Mutual Funds Waking Up to Climate Risk?

Insurance companies and the Government Accountability Office certainly have woken up to the economic risks of climate change, and now perhaps mutual fund managers are opening their eyes, too. A new study from Ceres examined proxy votes cast in 2012 by 43 of the largest mutual fund companies. Oppenheimer, DWS and AllianceBernstein — collectively managing over $930 billion — supported the vast majority of shareholder resolutions filed with companies on the business risks of climate change. Pennsylvania's own Vanguard is the only fund family to have never cast a single vote in support of a climate-related resolution, even in the nine total years covered by the Ceres survey series.