Climate change strategy

The purpose of these expectations is to express how we as a financial investor, expect companies to approach the challenges and opportunities associated with climate change. Climate outcomes may affect company and portfolio return over time. Our expectations are high-level guidance for companies and are directed at all companies in our portfolio. We are, however, mindful that climate change risk may be especially relevant to companies engaged in activities such as coal mining, oil and gas production, electricity production from fossil fuels and other business activities with large greenhouse gas emissions. Some expectations are also specifically related to activities such as tropical forestry, agriculture, or other activities that involve significant clearing of tropical forests.

Boards should integrate relevant climate change challenges and opportunities in their business management, such as investment planning, risk management, and reporting.