Although UK company law has become more sensitive to climate change problems, many open questions and issues remain about the practical utility of disclosure as a presumptive regulatory solution. This article presents and analyses unique empirical research to explore if and to what extent FTSE All-Share British fossil fuel producers are clearly and reliably: (a) integrating into their overall business risk management the ‘material’ risks that climate change presents to their operations; and (b) reporting the impact of their business activities on the climate and the likely consequences of any business decisions in the long term. The results show that current disclosure regulation apparently fails to secure behavioural change on the part of most companies in our sample. The article offers several explanations that provide a possible answer with validity as to why disclosure does not achieve its organising purpose of managing the risks and impacts of climate change.

尽管英国公司法对气候变化问题变得更加敏感，但关于披露作为推定监管解决方案的实际效用仍然存在许多悬而未决的问题。本文介绍并分析了独特的实证研究，以探讨 FTSE All-Share 英国化石燃料生产商是否以及在何种程度上明确可靠：(a) 将气候变化对其运营带来的“重大”风险纳入其整体业务风险管理; (b) 报告其业务活动对气候的影响以及任何业务决策的长期可能后果。结果表明，当前的披露法规显然无法确保我们样本中大多数公司的行为改变。