European investors managing assets worth more than 1 trillion pounds ($1.28 tril...
LONDON - European investors managing assets worth more than 1 trillion pounds are pressing top auditors to take urgent action on climate-related risks, warning that failure to do so could do more damage than the financial crisis.
“The overarching thing is that we don’t want another financial crisis, and this could be a lot worse,” said Natasha Landell-Mills, head of stewardship at asset manager Sarasin & Partners, which is spearheading the campaign by 29 investors. “This time around, we need our auditors to be on the front foot and raise the alarm where executives fail to reflect foreseeable losses or liabilities,” Landell-Mills told Reuters.
A spokesperson for Deloitte said it recognized that climate change posed a significant risk for its clients and factoring it into its “audit challenge”.KEY LINES OF DEFENSE
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