Global markets are in turmoil, risk is being repriced and institutions are likely to put more pressure on companies to come clean on their contingent liabilities that include environmental, sustainability and governance risks, according to a leading corporate governance activist, Erik Mather.

For a podcast of the interview with Mather, check out on our program at The Take Two Show.

Mather, the managing director of Regnan, told me that there were parallels between the Subprime Meltdown in US markets and questions about carbon prices and exposures. In both cases, risks and exposures were spread so wide that no-one knew exactly where they lay. And one thing we have to remember about markets is that they are good at pricing risk but lousy at pricing uncertainty.

Regnan is a private company set up in June by Australia's biggest fund managers to pressure listed companies into improving their governance.