Climate Change Data

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Environmental Achievements

• Not disclosed

Social Achievements

• Not disclosed

Governance Achievements

• Revised proxy voting policies to give investors more voice; Expanded proxy choice program in early 2024; Enhanced communications with quarterly reports on company engagements and significant votes, and regional briefs.

Climate Goals & Targets

Environmental Challenges

• Increased number of environmental and social shareholder proposals in the U.S.; Competing tensions in EMEA including inflationary pressure, geopolitical risk, and employee mobility; Navigating an inflationary environment, developing inroads in new markets, and managing geopolitical risk in Asia; Higher interest rates, rising inflation, and extreme weather in Australia/New Zealand; Materialized social risks at Top Glove Corp. Bhd. related to forced labor and improper working conditions; Regulatory uncertainty at Illumina Inc. related to the GRAIL acquisition; Share pledging at W.R. Berkley Corp.; Ongoing executive pay concerns at Carrefour SA; Dual-class structures at Elekta AB; Exclusive jurisdiction proposal at Employers Holdings Inc.; Advance notice provision at LXP Industrial Trust.

Mitigation Strategies

• Analyzed shareholder proposals on a case-by-case basis to determine which voting decisions supported long-term shareholder returns; Engaged with portfolio company leaders to understand how boards evaluate director independence and how boards enable independent directors to provide an outside perspective; Engaged with companies on topics including board and committee leadership refreshment, their onboarding processes for new directors, and their oversight of material risks; Engaged with companies across EMEA to understand their approaches to evolving risks and challenges to their strategies; Engaged with Asian companies on material risks, in light of the continued economic volatility in the region and the need to navigate geopolitical tensions; Engaged with Australian and New Zealand companies on higher interest rates, rising inflation, and extreme weather; Engaged with Top Glove to understand how they addressed materialized risks; Engaged with Illumina and Icahn representatives to understand the GRAIL transaction; Engaged with W.R. Berkley leaders and directors to discuss disclosing the board’s oversight of pledging-related risks; Engaged with Carrefour leaders to discuss executive remuneration; Engaged with Elekta leaders to discuss dual-class voting structure; Engaged with Employers Holdings Inc. leaders to understand the rationale for adopting an exclusive jurisdiction provision; Engaged with LXP Industrial Trust leaders to discuss advance notice bylaw provisions; Engaged with Continental AG leaders to discuss executive remuneration practices and governance matters.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Implementing new, more stringent workforce standards; Terminating relationships with staffing agencies providing false documentation; Expanding supplier inspections; Installing anonymous hotlines to enhance whistleblowing system.

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather

Transition Risks

• Regulatory changes, market shifts

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: TCFD

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Environmental Achievements

• Excluded companies involved in non-renewable energy, reducing carbon footprint

Social Achievements

• Excluded companies involved in severe controversies related to labor, human rights, environment, and anti-corruption

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• ESG investment risk: possibility of underperformance compared to the market or other ESG funds.
• Index provider's assessment of companies may differ from investors' assessment.
• Data accuracy and timeliness for ESG screening.

Mitigation Strategies

• Not disclosed

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: UN Global Compact Principles

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed