Report: Top Greenhouse Gas Emitters in Oil, Utility and Auto Industries Not Disclosing, Acting on Financial Risks of Climate Change

Study Finds Major Problems in Corporate Governance Practices of Largest Firms;

Failure to Assess, Disclose and Address Climate Risk a Problem for Investors

Worldwide

Most of America's biggest carbon dioxide-emitting companies are not reporting the financial risks posed by climate change and also are failing to deal with global warming issues in other key corporate governance areas, according to a report due to be released by CERES during a live, two-way telenews event at 1 p.m. EDT on Wednesday, July 9, 2003.

Developed by the Investor Responsibility Research Center (IRRC), the report ranks global leaders in the utility, auto, oil and other industries on the basis of a 14-point checklist. The review of the 20 largest companies finds that U.S. companies tend to be behind their overseas counterparts in dealing with major climate-change issues.

  Speakers will be:

  * CERES Executive Director Mindy Lubber;

  * Former U.S. EPA Administrator (1989-1993) William K. Reilly;

  * Investor Responsibility Research Center (IRRC) Deputy Director of Social
    Issues Doug Cogan; and

  * New York State Attorney General's Office Chief of the Environmental
    Protection Bureau Peter Lehner.

TO PARTICIPATE: Join the live, two-way telenews event (with full Q&A) by 1 p.m. EDT on July 9, 2003 at 1 (877) 679-9049. Ask for the "greenhouse gas checklist" news event or use ID #199455.

CAN'T PARTICIPATE: A streaming audio replay of the telenews event will be available on the Web as of 6 p.m. EDT on July 9, 2003 at http://www.ceres.org/ and http://www.irrc.com/.

EDITOR'S NOTE: The report and related news release will be available on the Web at the time of the news event at http://www.ceres.org/ or http://www.irrc.com/.

CERES (http://www.ceres.org/) is the leading U.S. coalition of investor, environmental and public interest groups working on corporate environmental responsibility. The CERES Coalition is a network of over 80 organizations that includes investors representing over $300 billion in invested capital.

For more than 30 years, the Investor Responsibility Research Center (www.irrc.com) has been the leading source of high quality, impartial information on corporate governance and social responsibility issues affecting investors and corporations worldwide. Today, IRRC provides research, software products and consulting services to more than 500 clients including institutional investors, corporations, law firms and other organizations.

PRNewswire -- July 8