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0800 121 6593
      The Environment Agency Team

      11b Lingfield Point
      DL1 1AX

AGM Engagement on the physical risks of Climate Change

As a Fund, we've been recognised as a leader in responsible investment since 2005. 
This year, our Pensions Committee has agreed to directly engage (on our 40,000 members’ behalf) with those companies where our £4bn of assets are invested, to understand their approach to managing the physical risks of climate change. 
Last year, scientists and international governments advised we've 12 years to act to avoid new weather extremes becoming dangerously difficult to manage and insure against. 
The Governor of the Bank of England has stated that the whole financial sector has a central role to play in avoiding the catastrophe of climate change.  The Task Force on Climate-related Financial Disclosures identifies physical risks of climate change as a key risk.  
We're attending selected company Annual General Meetings (AGMs) (based on those we invest in) to ask questions of Boards regarding their climate change performance and future actions. We'll be doing this along with other large asset owners.
We'll keep you updated on progress here. You can also see our latest updates at @EAPensionFund

Questions raised with company Boards:

Barclays Bank 2 May 2019

Can the board give us examples of how they assess and stress-test against the physical risks of climate change the assets and supply chains of companies to which Barclays offers loans, credit or invests in to ensure they are sufficiently robust?

We're keen to understand this to give us confidence in our long-term investment in Barclays.
In response Barclays welcomed the recent Bank of England speech about the gathering storm from climate change.  They were very supportive of the Task Force on Climate-related Financial Disclosure.  As a bank they are looking in the next year to build stress tests and modelling to understand the future financial impacts.  The Chair of the Board’s Reputational Risk, Mary Francis, said that the Board had spent a lot of time looking at Climate Change and that she was keen to meet with people who had specific issues they wanted to raise on this agenda. We'll look to do this.