Please note that the below information is provided by and accredited to the investor who is publicly predeclaring their voting intention and rationale to other Climate Action 100+ signatories, for routine votes as well as management or shareholder resolutions. [...] It is a foundational principle of how IIGCC and its members work together that the choice to adopt guidance, best practice tools or tactics prepared by IIGCC is always at the ultimate discretion of individual members based on their own decision making. [...] Organisation requesting a ‘flag’ on resolutions • As thematic lead investors on climate accounting in the European region of the Climate Action 100+ engagement initiative, Sarasin & Partners LLP supports the flagging of three resolutions. [...] Despite this, we continue to have concerns: 1) the lack of disclosures for long-term commodity price assumptions; 2) the low carbon tax assumptions used for both the reference scenario and 1.5C scenario versus those suggested by the International Energy Agency; 3) how decarbonisation is considered in estimating closure provisions; and 4) lack of visibility on how physical impacts have been conside. [...] We note that the Board highlights longer-term solvency risks from a faster roll out of green steel and the ‘inclusion of closure considerations throughout the lifetime of the assets’.
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