Support for shareholder proposal on climate change at TransCanada Corporation

Norges Bank Investment Management will vote in favour of the shareholder proposal on climate change reporting, and all other resolutions put forth to shareholder approval at the Annual General Meeting of TransCanada Corporation on 27 April 2018.

20 April 2018

Our rationale

We encourage companies to consider the sensitivity of their long-term business strategy and profitability to different future regulatory and physical climate scenarios. The scenarios should include low-emissions scenarios incorporating countries’ expressed national, bilateral or international climate commitments and ambitions. One such scenario should consider the successful implementation of policies to limit the likelihood of temperatures rising above 2 degrees Celsius. We support the integration of relevant climate change challenges and opportunities in a company’s business management, such as investment planning, risk management, and reporting.

We commend the board’s willingness to support this shareholder proposal and commitment to improving climate change disclosure.

Our expectations on climate change

TransCanada Corporation Resolutions

NUMBER PROPOSAL MANAGEMENT RECOMMENDATION VOTING INTENTION
Management proposals
NUMBER1.1PROPOSALElect Director Kevin E. BensonMANAGEMENT RECOMMENDATIONForVOTING INTENTIONFor
NUMBER1.2PROPOSALElect Director Stephan CretierMANAGEMENT RECOMMENDATIONForVOTING INTENTIONFor
NUMBER1.3PROPOSALElect Director Russell K. GirlingMANAGEMENT RECOMMENDATIONForVOTING INTENTIONFor
NUMBER1.4PROPOSALElect Director S. Barry JacksonMANAGEMENT RECOMMENDATIONForVOTING INTENTIONFor
NUMBER1.5PROPOSALElect Director John E. LoweMANAGEMENT RECOMMENDATIONForVOTING INTENTIONFor
NUMBER1.6PROPOSALElect Director Paula Rosput ReynoldsMANAGEMENT RECOMMENDATIONForVOTING INTENTIONFor
NUMBER1.7PROPOSALElect Director Mary Pat SalomoneMANAGEMENT RECOMMENDATIONForVOTING INTENTIONFor
NUMBER1.8PROPOSALElect Director Indira V. SamarasekeraMANAGEMENT RECOMMENDATIONForVOTING INTENTIONFor
NUMBER1.9PROPOSALElect Director D. Michael G. StewartMANAGEMENT RECOMMENDATIONForVOTING INTENTIONFor
NUMBER1.10PROPOSALElect Director Siim A. VanaseljaMANAGEMENT RECOMMENDATIONForVOTING INTENTIONFor
NUMBER1.11PROPOSALElect Director Thierry VandalMANAGEMENT RECOMMENDATIONForVOTING INTENTIONFor
NUMBER2PROPOSALApprove KPMG LLP as Auditors and Authorize Board to Fix Their RemunerationMANAGEMENT RECOMMENDATIONForVOTING INTENTIONFor
NUMBER3PROPOSALAdvisory Vote on Executive Compensation ApproachMANAGEMENT RECOMMENDATIONForVOTING INTENTIONFor
Shareholder proposals
NUMBER4PROPOSALSP 1: Report on Climate ChangeMANAGEMENT RECOMMENDATIONForVOTING INTENTIONFor

Important legal notice

Norges Bank Investment Management’s approach to responsible investing includes disclosing our voting decisions, in some cases in advance of the relevant meeting. This is only intended to provide information and is not solicitation or encouragement as to how others should vote. This disclosure is not investment research, advice or recommendation. Norges Bank Investment Management’s voting intention is an internal decision and has not been agreed with any other shareholders. Norges Bank Investment Management is not subject to any prohibition on dealing after the publication of this disclosure. Norges Bank Investment Management’s holdings and holdings available for voting from time to time may differ from those set out in lists of holdings as of year-end.