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Grayson Quoted In Law360 About Recent SEC Action On Climate Change

Grayson_Lynn_COLORBy E. Lynn Grayson


The SEC recently told PNC Financial Services Group, Inc. that the bank had to consider a shareholder request to assess climate change impacts of its investment portfolio. A March 4th article titled Banks Dragged Into Climate Change Fight With SEC Order discussed the SEC's recent order and the impact on the financial industry. The article notes that "… social responsibility proposals almost never pass. Instead, they are a tool for relevant shareholder constituencies to seek to drive more engagement around a particular topic. They often lead to dialogue around an issue and sometimes more disclosure, whether in public filings or on the issuer's website."

Grayson noted that the SEC's action sends a message that the Commission is taking climate change seriously. She is quoted as saying "… that may be a lot to ask for a financial institution but that seems to be the message the SEC is sending" referring to requests for greenhouse emission data for PNC's assets.