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