withdrawals monitored, with clear and legally robust sanctions? E 1 2.15 Are there conflict resolution mechanisms in place? E or D 1 Water Infrastructure Criteria under the Climate Bonds Standard – Criteria

authorities.Today’s rules implement this provision. https://www.sec.gov/news/speech/2011/spch062211mls-items-1-2.htm#P6_120 EXAMPLE FROM TEXAS • Texas Securities Commissioner: “It became very clear that a huge investor

depend on the Technical Working Group deciding that such criteria are robust and workable enough to be adopted. Examples might look like the tightening of thresholds, or new ways of determining what an

investors 6. National commitments and priorities Effective, robust and impactful engagement on climate in Asia 4 Refresher: setting the scene for corporate engagement in Asia 5 Climate Action 100+ Investor

contribute to good stewardship and promote the delivery of the institution’s or its clients’ investment objectives. They should provide a clear rationale for their approach. 4. The Financial Services Authority

other words, this is NOT a transition to a transition. SU STA IN ABLE DEVELOPMENT GOALS There are many pathways to Paris A robust framework: transition is ambitious Financing credible transitions Climate

. Implementation 34 5. Moving Forward 35 THE INVESTMENT GOVERNANCE CODE PRINCIPLES Principle 1 Adopt a Clear Written Investment Governance Policy 37 Principle 2 Properly Prevent and Manage Conflicts of Interest and

disclosure and promote integrity in the development of the Green Bond market by clarifying the approach for issuance of a Green Bond Climate Bonds Standard Version 2.1 provides clear criteria to verify certain

Case studies Source: Sustainalytics, 2017 ▪ External Review report by Sustainalytics – extracts: • Opinion Summary …Green Bond Framework is transparent and robust and aligns with four pillars of the

company’s expense. 2.0 Leadership and independence 2.1 Chair and CEO The board should have independent leadership. There should be a clear division of responsibilities between the chairmanship of the board