AODP Global
Climate Risk Survey
2017 for Asset
Owners
Version 1
AODP Climate Risk Survey 2017
for Asset Owners
WHO IS AODP?
The Asset Owners Disclosure Project (AODP) is an independent global not-for-profit
organisation that recognises the specific financial risk attributes of climate change.
AODP has developed the world’s leading reporting framework for institutional investors
encompassing the disclosure and management of climate risk. AODP indices are unique in
evaluating the long-term climate risk and management actions of asset owners – the world’s
largest pension funds, sovereign wealth funds, insurance companies, foundations and
endowments.
AODP’s free best practice implementation methodology can be found on our website:
www.aodproject.net.
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AODP Climate Risk Survey 2017
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BACKGROUND TO THE SURVEY
Climate change has become a central issue for financial markets. The global task force on climate risk
set up by the G20’s Financial Stability Board (FSB) recently announced that it will make
recommendations on how institutional investors, asset managers and other financial intermediaries
1
should report the potential impact of climate change on their bottom line. Climate risk is of course
only one risk that investors have to analyse. We acknowledge this. However, as a multi-sector, multiasset class and non-diversifiable risk, its scale and profile require special attention.
The Asset Owners Disclosure Project is the world’s only independent examination of asset owners’
management of climate risks and opportunities. In addition, this year AODP is extending its research
to include the world’s most influential asset managers, investment consultants, proxy advisers and
ratings agencies on how they are incorporating climate risk management and low-carbon investment
into the service they provide to their clients. Modelled on AODP’s annual Global Climate 500 Index,
these new indices will be based on direct disclosure and/or publicly available information and will
analyse how institutions within the investment chain are managing climate risk, investing in the lowcarbon economy and engaging with investee companies on these issues.
AODP provides valuable research and tools to support asset owners in the transition to an
investment world in which the impacts of climate change will become ever more integrated into their
core decision-making processes. The data collected provides asset owners (and their stakeholders)
with valuable insight into the strategies deployed by some of the largest asset owners in the world to
mitigate the risk of climate change. The survey encourages funds to engage in climate changerelated issues, often for the first time.
AODP seeks to better understand industry practices and highlight the actions being taken by key
industry participants on this critical topic. Click on the links below for more information.
The 2016 disclosure window is open until November 30th, 2016. Please get in touch if you’d like to
take part.
1
Reuters: Global regulators eye climate risk disclosure for listed companies, 1-4-16
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AODP Climate Risk Survey 2017
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HOW IS THE SURVEY STRUCTURED?
The survey assesses a participant’s capability across the following key areas:
Governance: organisation structure and the interactions it uses to oversee its climate risk objectives
Strategy: degree of integration of climate risk principles in the organisation’s policies and processes
Portfolio Risk Management: variety and effectiveness of tools and approaches used to evaluate
and manage portfolio climate change risks.
Metrics and Targets: key metrics to measure, monitor and compare portfolio climate risk
management performance
The survey has been remapped this year to align to the FSB TCFD’s proposed framework for
disclosure, to assist asset owners in assessing their readiness for any forthcoming reporting
requirements.
HOW DOES THE RATINGS PROCESS WORK?
The AODP Global Climate Index provides stakeholders with a ranking and rating to indicate how
each organisation performs in managing their exposure to climate risk. The objective of the research
is to encourage integration of climate change capability in portfolio management across the
investment sector.
Organisations are researched by our team of analysts using publicly available information or
information provided to us by your members or stakeholders. This is supplemented by survey
responses. The data collected is used to rank and rate the participants to create the AODP Global
Climate Indices. Organisations are rated from AAA through to D grade, with an additional X rating
for those lacking any evidence of managing climate risk.
Asset Owners: The world’s largest long-term investors (pension funds, insurers, sovereign
wealth funds, foundations and endowments) with at least USD 2 billion assets under
management.
Asset Managers: Asset managers play a key role in investing the capital critical to
transitioning to a low carbon economy. The top 50 largest asset managers globally have
been invited to participate in the first AODP Asset Managers Index
Investment Consultants: As primary advisers to asset owners for asset allocation and/or
manager selection, asset consultants play a key role in deciding where funds will be invested.
Proxy Advisors: As the route through which many asset owners engage with the market,
proxy advisers play a critical role in determining whether companies shift to low-carbon
business models.
Ratings Agencies: Ratings agencies have a vital role to play in assessing the long-term
prospects of fossil fuel companies and the sovereign debt of countries that export fossil
fuels.
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AODP Climate Risk Survey 2017
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BENEFITS OF PARTICIPATING…
The AODP is of great benefit to asset owners, the broader investment industry and governments to
help clarify capability in managing climate risk. The ratings present the only opportunity for
organisations to compare and differentiate themselves from their peers in terms of climate change
risk management. By participating, you send a strong signal to your stakeholders that you are taking
climate change seriously. Members, clients and other stakeholders increasingly demand transparency
on ESG issues, and completing the Global Climate Index Survey can be one means of meeting these
expectations.
•
Gain valuable insights into your performance relative to others in your industry
•
Learn how to apply best practice in managing climate change risks and opportunities.
•
Demonstrate to your stakeholders your commitment to managing one of the largest longterm risks to their portfolio
•
Use our risk-based approach as an alternative to a pure divestment strategy.
•
Improve your rating by directly disclosing the information we need to effectively assess your
organisation.
Perhaps more importantly, an increasing number of investors are realizing that following the process
of responding to AODP’s survey is closely tied to best practice methodology and this can help your
organisation progress towards better policies, strategies and processes.
WHAT IF OUR ORGANISATION CANNOT EASILY OBTAIN THE DATA?
All organisations have the same issue when it comes to climate change risks and especially those
risks associated with the impacts of a low carbon economy driven by the threat of carbon pricing or
intrinsic equivalents. Being unable to report the data at this time helps an organisation identify gaps
and drive its best practice plan by creating strategies to acquire the data for future reporting.
NEXT STEPS
The survey is available online and will be open to complete until November 30th 2016.
All data is to be provided to the most recent financial reporting period and submitted in your local
reporting currency. It is intended that the survey is to cover the operations of an entire organisation
and all of its investment portfolios and services, not just “niche” investment portfolios/services.
The ratings and rankings will be published in the new AODP Global Climate Index in April 2017. A
copy of the report will be sent to you.
If you have any questions please send us by email at [email protected] and one of our team
will contact you.
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AODP Climate Risk Survey 2017
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Survey Respondent's Details
Please provide your details as the survey respondent
First Name: _________________________________________________
Last Name: _________________________________________________
Role Title: _________________________________________________
Email: _________________________________________________
Phone: _________________________________________________
Asset Owner Details
Please complete the below information for the organisation you are disclosing
Full Asset Owner Name: ______________________________________________
Common Abbreviation: _____________________________________
Parent Organisation: _________________________________________________
Name of Trustee Company: ___________________________________________
Country: _________________________________________________
State/Region: _________________________________________________
City/Town: _________________________________________________
Website: _________________________________________________
Twitter handle: _________________________________________________
Facebook page: _________________________________________________
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AODP Climate Risk Survey 2017
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0.1 - Which of the following best describes your organisation?
Please select from below options
( ) Pension fund
( ) Sovereign wealth fund
( ) Insurance company
( ) Foundation
( ) Mutual fund
( ) Endowment
( ) Financial conglomerate
( ) Asset manager
( ) Other
Please specify:
If you have selected “Pension Fund”:
Please select your pension fund type from below options
( ) Public sector/government fund
( ) Corporate/company fund
( ) Industry/sector/multi-employer fund
( ) Retail fund
Please select appropriate industry category
( ) Agriculture / Forestry / Fishing
( ) Aerospace / Aviation / Automotive
( ) Arts / Entertainment / Recreation
( ) Biotechnology
( ) Business / Professional Services
( ) Construction and Engineering
( ) Education
( ) Energy
( ) Financial Services
( ) Government / Military
( ) Health and Social Services
( ) Hospitality
( ) Household Services
( ) Manufacturing
( ) Media and Publishing
( ) Mining
( ) Non-Profit
( ) Pharmaceutical / Chemical
( ) Research / Science
( ) Real Estate
( ) Technology
( ) Telecommunications
( ) Transportation / Distribution
( ) Water Supply / Sewerage / Waste
Management
( ) Wholesale and Retail Trade
What types of pension plans does your fund offer?
( ) Defined Benefit
( ) Defined Contribution
( ) Hybrid
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Personnel
0.2 - Please provide details of the following key persons in your organisation
Role titles may vary across organisations – please provide names in the equivalent position.
Chairman refers to a corporate Chairman of the Board, whereas Trustee Chairman refers to the Chair
of the Board of Trustees for pension funds, endowments, and charitable organisations.
Full Name
Chairman
Chief Executive Officer
Chief Investment Officer
Chief Financial Officer
Chief Risk Officer
ESG/Sustainability Officer
Responsible Investment Officer
Trustee Chairman
Comments
What is your total number of staff?
_________________________________________________
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0.3 - What was your total Assets Under Management at the end of your last financial reporting
period?
Please provide total AUM for your organization. Please provide it in a full number (e.g.
3,000,000,000, not 3bn). If your disclosure relates to only part of the organization, or you disclose
funds separately, please provide the AUM related to this particular survey response. Please be
consistent with using same reporting currency throughout the survey.
AUM (full number):
Reporting currency:
Financial Reporting Period End:
YYYY/MM/DD
0.4 - At the end of your last financial reporting period, what was your total Assets Under
Management held in long term retirement savings funds or similar long term capital funds?
AUM in reporting currency (please provide the full number, not in millions or billions)
AUM
0.5 - Please indicate the value of your investments held in each of the following asset classes at
the end of your last reporting period.
The sum of these amounts should be the same as the total funds under management figure provided
in response to question 0.3. Please provide the full number, not in millions or billions.
0.6 - Please indicate, for each asset class, the percentage of your investments that were
managed internally or by an associated internal group at the end of your last financial reporting
period.
If you have only a total portfolio figure please enter this in the 'Total Portfolio' box
Asset Class
AUM
% managed internally
Equities
Property
Infrastructure
Hedge funds
Fixed income
Private equity
Cash
Other
Total Portfolio
0.7 - Please indicate the percentage of your portfolio held in passive investments.
Includes passive equity holdings and any other "passive" investment
AUM
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0.8 - Who is your primary investment consultant?
Please select from the below. Please note below if you use multiple service providers
( ) Not applicable - we don't use external investment consultants
( ) Cambridge Associates
( ) Mercer
( ) Russell Investments
( ) AON Hewitt
( ) Callan Associates
( ) Willis Towers Watson Investment Services
( ) Pension Consulting Alliance
( ) Nomura Securities
( ) Wilshire Associates
( ) RVK
( ) Meketa Investment Group
( ) NEPC LLC.
( ) Rocaton Investment Advisors
( ) Pavilion Advisory Group
( ) Segal Rogerscasey
( ) PPCmetrics AG
( ) Hamilton Lane
( ) Morgan Stanley/Graystone Consulting
( ) CAPTRUST
( ) Summit Strategies Group
( ) Other (please give details below)
Comments
0.9 - Who is your primary proxy adviser?
Please note below if you use multiple service providers
( ) Not applicable - no proxy advisers
( ) Institutional Shareholder Services, Inc.
( ) Glass, Lewis & Co.
( ) Hermes Equity Ownership Services
( ) Australian Council of Superannuation Investors
( ) Regnan – Governance Research &
Engagement
( ) Manifest
( ) Ownership Matters
( ) InGovern
( ) Egan-Jones Proxy Services
( ) Pensions & Investment Research Consultants
Ltd
( ) Other (please give details below)
Comments
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0.10 - Who are your primary external asset managers?
As you may utilize the services of multiple suppliers, please provide details for those asset managers
responsible for the largest proportion of your AUM. If your asset managers aren't listed, please
select 'other' and provide details in the comments box.
Please specify in the comments the largest asset manager for each of the following asset classes:
passive equities, actively managed equities, fixed income and alternatives.
[ ] Not applicable - we don't use
external asset managers
[ ] Aberdeen Asset
Management
[ ] Aegon Asset Management
[ ] Affiliated Managers Group
[ ] AllianceBernstein
[ ] AllianzGI
[ ] Amundi
[ ] APG
[ ] Aviva Investors
[ ] AXA Investment Managers
[ ] BlackRock
[ ] BNP Paribas Investment
Partners
[ ] BNY Mellon Invest
Management, EMEA
[ ] Capital Group
[ ] Columbia Threadneedle
Investments
[ ] Credit Suisse
[ ] Deutsche Asset & Wealth
Management
[ ] Dimensional Fund Advisors
[ ] Federated Investors
[ ] Fidelity Investments
[ ] Franklin
Templeton Investments
[ ] Generali Investments Europe
[ ] Goldman Sachs Asset
management
[ ] HSBC Global Asset
Management
[ ] Insight Investment
[ ] Invesco
[ ] J.P. Morgan Asset
Management
[ ] Legal & General Investment
Management (LGIM)
[ ] Legg Mason
[ ] M&G Investments
[ ] Macquarie
[ ] Mellon Capital
[ ] MFS Investment
Management
[ ] Morgan Stanley
[ ] Natixis Global Asset
Management
[ ] New York Life Investments
[ ] Northern Trust Asset
Management
[ ] Pramerica Invest.
Management (PGIM)
[ ] Principal Global Investors
[ ] RBC Global Asset
Management
[ ] Schroders Investment
Management
[ ] Standard Life Investments
[ ] State Street Global Advisors
[ ] Sumitomo Mitsui Trust Bank
[ ] T. Rowe Price
[ ] UBS Global Asset
Management
[ ] Vanguard
[ ] Wellington Management
[ ] Wells Capital Management
[ ] Other (please specify)
Comments
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AODP Climate Risk Survey 2017
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Section 1: Governance & Strategy
Key Question
1.01 - Do you have a role/team with specific climate change capability within your organisation,
dedicated to integrating climate risk management into the investment process?
(15 points)
This question asks whether you have dedicated climate change capability embedded within your
organisation. If this role resides outside your ESG/Sustainability area, please answer yes, and
provide the appropriate responsibility area. If you don’t have a dedicated role, but this capability is
provided, please answer No and provide further information in the comments.
Please select
( ) Yes
( ) No
( ) No information available
Please indicate which part of the organisation this role sits in
[ ] Specific team/role within Investment strategy (CIO)
[ ] Specific team/role within Risk (CRO)
[ ] Specific team/role under ESG/Responsible Investing/Sustainability
[ ] Part of remit of general ESG/Responsible Investment/Sustainability team
[ ] Part of remit of general CSR
[ ] Other (please give details below)
Please indicate the total number of staff with climate expertise:
_________________________________________________
Comments
Please provide details where requested and any further comments or insights you feel
are important to this question or have not been covered by the above answer options
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1.02 - How are climate change issues integrated into your organisation's policy framework?
Please provide link to policy
(10 points)
Select all applicable answers from below options
[ ] Standalone Climate Change Policy covering investment strategy, risk management and ESG and
responsible investment principles
[ ] Dedicated section within ESG policy and/or responsible investment principles/statements
[ ] Specific details included in Investment Policy/Strategy
[ ] Specific details included in Risk Management Policy/Strategy
[ ] Included in other policy (please give details below)
[ ] Covered broadly by ESG policy
[ ] No policy on climate change issues
[ ] No information available
Comments
Please provide details where requested and any further comments or insights you feel are
important to this question or have not been covered by the above answer options
1.03 - Have you disclosed to your members and/or stakeholders how climate change risk
management solutions are integrated into your investment processes?
(4 points)
Select all applicable answers from below options
[ ] Yes, through annual/half/quarterly reports or responsible investment report
[ ] Yes, through website
[ ] Yes, through social media (Facebook, twitter, etc.)
[ ] Yes, through newsletter/email
[ ] Other (please describe)
[ ] No
[ ] No information available
Please add supporting material and give page reference – provide link(s) in the comments or
attach file(s)
Comments
Please provide details where requested and any further comments or insights you feel are
important to this question or have not been covered by the above answer options
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1.04 - Do you correspond with your stakeholders or members regarding any climate change
related campaigns? (Insurance companies please move to next question)
(5 points)
Select from below options
[ ] Yes, we provide this information voluntarily to our members/stakeholders
[ ] Yes, we provide this information to members/stakeholders who contact us via campaigns
[ ] We have not been directly contacted by any members/stakeholders requesting information
[ ] No, we do not provide this information
[ ] No information available
What climate change related campaigns have you responded to?
[ ] Vote Your Pension
[ ] Greenlight Campaign
[ ] 350/Fossil Free
[ ] Other campaign (please give details below)
Comments
Please provide details where requested and any further comments or insights you feel are
important to this question or have not been covered by the above answer options
For insurance companies only:
1.04 - Do you provide information to stakeholders regarding the impact of climate change on
future liabilities / claims?
Select from below options
( ) Yes
( ) No
(5 points)
Comments
Please provide details where requested and any further comments or insights you feel are
important to this question or have not been covered by the above answer options
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1.05 - Have you engaged with policymakers or regulators on climate change related issues over
the last year?
(20 points)
Please select the total number of engagements
( ) Yes, with 5 or more
( ) Yes, with 4
( ) Yes, with 3
( ) Yes, with 2
( ) Yes, with 1
( ) No, we haven't engaged
( ) No information available
On what issues have you engaged with policymakers or regulators over the last year?
Please ensure if you have selected 'other' that you provide complete details:
Please select issue, then provide policymaker/regulator name
Issue
Carbon and Low Carbon
energy
Investment Adaptation
pricing
Incentives
Corporate
disclosure
and
accounting
Investment
Ending
regulation subsidies to
and
fossil fuel
disclosure companies
Other
1
☐
☐
☐
☐
☐
☐
☐
2
☐
☐
☐
☐
☐
☐
☐
3
☐
☐
☐
☐
☐
☐
☐
4
☐
☐
☐
☐
☐
☐
☐
5
☐
☐
☐
☐
☐
☐
☐
Policymaker/
Regulator name
Comments
Please ensure if you have selected "other" that you provide complete details.
Please provide details where requested and any further comments or insights you feel
are important to this question or have not been covered by the above answer options
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1.06 - Have you engaged with any sector regarding its share of the carbon budget and the
need to support policy in order to survive a carbon tightening period?
(5 points)
Select from below options
( ) Yes (please give details below)
( ) No
( ) No information available
Comments
Please provide details where requested and any further comments or insights you feel are
important to this question or have not been covered by the above answer options
1.07 - Please select all of the collaborative engagement initiatives and/or industry associations
you participate in.
(10 points)
Select all applicable answers from below options
[ ] Carbon Disclosure Project (CDP)
[ ] Principles for Responsible Investment (PRI)
[ ] Institutional Investors Group on Climate Change (IIGCC)
[ ] International Corporate Governance Network (ICGN)
[ ] Investor Group on Climate Change, Australia/New Zealand (IGCC)
[ ] Asia Investor Group on Climate Change (AIGCC)
[ ] Interfaith Center on Corporate Responsibility (ICCR)
[ ] Investor Network on Climate Risk (INCR)
[ ] United Nations Environmental Program Finance Initiative (UNEPFI)
[ ] Montreal Pledge
[ ] Portfolio Decarbonisation Coalition
[ ] ClimateWise
[ ] Other (please specify)
[ ] None
[ ] No information available
Comments
Please provide details where requested and any further comments or insights you feel are
important to this question or have not been covered by the above answer options
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Key Question
1.08 - Do you incentivise or penalise any of the following for managing long term climate risk
performance of your investment portfolio?
(25 points)
Select all applicable answers from below options
[ ] Internal Portfolio Executives / Portfolio Managers
[ ] External asset managers
[ ] Proxy voting advisors
[ ] Investment consultant
[ ] Other (please give details below)
[ ] None
[ ] No information available
Comments
Please provide details where requested and any further comments or insights you feel are
important to this question or have not been covered by the above answer options
1.09 - How is climate change risk management embedded into your investment consultant
agreement?
(10 points)
Select from below options
[ ] Climate change risk be integrated into strategic asset allocation (SAA) and manager selection by
our asset consultant
[ ] We don't use an external consultant but we integrate climate change risk into our SAA and
manager selection ourselves
[ ] Our investment consultant has offered climate expertise
[ ] We have requested our investment consultant build capability in climate risk
[ ] We don't use an external consultant and don't consider climate change risk in our SAA or manager
selection
[ ] No information available
Comments
Please provide details where requested and any further comments or insights you feel are
important to this question or have not been covered by the above answer options
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1.10 - How are climate change issues factored into asset manager selection process by your
investment consultant or internal investment executive?
(10 points)
Select all applicable answers from below options
[ ] They review each investment manager's climate change policies
[ ] They look for investment managers with a strong offering of low-carbon products
[ ] They assess investment manager's carbon performance (e.g active ownership, underweighting in
carbon)
[ ] They use external 3rd party data on investment managers with regard to climate change risk
management
[ ] Other (please give details below)
[ ] They don't factor climate change issues into their short listing process
[ ] No information available
Comments
Please provide details where requested and any further comments or insights you feel are
important to this question or have not been covered by the above answer options
Key Question
1.11 - How is climate change risk management embedded into your asset manager
agreements?
(20 points)
Select all applicable answers from below options
[ ] Through retained bonuses/clawbacks/options for long term loss/return related to climate change
[ ] They have specific guidance on risk premiums, intrinsic carbon prices or stranded asset issues
[ ] They refer to our climate change policy
[ ] We operate an overlay on their investments
[ ] They refer to our ESG policy
[ ] By incorporating greater mandate length
[ ] By incorporating longer investment horizons
[ ] Through mandatory signatory status of initiatives such as CDP, PRI, etc. (please give details below)
[ ] Other (please give details below)
[ ] We don't incorporate climate change issues into our investment manager agreements
[ ] No information available
Comments
Please provide details where requested and any further comments or insights you feel are
important to this question or have not been covered by the above answer options
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1.12 - Do you engage with credit ratings agencies regarding their climate risk strategies?
(15 points)
Select from below options
( ) Yes
( ) No
( ) No information available
Please indicate what engagement actions you take.
Select all applicable answers from below options
[ ] We believe the credit rating system doesn't fully account for climate risk and we make adjustments
for this in the portfolio
[ ] We believe credit ratings on high carbon debt are inaccurate and are engaging with credit rating
agencies about this
[ ] We believe credit ratings on high carbon debt are inaccurate and are engaging with regulators
about this
[ ] We believe credit ratings on high carbon debt are reasonably accurate
Comments
Please provide details where requested and any further comments or insights you feel are
important to this question or have not been covered by the above answer options
1.13 - Do you have an engagement policy that includes how you engage with investee
companies around climate change issues?
(10 points)
Select from below options
( ) Yes
( ) No
( ) No information available
Please add supporting material and give page reference – provide link in the comments or
attach a file
Comments
Please provide details where requested and any further comments or insights you feel are
important to this question or have not been covered by the above answer options
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1.14 - Have your policies, principles, statements or board directives suggested / acknowledged
the limitations of any of the following in managing climate risk? Please provide link(s)
(6 points)
Select all applicable answers from below options
[ ] Traditional Strategic Asset Allocation models
[ ] VaR measurements
[ ] Indexation
[ ] Short term manager incentives
[ ] Use of fund managers to trade out the risk in the event of rapid carbon repricing
[ ] Other (please give details below)
[ ] No
[ ] No information available
Comments
Please provide details where requested and any further comments or insights you feel
are important to this question or have not been covered by the above answer options
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Section 2: Portfolio Carbon Risk Management
2.01 - Does your proxy voting policy (or your proxy voting advisor's policy) include direction on
climate change issues?
(10 points)
Select from below options
[ ] Yes - our own policy includes direction to vote in support of positive climate change resolutions
[ ] Yes - our proxy voting advisors policy includes direction to vote in support of positive climate
change resolutions
[ ] Yes - our asset managers' policies include direction to vote in support of positive climate change
resolutions
[ ] We instruct our asset manager and/or proxy advisor to vote in support of positive climate change
initatives
[ ] We assess and make recommendations on our position on climate change related resolutions on a
case by case basis
[ ] No - our policy/our proxy voting advisor's/asset manager's policy doesn't include specific direction
on climate change
[ ] We delegate all voting decision-making to our asset manager
[ ] We delegate all voting decision-making to our proxy advisor
[ ] We don't have a proxy voting policy
[ ] No information available
Comments
Please provide details where requested and any further comments or insights you feel are
important to this question or have not been covered by the above answer options
2.02 - Have you reviewed proxy advisors / managers / company management
recommendations on any climate change related resolutions?
Select all applicable answers from below options
[ ] Asset manager recommendations
[ ] Proxy advisor recommendations
[ ] Company management recommendations
[ ] Other (please give details below)
[ ] No
[ ] No information available
(6 points)
Comments
Please provide details where requested and any further comments or insights you feel are
important to this question or have not been covered by the above answer options
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Key Question
2.03 - Is your proxy voting record publicly available? Please provide link
(10 points)
Select from below options
[ ] Yes, within one week
[ ] Yes, within one month
[ ] Yes, within 3 months
[ ] Yes, within the next half year
[ ] Yes, within the next year
[ ] No, we don't make our proxy voting record public
[ ] No information available
Comments
Please provide details where requested and any further comments or insights you feel are
important to this question or have not been covered by the above answer options
2.04 - Does your published proxy voting record include examples of your voting position on
recent climate change related issues?
(5 points)
Select from below options
[ ] Yes, it includes examples of our climate change related voting (please give brief details)
[ ] We publish it, but it doesn't have any examples of climate change related voting
[ ] Other (please give details below)
Comments
Please provide details where requested and any further comments or insights you feel are
important to this question or have not been covered by the above answer options
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2.05 - In the 2016-17 AGM seasons, do you intend to disclose your voting intentions to your
members or stakeholders in advance of the AGM's?
(5 points)
Select from below options
[ ] Yes - we provide this information to members/stakeholders
[ ] No - but we are considering how we reflect members/stakeholders views ahead of key votes
[ ] No - we don't believe it's helpful to release this information even if members/stekeholders request
this
[ ] No information available
Comments
Please provide details where requested and any further comments or insights you feel
are important to this question or have not been covered by the above answer options
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Key Question
2.06 - How did you vote on the following key climate resolutions in the past 12 months?
(20 points)
Drag and drop into appropriate categories. If you selected 'split vote', please provide details in the
comments.
If you voted on other key climate resolutions, please provide details in the comments box below.
This question uses Javascript and therefore it can cause issues if your browser has Javascript
disabled. Please email [email protected] if you're experiencing issues.
For
Against
Abstain
Split
vote
No
shareholding
Chevron item 7: Report on Climate Change Impact
Assessment
Chevron item 8: Report on Reserve Replacements
Chevron item 11: Independent Director with
Environmental Expertise
Exxon item 5: Climate Expert on Board
Exxon item 12: Report on Impacts of Climate
Change Policies
Exxon item 13: Report Reserve Replacements in
BTUs
Suncor: Regularly disclose preparations for lowcarbon future
Glencore: Strategic Resilience for 2035 and Beyond
Anglo American: Strategic Resilience for 2035 and
Beyond
Rio Tinto: Strategic Resilience for 2035 and Beyond
Comments:
Please provide details where requested and any further comments or insights you feel are
important to this question or have not been covered by the above answer options
Page 23
AODP Climate Risk Survey 2017
for Asset Owners
Key Question
2.07 - Have you successfully engaged with companies on climate change related issues over the
last year, resulting in demonstrable achievements?
(30 points)
( ) Successfully engaged with 10 or more
companies/issues
( ) Successfully engaged with 9 companies/issues
( ) Successfully engaged with 8 companies/issues
( ) Successfully engaged with 7 companies/issues
( ) Successfully engaged with 6 companies/issues
( ) Successfully engaged with 5 companies/issues
( ) Successfully engaged with 4 companies/issues
( ) Successfully engaged with 3 companies/issues
( ) Successfully engaged with 2 companies/issues
( ) Successfully engaged with 1 company/issue
( ) No climate change related engagement activities
undertaken during the last year
( ) No information available
What were the most notable and demonstrable key achievements of your climate change
related engagement activities in this period? Defined as the company you are engaging with
agrees to.
This question asks you to provide details of up to 10 examples where you have engaged with companies on
climate-related issues in the last year. You will be asked about which issue this engagement related to. Note
that if you have engaged with one company on multiple issues, you should complete details for that company
multiple times, selecting each issue as a separate entry.
Please leave this blank if no climate change related engagement activites undertaken.
Company
Achievement
Not supply
Board
Capital
Capital
Further risk
capital (e.g.
support
Not to
redeployment restriction
analysis
bank or
Emissions
Capacity without
lobby
into low
and
Disclosure (incorporating
goods for
reductions
building need of
against
carbon
dividend
climate
carbon
shareholder
policy
investments
return
change)
production/
resolution
supply)
#1
#2
#3
#4
#5
#6
#7
#8
#9
#10
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
Page 24
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
AODP Climate Risk Survey 2017
for Asset Owners
Comments:
Please provide details where requested and any further comments or insights you feel are
important to this question or have not been covered by the above answer options
Page 25
AODP Climate Risk Survey 2017
for Asset Owners
Key Question
2.08 - How many climate change related resolutions do you intend to file, co-file, lead or
support in 2016/2017 AGM season?
(20 points)
This question asks whether you intend to file, co-file, lead or support climate change resolutions in
the coming year.
Filing refers to the requisitioning of a shareholder resolution by yourself.
Co-filing refers to the requisitioning of a shareholder resolution in cooperation with other
shareholders.
Leading refers to collaborating with other shareholders to petition for a resolution to be filed.
Supporting refers to taking an active, advocacy role relating to the resolution. This might occur, for
example, by speaking publicly in favour of it beforehand. Simply announcing an intention to vote in
favour of a climate change related resolution will often not be sufficient.
( ) 10 or more
()8
()6
()4
()2
( ) Not known at this stage
( ) No information available
()9
()7
()5
()3
()1
( ) None
Please provide details of the resolutions you intend to file, co-file, lead or support.
Please provide company name and details of the proposed resolution (up to 10 allowed).
Role
File
Co-file
Lead
Support
#1
#2
#3
#4
#5
#6
#7
#8
#9
#10
Resolution type
Company
Emissions
reductions
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
Capital
Capital
restriction
redeployment
and
into low carbon
dividend
investments
return
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
Capacity
building
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
Board
Further risk
support
analysis
without
Disclosure incorporatin
need of
g climate
shareholder
change
resolution
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
Not to
lobby
against
policy
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
Not supply
Other (please
capital
provide details
(e.g. bank or
below)
goods for
carbon
production/sup
ply)
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
☐
Page 26
AODP Climate Risk Survey 2017
for Asset Owners
Comments:
Please provide details where requested and any further comments or insights you feel are
important to this question or have not been covered by the above answer options
Comments:
Page 27
AODP Climate Risk Survey 2017
for Asset Owners
2.09 - Have you assessed the current gains and/or losses associated with climate change
exposed and/or carbon related investments in your portfolio to date?
(6 points)
Select all applicable answers from below options
[ ] Yes, we have assessed physical damage / insurance related losses
[ ] Yes, we have assessed the climate change related asset valuation gains/losses
[ ] Yes, we have assessed the impact of commodity price fluctuations
[ ] No
[ ] No information available
Comments
Please provide details where requested and any further comments or insights you feel are
important to this question or have not been covered by the above answer options
Key Question
2.10 - Do you measure portfolio-level risk associated with physical impacts relating to climate
change?
(25 points)
Select from below options
[ ] Yes, we measure physical impact risks within the following asset classes, representing
approximately [x]% of total portfolio AUM
[ ] No, we expect our managers to measure and manage these risks at the asset levels
[ ] No information available
Please select % range
( ) 100%
( ) 75%-99%
( ) 25% - 49%
( ) 50%-74%
( ) 1% - 24%
Please select all asset classes that apply
[ ] All asset classes
[ ] Equities
[ ] Hedge funds
[ ] Private equity
[ ] Property
[ ] Infrastructure
[ ] Fixed income
Comments
Please provide details where requested and any further comments or insights you feel are
important to this question or have not been covered by the above answer options
Page 28
AODP Climate Risk Survey 2017
for Asset Owners
Key Question
2.11 - Do you measure portfolio-level risks associated with potential climate change related
'stranded assets'?
(25 points)
Select from below options
[ ] Yes, we measure stranded asset risks within the following asset classes, representing
approximately [x]% of total portfolio AUM
[ ] No, we expect our managers to measure and manage these risks at the asset levels
[ ] No information available
Please select % range
( ) 100%
( ) 75%-99%
( ) 25% - 49%
( ) 50%-74%
( ) 1% - 24%
Please select all asset classes that apply
[ ] All asset classes
[ ] Equities
[ ] Hedge funds
[ ] Private equity
[ ] Property
[ ] Infrastructure
[ ] Fixed income
Comments
Please provide details where requested and any further comments or insights you feel are
important to this question or have not been covered by the above answer options
Key Question
2.12 - Does your organisation calculate portfolio-level carbon liabilities or estimate stranded
asset levels under a variety of direct or intrinsic carbon price scenarios?
(20 points)
Select from below options
[ ] Yes, we use extensive scenario testing and research
[ ] Yes, we use research
[ ] Yes, we ensure our managers and advisors do this
[ ] We don't calculate this
[ ] No information available
Comments
Please provide details where requested and any further comments or insights you feel are
important to this question or have not been covered by the above answer options
Page 29
AODP Climate Risk Survey 2017
for Asset Owners
2.13 - Do you use a forward looking base case for climate change risk mitigation?
(10 points)
Select from below options
[ ] Yes, we use a trajectory (please provide details of trajectory used)
[ ] We are planning a base case now
[ ] No, we trust our managers to sell out of any risks at the right time
[ ] No, we rely on SAA
[ ] No information available
Comments
Please provide details where requested and any further comments or insights you feel are
important to this question or have not been covered by the above answer options
2.14 - What percentage of your total portfolio is invested in high carbon and/or emissionsintensive sector assets?
(20 points)
Please select % range
( ) 100%
( ) 75%-99%
( ) 25% - 49%
( ) 50%-74%
( ) 1% - 24%
( ) Unknown
Please provide AUM held in high emitting assets for each sector if known
Non-renewable resources and energy:
Utilities (ex. renewables):
Infrastructure (ex. renewables):
Materials:
Transportation:
Other:
Comments
Please provide details where requested and any further comments or insights you feel are
important to this question or have not been covered by the above answer options
Page 30
AODP Climate Risk Survey 2017
for Asset Owners
2.15 - Do you assign a risk premium or use a shadow carbon price to allow better mitigation of
climate risk within your investment portfolio?
(14 points)
Select from below options
[ ] Yes, we allocate a risk premium
[ ] Yes, we use a shadow carbon price
[ ] We use another method to account for climate risk (please give details below)
[ ] No, we expect our managers to measure and manage these risks at the asset levels
[ ] No, we don't consider this risk
[ ] No information available
Comments
Please provide details where requested and any further comments or insights you feel are
important to this question or have not been covered by the above answer options
2.16 - Have you considered the probabilities and uncertainties associated with any of the
following pathways to a low carbon economy?
(14 points)
Select all applicable answers from below options
[ ] Pro-active policy by governments (e.g. US Congress) towards stringent carbon pricing
[ ] Pro-active policy by the People’s Republic of China’s next five year plan
[ ] Momentum through regional regulatory measures (e.g. EPA’s) and regulatory convergence (e.g.
emission trading scheme connections)
[ ] Disruptive Economics (e.g. German solar supply impacting both local Utility Asset Valuations and
Chinese oversupply to the USA) and Innovation
[ ] Thematic divestment / re-investment by leading asset owners
[ ] Re-active policy in response to extreme physical events (e.g. Hurricane Sandy, wheatbelt droughts,
etc.)
[ ] The development of a globally harmonised emissions price driven by an exposed industry, e.g.
aviation
[ ] No, but we have used other broad scenarios to help us assess the risks
[ ] No, we let our fund managers assess these risks.
[ ] No information available
Comments
Please provide details where requested and any further comments or insights you feel are
important to this question or have not been covered by the above answer options
Page 31
AODP Climate Risk Survey 2017
for Asset Owners
Key Question
2.17 - What range of climate change-related portfolio risk mitigation action do you undertake?
(50 points)
Select all applicable answers from below options
[ ] Hedging allocation of low carbon assets to hedge against high carbon stranded assets
[ ] Underweighting/divesting of specific stocks exposed to carbon risk
[ ] Allocate a risk premium to account for portfolio climate risk
[ ] Apply shadow carbon price
[ ] Low carbon investments, e.g. carbon bonds
[ ] Underweighting/divesting of specific sectors exposed to carbon risk
[ ] Use of carbon optimised equity indexes
[ ] Negative screens (or positive inclusion criteria) on all investments
[ ] Investment in adaptation assets (flood barriers, sea walls, etc.)
[ ] Investment in certified "green" real estate
[ ] Negative screens (or positive inclusion criteria) on selected investment options
[ ] Fund manager mandate guidance
[ ] An overlay on our core portfolio
[ ] Other (please give details below)
[ ] None
[ ] No information available
Comments
Please provide details where requested and any further comments or insights you feel are
important to this question or have not been covered by the above answer options
Key Question
2.18 - Do you identify, disclose and quantify your investments in low carbon assets?
(25 points)
Select from below options
[ ] Yes, we identify, disclose and quantify low carbon investments
[ ] Yes, we identify and disclose the nature of these investments but do not quantify
[ ] We make a broad statement on our low carbon investments but provide no detail
[ ] No, we do not disclose this information
[ ] No, we don't invest in low carbon assets
[ ] No information available
Comments
Please provide details where requested and any further comments or insights you feel are
important to this question or have not been covered by the above answer options
Page 32
AODP Climate Risk Survey 2017
for Asset Owners
2.19 - Have you made a commitment to invest in Low Carbon assets as part of a strategy to
manage/mitigate climate risk in your portfolio?
(25 points)
Select from below options
[ ] Yes, at the overall portfolio level (please specify total value): _______________________________*
[ ] Yes, within specific asset classes
[ ] No
[ ] No information available
Please specify the value allocated within these asset classes (please provide the full number, not in
millions or billions)
Equities:
Fixed income:
Property:
Infrastructure:
Hedge funds:
Private Equity:
Other:
TOTAL:
Please provide the approximate % of total portfolio AUM represented by the total amount identified
above
( ) 25%-100%
( ) 15%-25%
( ) 5%-15%
( ) 4% - 5%
( ) 3% - 4%
( ) 2%-3%
( ) >0%-2%
( ) 0% or not known
Comments
Please provide details where requested and any further comments or insights you feel are
important to this question or have not been covered by the above answer options
Page 33
AODP Climate Risk Survey 2017
for Asset Owners
Section 3: Metrics
Key Question
3.01 - Have you calculated your portfolio emissions intensity?
(25 points)
Select from below options
[ ] Yes, in all asset classes
[ ] Yes, in certain asset classes
[ ] No
[ ] No information available
Please provide tCO2e/US$bn in AUM (or alternative).
Please specify below if alternative methodology used
Domestic equities:
International equities:
Property:
Infrastructure:
Hedge funds:
Fixed income:
Private equity:
Other:
Total - all asset classes:
Please provide the approximate [x]% of total portfolio AUM represented by the selected asset
classes
( ) 100%
( ) 75%-99%
( ) 50%-74%
( ) 25% - 49%
( ) 1% - 24%
Comments
Please provide details where requested and any further comments or insights you feel are
important to this question or have not been covered by the above answer options
Page 34
AODP Climate Risk Survey 2017
for Asset Owners
Key Question
3.02 - Have you benchmarked your portfolio carbon emissions intensity performance?
(50 points)
Select from below options
( ) Yes
( ) No
( ) No information available
What did you use as a benchmark? (e.g. for Equities, we use a default benchmark MSCI ACWI):
_________________________________________________
What was your portfolio emissions intensity performance against benchmark?
( ) 80-89% (10-20% below benchmark)
( ) 90-99% (0-10% below benchmark)
( ) 100%
( ) >100% (more intensive than benchmark)
Comments
Please provide details where requested and any further comments or insights you feel are
important to this question or have not been covered by the above answer options
Page 35
AODP Climate Risk Survey 2017
for Asset Owners
Key Question
3.03 - Does your organisation currently have an emissions intensity reduction target for the
investment portfolio over the next year?
(20 points)
Select from below options
( ) Yes
( ) No
( ) No information available
Please specify the type of reduction and give details below
[ ] It is a targeted percentage reduction of [x] ________________ %
[ ] It is a targeted absolute reduction of [x] __________ tonnes carbon dioxide equivalent (CO2-e)
[ ] Other (please describe)
Comments
Please provide details where requested and any further comments or insights you feel are
important to this question or have not been covered by the above answer options
Page 36
AODP Climate Risk Survey 2017
for Asset Owners
Key Question
3.04 - What is the total value of investments in low carbon assets in your portfolio in the
following areas (across all asset classes)?
(50 points)
Please provide the total amount invested in low-carbon assets
(please provide the full number, not in millions or billions):
_________________________________________________
Please indicate which of the following low-carbon asset categories you invest in and, where
possible, please provide the amount you have invested (please provide the full number, not in
millions or billions)
[ ] Renewable energy infrastructure:
[ ] Renewable energy companies:
[ ] Energy efficiency companies/investments:
[ ] Other clean technology investments:
[ ] Adaptation assets (e.g. flood barriers, seawalls):
[ ] Carbon offset assets (e.g. forestation, sinks):
[ ] Low-carbon financial products (e.g. carbon bonds):
[ ] Other (please give details below):
[ ] None or Unknown
Please provide the approximate [x]% of total portfolio AUM represented by the selected asset
classes
Please provide the approximate % of total portfolio AUM represented by the total amount identified
above
( ) 25%-100%
( ) 15%-25%
( ) 5%-15%
( ) 4% - 5%
( ) 3% - 4%
( ) 2%-3%
( ) >0%-2%
( ) 0% or not known
Comments
Please provide details where requested and any further comments or insights you feel are
important to this question or have not been covered by the above answer options
Page 37
AODP Climate Risk Survey 2017
for Asset Owners
Transparency and Assurance
4.01 - Please indicate if you are happy for your response to be made publicly available.
Select from below options.
( ) Yes, make my response publicly available
( ) Yes, make my response publicly available except for response to specific question(s)
( ) No, do not make my response publicly available
Please specify questions you wish to withhold from public disclosure
If you have elected to withhold from public disclosure, please provide a reason
4.02 - Please indicate whether your response has been externally assured or verified?
Select from below options.
( ) Yes
( ) No
External assurance/verification is an activity undertaken by an independent third party to review your
disclosures to comment on the validity and quality of information disclosed and/or the policies,
systems and processes underpinning the information used in those disclosures. This may apply to
either the entire response, or partially to elements within your disclosure. In either case, it would be
helpful to outline the approach taken and the organisation undertaking the assurance work.
Please refer to Global Reporting Initiative’s guidelines on assurance of sustainability reporting for
further information: https://www.globalreporting.org/resourcelibrary/GRI-Assurance.pdf
Select from below options.
( ) Yes
( ) No
If so, by whom?
Page 38
AODP Climate Risk Survey 2017
for Asset Owners
Feedback Page
In our efforts to continually improve the AODP research and ratings process, we would
appreciate your feedback.
Please provide your comments below.
Thank You!
Thank you for participating in the 2017 AODP Global Climate Risk Survey. Your input is very
important to us. If we require any further information regarding your responses we will contact you
directly.
If you have any further feedback or questions please contact us at [email protected].
Page 39