In world-first case, shareholders’ move comes after the Australian financial regulator warned climate change poses material risk to entire financial system

The embattled Commonwealth Bank is being sued by shareholders for what they say is a failure to properly disclose the risks to the business posed by climate change.

The case will be the first anywhere in the world to test in court how companies are required to disclose climate change-related risks in their annual reports, and follows calls by shareholders, regulators and central banks around the world for greater clarity.

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