As investors we have a duty to manage our financial exposure to climate related risk and to maximise the opportunities arising from the low carbon transition for our clients. We do this in five ways. First, informed by scenario analysis and qualitative investigation by our investment analysts and ESG experts, we conduct an annual review of the major risks and opportunities associated with climate change. Second, informed by this analysis we seek to avoid investing in the companies, in the most exposed sectors, who are not properly preparing, or are not able to prepare, for the transition to a low carbon economy. Third, we engage with our holdings to support them in addressing and mitigating the risks that the low carbon economy poses to their business. Fourth, we seek to promote proactive climate regulation and legislation through interaction with public policy makers. Finally, we seek to identify investments that meet our risk and return objectives and dedicate capital to accelerating the low carbon economy.