Indicate whether you encourage transparency and disclosure relating to the issuance of themed bonds as per the Green Bonds Principles, Social Bond Principles, or Sustainability Bond Guidelines..
Describe the actions you take when issuers do not disburse bond proceeds as described in the offering documents.
In that case we would no longer classify the bonds as green under our own framework and would then decide whether to sell the bonds or not based on the risk/return characteristics of the bond compared to other non-green bonds available. Our asset manager would also seek a dialogue with the issuer about the rationale behind this behaviour in order to determine whether this would change our stance on the issuer going forward.
Additional information. [Optional]