Shareholders need information to monitor management (Healy & Palepu, 2001) and/or to change their investment exposure (Gray, Owen, & Adams, 1996). They also use environmental information for this purpose (Azzone et al., 1997; Deegan, 2004; Milne & Chan, 1999). Furthermore, Cormier et al. (2005, p. 6) found “extensive evidence that environmental information is useful for decision-making by financial stakeholders” while Hassel, Nilsson, and Nyquist (2005) show that combining environmental performance ratings and financial information increases the value relevance of financial statement information. This suggests that shareholders will require environmental information for investment decision-making. We expect that shareholders need environmental information in order to make investment decisions (expectation 2).