We met with the company 12 times, initially with the board to test its oversight and understanding of climate-related risks, and later supported by a series of management meetings to more effectively probe the technical details of the work undertaken.
Following initial progress on transition risk, we wrote to the chair to commend progress to date and set out our expectations with respect to scenario analysis and an assessment of physical risk, arguing that this would set the company up to take a leading position relative to peers.
During 2018, engagement has focused on supporting management efforts to engage the business more broadly on climate-related risks, including participation in information sessions and innovation days to develop its response. In these instances, we provided insights into the impacts of physical risks on various sectors and set out investor expectations of good disclosure.
This year the company released detailed TCFD disclosures clearly articulating the risks to its business. This included the results of physical risk analysis and an overview of its planned response. A further meeting with management was held post the release of public disclosure, providing an opportunity to ask questions of the materials and to influence future refinements.