AUSTIN, Texas, July 10, 2017 (GLOBE NEWSWIRE) -- EnvonetTM (www.envonet.com) has launched a free online web portal to allow easy comparison of corporate environmental financial disclosures. Envonet is a global tool that enables users to quickly access environmental and climate-related financial disclosures that are often buried deep within lengthy financial filings. Equally important, Envonet reveals where corporations have omitted information relevant to investors.
“Investors are urgently seeking more transparency from corporations about their material risks and risk management practices, particularly those related to climate change, but there are no simple tools to assist investors in collecting and assessing this information,” said Greg Rogers, co-founder of Envonet and a long-time champion of corporate financial transparency. “And, when disclosures are compared side by side, the contrast between many European companies and their U.S. counterparts leaps off the page. For investors, it makes evident which corporations are treating climate change as a material financial risk and which are not.”
Users can select several companies and compare their disclosures, side-by-side, such as the example provided in this news release with data from BP, Chevron, Exxon-Mobile and Shell. And with a single click, users can jump to the specific location of disclosures in a corporation’s financial filings, where the information can be read in context.
Envonet displays climate-related disclosures in the areas of governance, strategy, risk management and performance measurement, found in mainstream financial filings (e.g., Form 10-Ks filed with the U.S. Securities Exchange Commission). It also features environmental-related accounting disclosures for asset impairments and environmental and asset retirement obligations. Envonet employs the framework developed by the Financial Stability Board (FSB) Task Force on Climate-related Financial Disclosures (TCFD), a private sector initiative chaired by Michael R. Bloomberg, and presented at last week’s G20 Summit in Hamburg, Germany.
Envonet Launches Free Web Portal for Environmental Financial Disclosures
Envonet initially features financial disclosures from 2016 year-end financial filings for 40 listed companies in the electric utility and oil and gas industries across the globe. Utility companies include American Electric Power, CLP Holdings, Dominion Resources, DTE Energy, Edison International, Enel, Entergy, Eversource, Exelon, FirstEnergy, Fortis, Iberdrola, NextEra Energy, PG&E, Power Assets Holdings, PPL, Public Service Enterprise Group, Southern Company, SSE, and Xcel.
Oil and gas companies include Anadarko, Apache, BP, Canadian Natural Resources, Chevron, Concho Resources, ConocoPhillips, Devon Energy, Eni, EOG Resources, Exxon Mobil, Marathon, Occidental, Phillips 66, Pioneer Natural Resources, Royal Dutch Shell, Suncor Energy, Total, Valero, and Woodside Petroleum.
Envonet is designed for corporate financial officers, lawyers, auditors, investors, analysts, and regulators who prepare or compare financial disclosures pertaining to climate change, sustainability, impact investing, and ESG (environmental, social and governance).
There is no cost to use the Envonet portal, but users must register at www.envonet.com for access to the database. A companion social media group on LinkedIn (Climate-Related Financial Disclosure) adds opportunity for discussion and collaborative learning.
About Envonet:
Envonet is a free collaborative project led by Greg Rogers, a leading expert in environmental financial reporting and author of Financial Reporting of Environmental Liability and Risk after Sarbanes-Oxley (Wiley). Envonet is designed to be an extensive, global database of easily accessible corporate financial disclosures related to environmental and climate-related risk, liability and opportunity.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/6094dbaa-7acb-4c5c-9da0-14de4d297430