Task Force on Climate-related Financial Disclosures (TCFD) report
T
he United Utilities Pension Scheme (UUPS) Trustees are pleased to share their first Climate Change Report. This has been prepared in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) and the statutory requirements prescribed by the Department of Work and Pensions.
The Trustee has a duty to invest the Scheme’s assets appropriately. As part of this responsibility, the Trustee recognises climate change as a risk that could impact the security of members’ benefits if it is not properly measured and managed. The Trustee also recognises that climate change presents an opportunity, by investing in companies or assets that are expected to perform well in an economy that is positioned to address the challenges associated with climate change.
Climate change is one risk among many that the Trustee measures, monitors and manages. Therefore, climate change needs to be considered alongside other risks in a balanced and proportionate way. The Scheme will therefore continue to invest in companies where there is a sufficiently attractive investment case and the investment manager believes there is an opportunity to engage and influence change in the behaviour and actions of a company.
This report will be prepared annually, and published in the public domain. The Trustee welcomes feedback from members and looks forward to sharing ongoing reporting on climate risks and opportunities, alongside the range of other communications material available to members.