The Trustee supports the recommendations set out by the Taskforce on Climate-Related Financial Disclosures (TCFD) on the basis that they will allow the Trustee to more closely assess, monitor and mitigate climate-related risks on behalf of its members. This is the Trustee’s first disclosure under the framework and this statement is therefore expected to evolve over time. Accuracy of underlying data is key to the Trustee’s ability to monitor climate risk, react to opportunities and to prepare meaningful disclosures. The Trustee depends on its investment managers and the management of companies that the Trustee invests in to publish and gather this data. At the date of publication of this statement, data for the portfolio is incomplete, but it is anticipated that it will improve with time and climate disclosures will become more accurate.

This statement has been prepared in accordance with the regulations set out under “The Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021” and provides a status update on how the Fund is currently aligning with each of the four elements set out in the draft regulations (and in line with the recommendations of the TCFD). The four elements covered in the statement are detailed below.