2025 Climate Report 

Prepared in alignment with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) and informed by elements of the International Sustainability Standards Board’s (ISSB’s) IFRS S2 climate standard, this year’s report outlines how we continue to assess financially material climate-related risks and opportunities. We also provide updates on our approach to climate research, investment integration, risk management, governance, climate-related metrics, and operational sustainability.

Key themes include:

• A continued focus on financial materiality and improving investment outcomes through research-driven climate analysis and integration, where relevant
• Broader application of climate research across asset classes, including commodities and sovereigns
• Use of proprietary climate tools and analytics supporting physical-risk assessment, drought monitoring, transition-alignment analysis, and portfolio-level climate monitoring
• Climate-related engagement activity spanning topics such as resilience, transition implementation, and climate readiness
• Ongoing development of climate disclosures informed by IFRS S2, supported by a structured disclosure index.

Our approach to climate-related considerations remains grounded in a single objective: improving investment outcomes for our clients.