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Guy and Kim Abrahams say case does not need to proceed after changes in bank’s 2017 annual report
Commonwealth Bank shareholders Guy and Kim Abrahams have dropped their world-first court proceedings against the bank for failing to disclose climate change risks in annual reports.
They said CBA’s 2017 annual report, which was published last month, included an acknowledgement for the first time from CBA directors that climate change posed a significant risk to the bank’s operations, with a promise to undertake climate change scenario analysis on its business in the upcoming year to assess the risk.
Related: Commonwealth Bank shareholders sue over 'inadequate' disclosure of climate change risks
Related: Apra says companies must factor climate risks into business outlook
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