is to consider the physical, liability and transition risks associated with climate change and what constitutes effective corporate financial disclosures in this area.
The membership includes responsible investment sector figures such as Matt Arnold, Global Head of Social and Sustainable Finance at JPMorgan Chase, David Blood of Generation Investment Management, Principles for Responsible Investment Chair Martin Skancke and Steve Waygood, Chief Responsible Investment Officer at Aviva Investors.
Also involved are leading industry figures such as Andreas Spiegel, Head Group Sustainability at Swiss Re, Deborah Winshel, Global Head of Impact Investing at BlackRock and Jane Ambachtsheer, Partner, Chair – Responsible Investment at consultants Mercer, and Michael Wilkins, Global Head of Environmental & Climate Risk Research at Standard and Poor’s Ratings Services.The body’s 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.
There will be four vice chairs: 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. There are also representatives from corporates such as Tata Steel, Air Liquide Group and BHP Billiton.
The group will seek to develop a set of recommendations for consistent, comparable, reliable, clear and efficient climate-related disclosures.
The Task Force has also launched a website. It will conduct its work in two stages. During the first stage, the Task Force will determine the scope and high-level objectives for its work. It is expected that this first stage will be completed by end-March 2016. During the second stage, the Task Force’s work is likely to focus on delivering specific recommendations for voluntary disclosure principles and leading practices, if appropriate, with a view to completing its work, for public consultation, by end-2016.