The Trustee’s 2022 Climate Disclosures are appended to this report and include the metrics that the Trustee considers are appropriate to measure in its approach to managing the impact of climate change on the Fund (with a new mandatory portfolio alignment metric). Also included in the Climate Disclosures is the Trustee’s chosen target, which focuses on engaging with companies to adopt SBTs for emissions reductions. This target is the same as that adopted in the Trustee’s net zero commitment and is viewed as the most appropriate way for the Trustee to influence the transition to a low carbon economy and effect change in the companies it invests in. Engagement is carried out through EOS and investment managers in directly held assets.