The companies with the biggest climate change risk and transitional risk are oil, gas and coal companies. Given the lack of predictability we largely avoid these businesses. Some of the companies held have low end carbon emissions but either have no disclosure or no climate change committee (or both). We encourage disclosure but do not subscribe to screening out companies purely on non-disclosure, especially if not seen as a high-risk company. In some cases, the company has been focusing on risks more specific to their businesses.