As part of its 2°C Climate investment strategy, BNPP AM maintains a process of regular dialogue with many companies, especially in the oil and gas sectors, to improve the level of transparency. In 2018, BNPP AM will continue this dialogue as part of the Climate Action 100+ coalition that onboard the world’s 100 largest emitters of Promoting ESG good practice is part of our responsibility as greenhouse gases. an investor. In accordance with our voting policy, we can oppose the approval of financial statements or their endorsement where a company does not provide the required level of communication regarding its (Scope 1 and 2) CO emissions,2 and neither communicates nor wishes to discuss its strategy for slowing - and adapting to - climate change. In 2017, such action was taken on seven occasions, focusing on major contributors to global warming. FOR A LOW In 2017, we joined other shareholders in submitting an ‘Aiming for A’ resolution at Exxon Mobil. The resolution demanded greater transparency regarding company strategy on the risk of climate partner with the Transition Pathway Initiative. emissions, the resilience of the asset portfolio to post-2035 This new tool initiated by the UK Environment scenarios, and the research, development and investment strategies Agency and the London School of Economics for low carbon emission energy. In a successful conclusion, enables investors to track and compare the future the resolution was carried by 62% of the votes in 2017 (compared carbon performance of companies relative to with 38% in 2016). This resolution has encouraged the company international goals and national commitments to provide greater detail about its climate change policy. entered into within the framework of the Paris We continue to discuss this issue with Exxon Mobil. Climate Agreement. 14