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Climate-Related Disclosures

NILGOSC considers the disclosure of climate risks and opportunities to be essential if shareholders are to determine whether the companies in which they invest are adequately addressing the changing climate.

In December 2015, the Financial Stability Board (FSB) established the Task Force on Climate-related Financial Disclosures (TCFD) to improve and increase reporting of climate-related financial information. In 2017, the TCFD released its climate-related financial disclosure recommendations.

NILGOSC actively supports the TCFD recommendations and was added to the TCFD website’s official list of supporters in June 2020. The recommendations and a full list of supporters can be found at the Task Force on Climate-related Financial Disclosures (TCFD).

NILGOSC has confirmed its support of the TCFD recommendations in its Climate Risk Statement and Review of Proxy Voting.

NILGOSC also signed the 2018, 2021 and 2022 Global Investor Statements to Governments on Climate Change. Issued ahead of COP 27, the 2022 Statement was signed by 532 investors managing almost $39 trillion (USD) in assets and reiterates 2021’s call for governments to raise their climate ambition, and implement meaningful policies, including: strengthened 2030 national commitments to limit global temperature rise to 1.5°C; implementing domestic policies to ensure 2030 emissions are aligned to keeping global temperature rise to 1.5°C; support effective implementation of the Global Methane Pledge; and scaling up provision for climate finance with a particular focus on the needs of developing countries.   It also calls on global leaders to commit to implementing mandatory climate risk disclosure requirements aligned with the TCFD recommendations, ensuring comprehensive disclosures that are consistent, comparable, and decision-useful. The 2022 Statement can be found on The Investor Agenda’s website.

NILGOSC is a supporter signatory to Climate Action 100+, which is a five-year investor-led initiative that was launched in 2017 to ensure the world’s largest corporate greenhouse gas emitters to curb emissions, strengthen climate-related financial disclosures and improve governance on climate change risks. Phase 2 of Climate Action 100+ is due to commence in 2023.

One of the specific aims of the initiative, which has been signed up to by 615 investors with over $60 trillion (USD) of assets under management, is to secure commitments from the boards and senior management of the target companies to:

  • Provide enhanced corporate disclosure in line with the final recommendations of the TCFD and, when applicable, sector-specific Global Investor Coalition on Climate Change Investor Expectations on Climate Change to enable investors to assess the robustness of companies’ business plans against a range of climate scenarios, including well below 2°C, and improve investment decision-making.

In alignment with the TCFD recommendations, NILGOSC published its second TCFD-aligned report.  Disclosures are organised around the TCFD’s four thematic areas, representing the core elements of how organisations operate: governance; strategy; risk management; and metrics and targets.  More information and the full recommendations can be found at TCFD hub.

NILGOSC’s report is available to review in the ‘Downloads’ box below.

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