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ANZ has defined three key elements that constitute a robust low-carbon transition plan for our customers regarding their level of governance, targets / long term plans and disclosures that are preferably TCFD-aligned3. | 1yes
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Employee training While it is always necessary to have employees specialised in climate-related issues in charge of coordinating efforts, it is also important for all em- ployees to incorporate climate-related risks and op- portunities in the work they do each and every day. | 1yes
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In terms of thermal coal, the Group has set an exit deadline, in line with the SDS (Sustainable Develop- ment Scenario) scenario of the International Ener- gy Agency (IEA), compatible with the climate goals of the Paris Agreement: In 2019 and in 2020, the Group strengthened its position on coal, announ- cing its plan to reduce its thermal coal exposure to zero by 2030 in OECD countries, and by 2040 in the rest of the world. | 1yes
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Global warming was ranked in the Top 3 concerns of survey participants in each of these countries, sen- ding a strong signal of what civil society expects from the Group in terms of its contribution to the energy transition and decarboni- sation of the economy. | 1yes
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Societe Generale's strategy is set to be reviewed in 2020. By then, the Group is considering taking more ambitious engagements, which are likely to be informed by 2 C scenario. announce-the-acquisition-of-Lumo-the-pioneering-renewable-energy-crowdfunding-platform 15 Only the corporate credit portfolio has been evaluated. The Sovereign, Retail, Institutional and other portfolios have not. https://www.societegenerale.com/en/content/Societe-Generale-is-pleased-to-announce-the-acquisition-of-Lumo-the-pioneering-renewable-energy-crowdfunding-platform https://www.societegenerale.com/en/content/Societe-Generale-is-pleased-to-announce-the-acquisition-of-Lumo-the-pioneering-renewable-energy-crowdfunding-platform | 1yes
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Since the Fund is a small organisation, where several senior executives are directly involved in climate work, the executive management is judged to have a good knowledge of the work that is taking place. Thus, the Fund has god opportunities to assess and manage cli- mate-related risks and opportunities. | 1yes
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Opportunities. The adherence to these voluntary commitments provides us with references to integrate environmental, social and corporate governance issues into investment practices for the purpose of mitigating risks and identifying opportunities for our clients. | 1yes
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As part of this process of transforming society as a whole Deutsche Borse Group is engaged in a continuous exchange with internal and external stakeholders on sustainability, climate action and sustainable finance. It sees this not only as part of its strategic approach but also as managing climate-related opportunities and risks. | 1yes
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Scenario analysis is an emerging industry practice. TD is dedicated to undertaking the process thoughtfully to gain valuable insight into our overall business strategy. As such, we have embarked on a multi-year journey to conduct climate scenario analysis, using new methods, data and tools. In this report, we outline our approach and progress in laying the foundation for our analysis. As our scenario analysis practice matures, so too will our analytical inputs and results. | 1yes
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Building on this, we took steps in 2019 to perform an eco- nomic analysis and engage with stakeholders in the Pearl River Delta in China, which was established as a hot spot. Maersk will finalise this analysis and report on it in 2020. | 0no
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4. We strictly comply with environment-related laws and regulations. 5. We practice the highest level of information disclosure related to the Group's environmental activities and consistently improve our efforts to contribute to environmental preservation by communicating with our staff as well as the third parties. | 1yes
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ANZ acknowledges stakeholder interest in banks' exposure to the transition risks faced by some customers in the energy sector, including the potential risk of 'stranded assets' in the transition to a net zero economy. | 1yes
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We have reduced carbonrelated assets on our balance sheet to 0.8% or USD 1.9 billion as of 31 December 2019, down from 1.6% at the end of 2018 and 2.8% at the end of 2017. | 1yes
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Not surprisingly, the analysis (summarised in the table below) uncovered disparities between the nine sectors reviewed. The semi-conductor, tech and di- gital equipment, and pharmaceutical sectors had the highest exposure: the first two due to the depen- dence of their value chains on components made in countries (predominantly in Asia) with high exposure to physical risks. In the third sector (pharma), ope- rational chains are dependent on satisfactory water and energy availability, which may be locally jeopar- dised by climate change (sometimes significantly). Differences can also be observed between different regions of the world, with greater vulnerability seen in Southeast Asia than in North America. Lastly, the degree of exposure to physical risks varies depen- ding on the type of operational risk reviewed. Accor- ding to the analysis, the sample is more exposed to water and heat stress and to floods. | 1yes
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Compared to other forms of power generation, coal-fired power generation produces more greenhouse gases, in addition to producing harmful substances such as sulfur oxide and nitrogen oxide. Therefore, it presents a higher risk of contributing to climate change, air pollution, and other environmental impacts. | 1yes
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In addition, our NGESO published an update to their operability strategy showing the milestones to deliver zero carbon operation of the Great Britain Transmission network by 2025. See page 39. | 1yes
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As a first step towards performing a proper scenario analysis, UniCredit is partnering with the global think tank 2 Investment Initiative (2 ii) in road-testing their Paris Agreement Capital Transition Assessment (PACTA) methodology in a pool of 17 international banks. Originally developed to assess the exposure of both equity and bond portfolios to transition technologies across key sectors, a research programme to expand the model to the banks' corporate lending portfolios has been launched by 2 ii . | 1yes
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BBVA seeks to publish environmental information on its strategy and impact management measures, so that external agents which interact with the Bank (analysts, investors, rating agencies, etc.) are able to internalize BBVA's current approach to these matters and the path it will take in the coming years. | 1yes
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Regulatory developments on biofuels, including the new directive on renewable energies (RED II which will come into force as from 2021), will define the feedstocks that can be used for production, progressively privileging those that are not in competition with the food supply chain and those able to guarantee levels of Greenhouse gas savings still higher than the reference fossil fuel. | 1yes
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4.2.9 It is acknowledged that most AIs are at the stage of formulating their approaches to measuring exposures to climate risks. As such, the consideration of climate risks in the RAS may be qualitative in the initial stage. The RAS should however be regularly reviewed and enhanced, in the light of the evolving impacts arising from, and the data availability and capability in assessing, climate change. | 1yes
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We are planning to further define targets and limits so as to ensure that ABN AMRO's vulnerability to climate risks in both the short and longer term remains in line with a moderate risk profile. | 1yes
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Reducing Carbon dioxide Emissions in Production Activities In 2019, Toyota's plant manufacturing departments worked with production engineering and drive force departments to conduct energy diagnoses at production sites, propose improvements and implement measures. | 1yes
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Projects for 2019 include: - Smart intelligent Uninterruptible Power Supply controls upgrade helps to reduce UPS power consumption and building electricity usage. - Continued improvement in data center energy efficiency by reducing unnecessary energy consumption associated with unused server equipment - Lighting upgrades at various facilities to new energy efficient LED bulbs and fixtures | 1yes
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Replacing the clinker in our final cement products with alternative mineral components such as pozzolan, slag or fly ash reduces the carbon intensity of the cement. A significant portion of these constituents come from waste or byproducts recovered from other industries. Currently, our products use an average of 28 percent of constituents to replace clinker, resulting in one of the lowest levels of clinker content in the sector. | 1yes
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As such, BlackRock's exposure to climate-related risk is primarily indirect, with the potential to affect future revenues and expenses. Exhibits 6 and 7 provide a list of key climate-related opportunities and risks that BlackRock has identified.36 | 1yes
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Joint article in Nature Climate Change on the climate change challenges for central banks and financial regulators, published in May 2018. This article presents the key controversies in central banks' and regulators' response to climate change, and potential areas for future research and policy; | 1yes
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La Poste SA's trajectory was SBTi-certified in 2019. It aims to achieve an overall objective of a 30% reduction in Scope 1, 2 and 3 emissions by 2025(1) compatible with the 2 C scenario of the Paris Agreement. This can be broken down into two sub-objectives: | 1yes
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In terms of thermal coal, the Group has set an exit deadline, in line with the SDS (Sustainable Develop- ment Scenario) scenario of the International Ener- gy Agency (IEA), compatible with the climate goals of the Paris Agreement: In 2019 and in 2020, the Group strengthened its position on coal, announ- cing its plan to reduce its thermal coal exposure to zero by 2030 in OECD countries, and by 2040 in the rest of the world. The Group had already elected in 2017 not to finance any projects in the thermal coal sector. To work towards its gradual exit goal, BNP Paribas plans to step up its dialogue with cor- porate clients using coal to generate part of their electricity, in order to determine to what extent their projections are aligned with the Group's exit goals by geographic area. BNP Paribas will no longer ac- cept any new customers with a coal related revenue share of more than 25% and will end up terminating its relations with any companies developing new coal-based electricity generation capacities. | 1yes
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Additional Australian context was also provided for these scenarios, using the Commonwealth Scientific and Industrial Research Organisation's (CSIRO) Australian National Outlook (ANO) scenarios, and the Australian Energy Market Operator's (AEMO) 2019 forecasting and planning scenarios. Three scenarios were developed based on these sources to help provide meaningful insights for Telstra and our stakeholders. | 1yes
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When publishing its supervisory expectations, the PRA acknowledged that firms still face barriers to implementing the forward-looking, strategic approach necessary to minimise the risks. To reduce these barriers, in March 2019, the PRA together with the Financial Conduct Authority (FCA) set up the Climate | 1yes
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At the global level, in 2018 an agreement was reached within the IMO (International Maritime Organization) on the adoption of an initial strategy to reduce greenhouse gas emissions from the shipping sector. | 1yes
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In North America, the resource sector is a very important contributor to the economy but also a source of carbon emissions. We expect the resource sector will be an important contributor to addressing environmental challenges including climate change globally. Addressing these challenges will require a balanced approach, one where CIBC will continue to support traditional energy sources and associated infrastructure but also efforts by the resource and other sectors to reduce emissions through innovative technologies and other transitionary activities. | 1yes
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Investment Management Investment Management operates in the strong belief that Environmental, Social, and Governance factors- including climate change-influence risk, return and opportunity. Investment Management teams strive to incorporate Environmental, Social, and Governance in their investment process, including consideration of climate-related risks and opportunities that could have significant impact on value. Portfolio managers and investment teams evaluate, as applicable, the carbon footprint and intensity of their investments as well as climate resiliency and adaptation strategies. | 1yes
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We are developing an operational carbon accounting data infrastructure: a prototype that calculates carbon intensities and footprints across a variety of metrics (see metrics section for more details). The calculations are based on emissions data of scope 1 and 2, and selected scope 3 data. | 1yes
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Mitigating the impact of our operations 'Mitigation is a key component of a process, it is essential to achieve a healthy environmental plan' (USAID) Investing in internal projects We share the vision that there is no management without measurement. | 1yes
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E M P L O Y E E E N G A G E M E N T AT PSEG, WE RECOGNIZE that our full workforce must rise to the challenge climate change presents. | 1yes
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(CBI), the Association for Financial Markets in Europe (AFME) and the Institute of International Finance (IIF). On a senior level, we chair the UK Government's Global Resource Initiative and are members of the UK Finance Sustainable Finance Committee and the CBI Energy and Climate Change Board. | 1yes
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In the outlook we produced using the projections in the IEA's SDS, while overall power generation in Japan will remain more or less constant through 2050, thermal power generation will fall by approximately 90%, and restarted nuclear power generation and renewable energy will make up the gap. | 1yes
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Furthermore, within the Business Lines there are specific functions and units responsible for achiev- ing what is stated in the strategy. For example, in the R&M Business, there is the Bio development, Sustainable mobility & Circular Economy (BSCE) unit, in the Chemicals business (Versalis) there is the Circular Economy, Sustainability & Product Stewardship unit which guarantees the processing of the Versalis positioning on circular economy ensuring the monitoring of the initiatives, while in Eni- Rewind there is the Circular economy & business services unit. | 1yes
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The analysis can be used to identify companies that need to be placed on the watchlist, in which case their climate strategies are carefully observed during the next several non-financial performance assessment campaigns. | 1yes
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At present, about half of Eni's direct Greenhouse gas emissions are subject to the European Emission Trading Scheme (ETS) regulations which provide for charges for purchase of emissions certificates on the open market, after exceeding the free assignment limit of shares established according to the regulations. | 1yes
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Its purpose is to identify strategic Environmental, Social, and Governance opportunities, Environmental, Social, and Governance Products Business Ethics Risk Compliance & Crisis Management Information Security Our Material Environmental, Social, and Governance Factors Environmental Management Board Diversity Board Governance Diversity & Inclusion Talent Attraction & Retention Training & Development coordinate market and product development across the Company and solidify S&P Global's position as a trusted provider of Environmental, Social, and Governance data. | 1yes
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Wealth Management Wealth Management's long-standing Investing with Impact platform (IIP) offers retail investors more than 130 products and strategies across thematic issues, including climate change. A 2018 internal survey of third-party managers on the platform found that over half of IIP strategies aligned with at least one SDG, with climate action among the three most common themes. We also equip our Financial Advisors with Climate Change and Fossil Fuel Aware investing toolkits to help clients develop a tailored investment approach that incorporates these issues into their portfolios. | 1yes
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As of November 2020, 100% of active portfolios and advisory strategies have met this goal, and as of December 2020 all Environmental, Social, and Governance integration statements for actively managed publicly offered funds are published directly on the relevant product pages. These statements are relevant for all active products, not just for sustainable investment products. | 1yes
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SEPTEMBER 2020 BBVA launched a basic course on sustainability addressed to the more than 125,000 employees of the Group around the world. This course focuses on environmental risks and includes specific content on the fight against climate change, on BBVA's direct and indirect impacts. | 1yes
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Awareness campaigns: As in previous years, BBVA joined the 'Earth Hour' initiative, during which 114 buildings and 183 Bank branches in 113 cities in Spain, Portugal, Mexico, Colombia, Argentina, Turkey, Peru, Uruguay and the United States turned off their lights to support the fight against climate change. In addition, a large number of employee awareness-raising activities were carried out in several countries during World Environment Day. | 1yes
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In order to help FRM understand which risks may have substantive or strategic impact, Morgan Stanley is also conducting focused stress tests on concentrated physical and transition risk vulnerabilities as well as a broader scenario analysis. The findings will help our leadership refine our strategy and risk management processes and determine how to incorporate climate considerations into firm strategy more holistically. In particular, we are evaluating where the firm may be vulnerable to outsized, climate-driven losses. | 1yes
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Principle 4 - Implementation Organisational structures, business policies, processes and resources availability should be reviewed and enhanced to ensure effective integration of climate strategy into the operation and corporate development of an AI. | 1yes
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The cooperation with CICERO has also helped provide us with an overview of climate-related risks and opportunities in some of the industries we lend to. This is combined with our own analyses. The analysis is at the double-digit NACE code level. b) Describe manage- ment's role in assessing and managing climate- related risks and oppor- tunities: | 1yes
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Our analysis tells us that, among other things, an RCP 2.6 scenario results in a high risk in our loan portfolio due to high restructuring risk in our industries. RCP 6 results in an especi- ally high risk in the agriculture sector due to physical climate change. c) Describe how processes for identifying, assessing, and managing climate-related risks are integrated into the organization's overall risk management: | 1yes
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Covers almost all chemical products. This is complex to estimate, since many chemicals have multiple applications, and the details of processing and conversion of chemicals by customers is not always known. Efforts will be considered to quantify these emissions for future reporting. Where customers request focused engagements, we collaborate to innovate on process improvements (see example described on page 21). | 1yes
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We have undertaken an analysis of the impact to our business model of transitional scenarios where decarbonisation goals are, or are not, met. The details of this are presented in the scenarios section of this disclosure. | 1yes
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For more information regarding the identification, analysis and management of risks at Iberdrola, see the following public documents, available on its website: - Section 'E' of the Annual Corporate Governance Report for financial year 2019. - The 'Principal risks and uncertainties' section of the Consolidated Management Report for financial year 2019 (particularly the section on climate change), as well as note 4 to the financial statements. - The Integrated Report. - The General Risk Control and Management Policy. https://www.iberdrola.com/ https://www.iberdrola.com/wcorp/gc/prod/en-US/corporativos/docs/gsm20-AnnualCorporateGovernance2019.pdf https://www.iberdrola.com/wcorp/gc/prod/en-US/corporativos/docs/gsm20-FinancialStatements-AuditorsReport-Consolidated.pdf https://www.iberdrola.com/corporate-governance/general-shareholders-meeting/documents https://www.iberdrola.com/corporate-governance/corporate-governance-system/corporate-policies/general-risk-control-management-policy | 1yes
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8.2 Generation Portfolio Metrics AGL has heavily invested and continues to invest in renewable energy generation. In the past decade AGL has increased its renewable energy generation fourfold to over 4.4 TWh. AGL's percentage of generation from renewables has also grown over this period. Table 15 below outlines the changes in AGL's proportion of generation and capacity from renewables. | 1yes
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Using a more narrow application of climate-related scenarios to inform Prudential's efforts to mitigate its environmental impact, the company initiated a high-level analysis of science- based target setting methods to inform an update to its Global Environmental Commitment. | 1yes
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In July 2020, BlackRock provided comments to the Department of Labor's proposed rule on 'Financial Factors in Selecting Plan Investments' (the 'DoL Proposal') highlighting our concern that the DoL Proposal could interfere with plan fiduciaries' abilities and willingness to consider financially material Environmental, Social, and Governance factors. BlackRock provided recommendations that aimed at helping the Department of Labor improve the DoL Proposal, while mitigating the potential burdens the DoL Proposal would have placed on plan fiduciaries. We were pleased to see several of our suggestions incorporated into the final rule. | 1yes
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Strategy. We assessed the risks and opportunities we may face in 2030 under two climate scenarios; a 'Pessimistic' scenario and an 'Optimistic' scenario. The 'Pessimistic' scenario is where the world fails to address climate change, leading to global temperatures continuing to rise well above 2 degrees. This scenario assumes limited policy or regulatory support and looks at physical climate risks. The 'Optimistic' scenario is where the world rises to the challenge of tackling climate change and limits global warming to well below 2 degrees. This low-carbon transition scenario centres on the rapid changes that will be needed by 2030 to cut emissions in line with the Paris Agreement. Our scenarios are based on those developed by the Intergovernmental Panel on Climate Change. | 1yes
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Impacts on societe generale's financial planning 3.5.1 Operating costs and revenues The deployment of climate-related product and services, investment in research and development as well as operational changes has led to changes in revenue and operational costs for Societe Generale, although we expect these changes are marginal. | 1yes
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The estimated associated emissions amounted to 780,000 Tonnes of carbon dioxide equivalent e. We do not believe these figures will have changed significantly since then, but we will regularly review them as part of our climate change strategy. | 1yes
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2. Sustainable growth portfolio provides positive optionality - Under a 2 C scenario, a sustainable growth portfolio has stronger returns. We believe that this indicates investment returns will be best served through inclusion in the portfolio of a component of sustainable investments, particularly within equities, infrastructure and private equity. | 1yes
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Investec Limited banking book South Africa is significantly dependent on coal for its energy requirements, which makes it challenging to find a balance between the need for increasing energy access and economic growth in the country, and the urgency to reduce carbon emissions. The mix of our energy portfolio in South Africa reflects the trajectory of the country's energy transition. We see natural gas as part of this transition in the short-to-medium term as the country shifts away from coal and builds up renewable sources. | 1yes
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As the examples show, energy labels are a common way of qualitatively or quantitatively describing the transition risk for residential real estate. It is therefore important to note that the current availability and accuracy of energy label information is limited. Energy labels are not publicly disclosed in all countries. Where they are disclosed, we have noticed they are often inaccurate. As transition risk becomes apparent and the need to quantify this in our portfolio grows, the greater the need for correct data will become. https://www.bankofengland.co.uk/-/media/boe/files/working-paper/2020/does-energy-efficiency-predict-mortgage-performance.pdf?la=en&hash=CC1DED249BFE86DB22A1AE70429BF235EA0325D8 https://eedapp.energyefficientmortgages.eu/wp-content/uploads/2020/08/EeDaPP-D57-27Aug20-1.pdf | 1yes
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In 2020, sustainability factors have been incorporated as one of the dimensions of the analysis in the Operating Frameworks of Autos, Energy, Utilities, Steel and Cement. All these sectors are included in the taxonomy as transition risk-sensitive. | 1yes
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AP2 follows up these decisions every two years with an analysis of whether additional companies are to be divested or whether companies should be re-included as they are no longer considered to have a significant financial climate risk. | 1yes
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Business risks and opportunities related to climate change are identified through an analysis of the sector and emerging trends, the study of market drivers and the identification of customer requirements. In terms of opportunities, Leonardo is mainly involved in the development of technologies for products and services with a low environmental impact (lighter aircraft and helicopters, which consume less fuel thanks to carbon aerostructures, hybrid and electric maritime propulsion systems, air traffic and vessel traffic management systems to optimise air and maritime traffic, virtual training services for pilots), the development of Earth observation solutions and data collection, to be provided to specialist operators, to monitor and limit impacts induced by climate change and the development of products and services, with special configurations that can intervene in the case of natural disasters. For further details, refer to the chapter 'Continuous innovation' and section 'Solutions for society and the environment' (chapters 'Sustainable mobility' and 'Earth observation'). | 1yes
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The AIETI will focus on ve supply chains critical to achieving the Paris Agreement temperature goals ('well-below two degrees Celsius and striving for 1.5 degrees Celsius') given their signicance to global emissions and their relatively higher abatement costs. | 1yes
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Sydney Airport's contribution to climate change solutions will also present new opportunities. These include: - Supporting the move to a carbon-constrained world by working with airline partners to provide infrastructure to support further electrification and low emission fuels - Integrating climate adaptation opportunities into community investment strategies aimed at supporting the resilience of our communities and their support for our activities - Lower operating costs by reducing energy consumption. | 1yes
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No significant financial risk on our balance sheet identified in past stress tests. A group of 16 banks, including UBS, and United Nations Environment Programme FI have partnered to refine methodologies for risk and opportunities. | 1yes
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We can engage on our own (via our own funds) and also together with other investors. Joint engagements are for example done via our active membership of the IIGCC (Institutional Investor Group on Climate Change) and the Principles for Responsible Investment. Kempen is also part of an international engagement initiative called Climate Action 100+ that was launched in December 2017 and targets over 150 carbon intensive companies. For more engagement examples see kempen.com/en/asset-management/ responsible-investment. | 1yes
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The Trustee has a preference for engagement, rather than exclusion, as a method in encouraging greater disclosures and practices with regard to climate-related risks. Two examples of such engagements are: | 1yes
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Greenhouse gas Mitigation Measures Our five year Greenhouse gas mitigation plan consists of three key elements - Energy Efficiency (Reduce), Renewable Energy (RE) Purchase (Replace) and Travel Substitution (Reduce and Replace); of this, RE procurement will contribute the maximum, 80% share to Greenhouse gas emission mitigation strategy for Scope 1 and 2. | 1yes
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We have updated our external sector statements to include positions on six new sectors including manufacturing, automotive, agriculture, animal welfare, fisheries and UNESCO World Heritage Sites. This is in addition to the existing statements on power, coal, mining, oil and gas, forestry and defence. www.lloydsbankinggroup.com/Our-Group/ responsible-business/reporting-centre/. Our statement on coal has been updated and made more ambitious. We continue with our policy of not financing new coal fired power stations. We have now tightened our requirements for providing general banking or funding, and now require new clients to have less than 30 per cent of their revenue from the operation of coal fired power stations and/or coal mines (previously less than 50 per cent). | 1yes
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STOREBRAND'S USE Task Force on Climate-related Financial Disclosures Alignment and Current Use Storebrand will mainly use consistent and comparable risk metrics and values information that shows how climate-related risks are considered, compared with other areas of risk management. | 1yes
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Estimations of nanced emissions indicate the indirect impact the Group could have on achieving environmental outcomes in the real economy as a result of the Group's nancing activities and highlights the crucial role nancing can play in achieving environmental outcomes. | 1yes
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Prime services, through our globally integrated platform, offers hedge funds and institutional clients execution, financing, cus- tody, clearing and risk advisory services across various asset classes through prime brokerage, synthetic financing and listed and OTC derivatives. In addition, we partner with the most estab- lished fund managers, fast-growing funds and select startups, blending traditional prime brokerage services with innovative financing solutions and comprehensive capital and consulting advisory services, to help funds build durable organizations across their lifecycle. | 0no
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The asset management industry is also expected to resume its growth trend assuming an effective containment of the COVID- 19 pandemic, with positive support from increasing global wealth. At the same time, asset managers face a number of challenges, including regulatory complexities and revenue and margin com- pression. The continued rise of passive and low-fee products reflects ongoing fee sensitivity from investors. Although fees for alternative strategies have been more resilient, market trends have led to a need for more innovative products and solutions. In this environment, managers must demonstrate differentiating capabilities including not only strong investment performance, but also other value-add capabilities such as risk management and controls, compliance, client reporting and data security. | 0no
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Central banks and other bank regulators, financial services agen- cies, securities agencies and exchanges and self-regulatory orga- nizations are among the regulatory authorities that oversee our businesses. There is coordination among many of our regulators, in particular among our primary regulators in Switzerland, the US, the EU and the UK as well as in the Asia Pacific region. | 0no
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We continually manage the impact of funding spreads through careful management of our liability mix and opportunistic issu- ance of debt. The effect of funding spreads on interest expense depends on many factors, including market conditions, product type and the absolute level of the indices on which our funding is based. | 0no
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The global economic system as we know it is undergoing transformation. This is also affecting agriculture. Globalization and digitalization have become key issues in the industry, alongside agricultural developments. The spread of protection- ism and disruptive policy are posing challenges to CLAAS, which over time has built strong international networks and reliesonglobalvaluechains.Digitalizationcontinuestooffera major opportunity to master the requirements of the future by developing new solutions. All of these driving forces, whether neworold,willinfluenceCLAAS as a company in the future. Even in a volatile environment, the goal remains to achieve profitable growth. CLAAS has focused its strategy on the following four strategic focal points so that it can take on a leading global role as a manufacturer of agricultural equipment moving forward. | 0no
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Net sales in Germany totaled €805.5 million (prior year: €800.6 million). The slight rise in sales was predominantly due to service and parts business and sales of used machinery. In addition, sales of forage harvesting machines and telehandlers also rose year on year. | 0no
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Against this backdrop we saw sales decrease by 2% to $27.6 billion (2019: $28.1 billion) reflecting lower volumes in our materials businesses in certain European and North American markets as public health restrictions resulted in reduced construction activity. This was partially offset by increased sales in our Building Products Division driven by a strong residential sector in the United States (US), particularly in Repair, Maintenance and Improvement (RMI) activity. | 0no
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For the purposes of determining the number of shares held by the executive Directors, the relevant calculation will include shares beneficially owned by the executive Directors, annual bonus awards which are deferred into shares for three years and PSP awards that have met the performance criteria but are subject to a two-year holding period prior to release. The deferred share awards and PSP awards subject to a two-year hold period are not subject to any further performance criteria other than continued employment with the Group. | 0no
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A special resolution will be proposed at the 2021 AGM to renew the authority of the Company, or any of its subsidiaries, to purchase up to 10% of the Company’s Ordinary Shares in issue at the date of the AGM. | 0no
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As mentioned above, CRH's financial and business performance was robust in 2020 in spite of the unprecedented challenges that were faced during the year, and which persist into 2021. Taking this performance into account, as well as the experience of our stakeholders and the value delivered for shareholders, the Committee believes that the remuneration paid to the executive Directors in respect of 2020 is appropriate. We look forward to receiving your support for the resolution considering the Annual Report on Remuneration at the 2021 AGM. | 0no
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Porsche achieves sustainable growth in 2020 financial year Porsche AG set a new revenue record in the 2020 financial year: its value grew to 28.7 billion euros, surpassing the previous year’s figure by more than 100 million euros. | 0no
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2020 was a record-breaking year for us: For the first time ever, we broke the 100-billion-euro revenue barrier. The additional revenue from the business combination with Sprint in the United States was a decisive factor. But we are also growing organically on both sides of the Atlantic – even given the difficult market environment and the negative impact of coronavirus in 2020. | 0no
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After a strong year in 2019, Beiersdorf’s shares held up well in the first half of 2020 amid an unusually volatile market environment. This was thanks to their defensive nature. The losses of over 20% at the peak of the coronavirus crisis were moderate by comparison with the wider market. During the second half of the year, however, the HPC (home and personal care) sector, including Beiersdorf’s shares, came under pressure. Lack of transparency around future market developments, fears of recession, and the effects of intense price competition overshadowed the general economic recovery in this period. Nevertheless, Beiersdorf’s shares recovered and again reached the €100 mark for a time. In the final quarter of 2020, our share price was in the €90 to €100 range amid a very volatile market environment. The markets and Beiersdorf’s share price over this period were driven partly by new lock- down restrictions and concerns about the second wave of infection, but also by the progress in developing a vaccine against the coronavirus, which was a source of new knowledge and hope. | 0no
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The Company’s operating environment has continued to trans- form over the years, and our accounting and finance department predecessors navigated these changes by building foundations for financial and capital strategies that remain viable even today. Komatsu’s resilience to maintain a certain performance in the current challenging operating environment caused by the COVID-19 pan- demic is thanks to our predecessors. Let me express the sincere appreciation I feel for the efforts of our predecessors as I explain some of the innovative practices they introduced. | 0no
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In light of the massive changes seen in the operating environ- ment, the group revised its material issues for the first time in a decade to clarify the priorities it should emphasize in pursuing sustainable growth over the next century. | 0no
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Komatsu has not established numerical targets for growth, profitabil- ity, and financial position in its mid-term management plan. We had set such targets in the past. However, demand is incredibly volatile in our business; in the mining equipment business, for example, demand can fluctuate by nearly 30%. As a result, past numerical targets have lost their meaning in the first year of the respective three-year plan. Instead of numerical targets, we have therefore chosen to set the more abstract targets of achieving a growth rate above the industry’s average for growth and the industry’s top level for profitability and financial position. | 0no
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Emissions of CH4, which account for approximately 22.2% of our carbon footprint (Scopes 1 and 2), are mainly due to fugitive emissions (15.3%) and natural gas venting (6.9%). Venting may occur as a result of operation and maintenance, operating safety, pneumatic valves and analysis equipment (chromatographs, etc.) | 1yes
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Alibaba has a unique corporate culture. Over the years, Alibaba has remained true to being a people-centric organization that encourages innovation. We believe that only a caring organization can do great things. And the best way to attract the right talent is by continuously developing new business runways and fostering a culture of innovation that will attract like-minded people. We are also focused on exploring ways to enhance and strengthen the Alibaba governance structure in response to the evolving needs of our increasingly diversified and vibrant business. This remains a rarity within the Internet industry, not just in China but for multinationals as well. We hope to implement constructive changes, methodically and gradually, in our management practices, governance, performance measurement and resource allocation across the organization. We aim to make our organization more agile and our culture more straightforward to better focus on our priorities of customer experience, customer value creation and customer mindshare. | 0no
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Our ability to offer and deliver value has driven increased consumer engagement over time. Generally, the longer consumers have been with us, the more orders they tend to place across a more diverse range of product categories. In fiscal year 2021, annual average GMV per consumer on our China retail marketplaces reached over RMB9,200 (US$1,404). Consumers on our China retail marketplaces also exhibited high retention. 98% of annual active consumers who spent over US$1,000 (RMB6,550) through our China retail marketplaces in fiscal year 2020 continued to be active in fiscal year 2021. In fiscal year 2021, more than 200 million annual active consumers spent more than US$1,000 (RMB6,550) through our China retail marketplaces. | 0no
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Alibaba Cloud’s unique advantages lie in its proprietary technology and Alibaba Group’s continued commitment to invest in research and development in new product offerings and industry-specific solutions for our customers and partners. Alibaba Cloud served approximately 4 million paying customers across a wide range of industries in the twelve months ended March 31, 2021 and continues to attract customers that are reputable and have the potential to adopt cloud computing services at a meaningful scale. As digital transformation accelerates, customers have increased their usage of our services. Leading brands and enterprises, such as China Pacific Insurance Company, Feihe, FAW Group and Astra Financial, have adopted solutions ranging from insurance intelligence platform, digital marketing, omnichannel intelligence platform, to smart manufacturing and financial solutions. We believe our cloud computing services have become a critical foundation that many of our customers increasingly depend on in their daily operations. | 0no
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Throughout the year we saw strong business momentum in mortgages, resulting in higher market shares in all four Nordic countries compared with last year. We also launched several digi- tal services to improve customer experi- ence. For example, we launched a digi- tal mortgage loan promise in Denmark and Norway. In Denmark, this has led to an initial reduction of more than 50% in the loan process handling time when customers use our digital solutions. Our customers say they find the new solu- tion intuitive, easy to use and trustworthy. | 0no
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Risks and uncertainties Within the framework of its normal business operations, Nordea faces various risks and uncertainties. Maintaining risk awareness in the organisation is engrained in Nordea’s busi- ness strategies. Nordea has defined clear risk and liquidity management frameworks including policies and instructions for different risk types, capital adequacy and capital structure. Further information see Note G2. “Risk and Liquidity man- agement” on pages 102–135, Note G33 “Provisions” on page 168 and Note G38 “Contingent liabilities” on page 174. | 0no
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Own funds Own funds are the sum of Tier 1 and Tier 2 capital. Tier 1 capi- tal consists of both Common Equity Tier 1 (CET1) and Addi- tional Tier 1 capital. CET1 capital is considered to be capital of the highest quality with ultimate loss-absorbance characteris- tics and consists predominately of paid-in capital and retained earnings. Profit may only be included after permis- sion from the financial supervisory authority and after deducting the proposed dividend. Additional Tier 1 and Tier 2 capital consist mostly of undated and dated subordinated loans, respectively. Holdings of other financial sector entities’ subordinated loans are deducted from the corresponding tier. | 0no
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Continued performance evaluation With the objective of promoting constant evolution at Vale, every year, the Board of Directors conducts a performance evaluation with the support of the People, Remuneration and Governance Committee. Based on the result, they create the development plan for the agency and its members. | 0no
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Life matters most is one of our values. The obsession with safety and risk management, one of our key behaviours. Vale's entire health, safety and risk strategy considers that every accident can be avoided. The constant search to identify and control risks is an integral part of our routine, and its main objective is to eliminate fatalities in the work environment in a sustainable manner. | 0no
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In 2020, approximately 7,900 of our own employees undertook training in human rights, totaling more than 8,800 hours. Since 2017, this number has reached more than 26 thousand hours of training. | 0no
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