Date: January 27, 2010
For more information contact: Jim Guidry, (608) 264-6239 or jim.guidry@wisconsin.gov
Media Advisory
Commissioner Dilweg Statement Regarding
SEC Climate Change Disclosure Requirement
Madison, WI—Wisconsin Commissioner of Insurance Sean Dilweg applauded today's vote by the Securities and Exchange Commission (SEC) to require all publicly traded companies to disclose their climate risk to investors and consumers.
"With today's vote the SEC has chosen to highlight the risks climate change poses for US companies and the urgency of providing information to the public and investors," said Dilweg. "The SEC's historic vote will lead to more standardized information and deeper insight into the risks that companies face from climate change. Investors will benefit from the added disclosure that this decision will require."
Commissioner Dilweg led the National Association of Insurance Commissioners (NAIC) Climate Change Taskforce in their creation of a climate risk disclosure requirement for insurance companies nationwide. The requirement was adopted by the NAIC in 2009 and will require reporting by insurers for calendar year 2009 beginning in May of this year. The SEC cited the NAIC's work on this issue in its decision to require all publicly traded companies to disclose their Climate Change Risk. Commissioner Dilweg met with the SEC on a number of occasions and has testified in front of Senator Jay Rockefeller's Committee on Commerce, Science, and Transportation about the NAIC's climate change disclosure efforts.