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EXCLUSIVE Investors warn European companies over climate accounting

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Thirty-four investors managing more than $7 trillion in assets have warned 17 of Europe's largest companies, including BP and Volkswagen , that they could challenge board directors over their accounting of climate risks.

The move is the latest push by investors to pressure companies and their auditors, charging them withto adapt to the world's transition to a low-carbon economy or being clear enough about the potential impacts.

"Investors cannot understand the true value of a company without knowing the embedded climate risks," Natasha Landell-Mills, partner and head of stewardship at investment manager Sarasin & Partners, one of the signatories to the letters, said in an interview., French public pension scheme ERAFP, and BMO Global Asset Management EMEA, part of U.S. asset manager Columbia Threadneedle.

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