CDP Australian Climate Leadership Report 2015
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CDP Australian Climate
Leadership Report 2015
Global scoring and outsourcing partner
Paul Dickinson
Executive Chairman – CDP
CDP was set up, almost 15 years ago, to serve investors.
A small group of 35 institutions, managing US$4 trillion
in assets, wanted to see companies reporting reliable,
comprehensive information about climate change risks
and opportunities.
Since that time, our signatory base has grown Without doubt, decarbonizing the global economy is
enormously, to 822 investors with US$95 trillion in an ambitious undertaking, even over many decades.
assets. And the corporate world has responded to But the actions that companies are already taking,
their requests for this information. More than 5,500 and reporting to CDP, show that corporate leaders
companies now disclose to CDP, generating the understand the size of the challenge, and the
Decarbonizing the world’s largest database of corporate environmental importance of meeting it.
global economy information, covering climate, water and forest-risk
We are on the threshold of an economic revolution
commodities.
is an ambitious that will transform how we think about productive
undertaking, even Our investor signatories are not interested in this activity and growth. We are beginning to decouple
over many decades… information out of mere curiosity. They believe, as energy use and greenhouse gas emissions from
corporate leaders we do, that this vital data offers insights into how GDP, through a process of ‘dematerialization’ –
reporting companies are confronting the central where consumption migrates from physical goods to
understand the size
sustainability challenges of the 21st century. And the electronic products and services. This will create new
of the challenge, and data, and this report, shows that companies have assets, multi-billion dollar companies with a fraction of
the importance of made considerable progress in recent years – whether the physical footprint of their predecessors.
meeting it. We are on by adopting an internal carbon price, investing in
Similarly, there is a growing realization that ‘work’ is
the threshold of an low-carbon energy, or by setting long-term emissions
no longer a place, but increasingly an activity that can
economic revolution reduction targets in line with climate science.
take place anywhere. And it no longer relies on the
that will transform For our signatory investors, insight leads to action. physical, carbon-intensive infrastructure we once built
how we think about They use CDP data to help guide investment to support it.
productive activity decisions – to protect themselves against the risks
In the 19th century we built railway lines across the
and growth. associated with climate change and resource scarcity,
globe to transport people and goods. Now we need
and profit from those companies that are well
to create a new form of transportation, in the form of
positioned to succeed in a low-carbon economy.
broadband. Investment in fixed and mobile broadband
This year, in particular, momentum among investors will create advanced networks upon which the
has grown strongly. Shareholders have come together communications-driven economy of the 21st century
in overwhelming support for climate resolutions at can be built – an economy where opportunity is not
leading energy companies BP, Shell and Statoil. There limited by time or geography, and where there are no
is ever increasing direct engagement by shareholders limits to growth.
to stop the boards of companies from using
An economic revolution of this scale will create
shareholders’ funds to lobby against government
losers as well as winners. Schumpeter’s ‘creative
action to tax and regulate greenhouse gasses. This
destruction’, applied to the climate challenge, is set
activity is vital to protect the public.
to transform the global economy. It is only through
Many investors are critically assessing the climate the provision of timely, accurate information, such as
risk in their portfolios, leading to select divestment that collected by CDP, that investors will be able to
from more carbon-intensive energy stocks – or, in properly understand the processes underway. Our
some cases, from the entire fossil fuel complex. work has just begun.
Leading institutions have joined with us in the Portfolio
Decarbonization Coalition, committing to cut the
carbon intensity of their investments.
This momentum comes at a crucial time, as we
look forward to COP21, the pivotal UN climate
talks, in Paris in December. A successful Paris
agreement would set the world on course for a goal
of net zero emissions by the end of this century,
providing business and investors with a clear, long-
term trajectory against which to plan strategy and
investment.
2Contents
Global overview 4
Australia and New Zealand 8
2015 Leadership Criteria 10
Low carbon investing hits mainstream 11
CDP 2015 Australian Climate Leadership Indices 12
CDP Australian Climate Leadership Awards 2015 13
Analysis of ASX 200 climate disclosure and climate performance in 2015 18
ASX 200 non-responding companies 19
ASX 200 responding companies, scores and emissions data 21
Investor signatories and members 23
Please note: The selection of analyzed companies in this report is based on market capitalization of regional stock indices whose constituents change
over time. Therefore the analyzed companies are not the same in 2010 and 2015 and any trends shown are indicative of the progress of the largest
companies in that region as defined by market capitalization. Large emitters may be present in one year and not the other if they dropped out of or entered
a stock index. ‘Like for like’ analysis on emissions for sub-set of companies that reported in both 2010 and 2015 is included for clarity. Some dual listed
companies are present in more than one regional stock index. Companies referring to a parent company response, those responding after the deadline and
self-selected voluntary responding companies are not included in the analysis. For more information about the companies requested to respond to CDP’s
climate change program in 2015 please visit:
https://www.cdp.net/Documents/disclosure/2015/Companies-requested-to-respond-CDP-climate-change.pdf
Important Notice
The contents of this report may be used by anyone providing acknowledgement is given to CDP Worldwide and Carbon Disclosure Project Limited (CDP).
This does not represent a license to repackage or resell any of the data reported to CDP or the contributing authors and presented in this report. If you
intend to repackage or resell any of the contents of this report, you need to obtain express permission from CDP before doing so.
CDP has prepared the data and analysis in this report based on responses to the CDP 2015 information request. No representation or warranty (express
or implied) is given by CDP as to the accuracy or completeness of the information and opinions contained in this report. You should not act upon the
information contained in this publication without obtaining specific professional advice. To the extent permitted by law, CDP does not accept or assume
any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in
this report or for any decision based on it. All information and views expressed herein by CDP are based on their judgment at the time of this report and are
subject to change without notice due to economic, political, industry and firm-specific factors. Guest commentaries where included in this report reflect the
views of their respective authors; their inclusion is not an endorsement of them.
CDP, their affiliated member firms or companies, or their respective shareholders, members, partners, principals, directors, officers and/or employees, may
have a position in the securities of the companies discussed herein. The securities of the companies mentioned in this document may not be eligible for sale
in some states or countries, nor suitable for all types of investors; their value and the income they produce may fluctuate and/or be adversely affected by
exchange rates.
‘CDP Worldwide’ and ‘CDP’ refer to: CDP Worldwide, a registered charity number 1122330 and a company limited by guarantee, registered in England
number 05013650; and Carbon Disclosure Project Limited, an Australian charitable institution and a company limited by guarantee - ACN 148 974 323
© 2015 CDP Worldwide and Carbon Disclosure Project Limited. All rights reserved.
3Global overview
The case for corporate action on climate change has
never been stronger and better understood. With
the scientific evidence of manmade climate change
becoming ever more incontrovertible, leading companies
and their investors increasingly recognize the strategic
opportunity presented by the transition to a low-carbon
global economy.
Business is already stepping up. The United Nations
Global 2010 2015
Environment Programme estimates that existing
Analyzed responses 1,799 1,997 collaborative emissions reduction initiatives involving
Market cap of analyzed companies US$m* 25,179,776 35,697,470 companies, cities and regions are on course to
Scope 1 5,459 MtCO2e 5,382 MtCO2e deliver the equivalent of 3 gigatons of carbon dioxide
Scope 2 1,027 MtCO2e 1,301 MtCO2e reductions by 2020. That’s more than a third of the
Scope 1 like for like: 1306 companies 4,135 MtCO2e 4,425 MtCO2e ‘emissions gap’ between existing government targets
Scope 2 like for like: 1306 companies 794 MtCO2e 887 MtCO2e for that year and greenhouse gas emissions levels
consistent with avoiding dangerous climate change.
* Market capitalization figures from Bloomberg
And they are acting to seize this opportunity. The Those investors who understand the need to
at 1 January 2010 and 1 January 2015.
latest data from companies that this year took part decarbonize the global economy are watching
in CDP’s climate change program – as requested particularly closely for evidence that the companies
by 822 institutional investors, representing US$95 in which they invest are positioned to transition away
trillion in assets – provide evidence that reporting from fossil fuel dependency.
companies are taking action and making investments By requesting that companies disclose through CDP,
to position themselves for this transition. these investors have helped create the world’s most
Growing momentum from the corporate world is comprehensive corporate environmental dataset.
coinciding with growing political momentum. Later This data helps guide businesses, investors and
this year, the world’s governments will meet in Paris governments to make better-informed decisions to
to forge a new international climate agreement. address climate challenges.
Whatever the contours of that agreement, business This report offers a global analysis of the current state
will be central to implementing the necessary of the corporate response to climate change. For
transition to a low-carbon global economy.
1. Improving climate actions globally
2010
9400= 94%
2015
89%
84%
8000= 80%
75%
8900=
8400=
64%
64%
63%
6000= 60%
7500=
50%
4700= 47%
4700= 47%
6400=
6400=
6300=
44%
3800= 38%
3400= 34%
5000=
2900= 29%
2700= 27%
4400=
2100= 21%
Board Incentives Engagement Intensity Absolute Active Emissions Scope 1 data Scope 2 data
or senior for the with emissions emission emissions data for 2 or independently independently
management management policymakers reduction reduction reduction more Scope 3 verified verified
responsibility of climate on climate targets targets initiatives categories
for climate change issues issues
change
4the first time, CDP compares the existing landscape in 2010. Even more – 50% - have goals to reduce
to when the world was last on the verge of a major emissions per unit of output, up from 20% in 2010.
We are targeting the full climate agreement. By comparing data disclosed
Companies are responding to the ever-more
operational emissions in 2015 with the information provided in 2010, this
compelling evidence that manmade greenhouse gas
report tracks what companies were doing in 2009,
for the organisation, emissions are warming the atmosphere. This helps
ahead of the ill-fated Copenhagen climate talks at the
including electricity, end of that year.
build the business case for monitoring, measuring
natural gas, diesel and and disclosing around climate change issues. But
refrigerant gases used in The findings show considerable progress: with greater corporate engagement with climate change
corporate and investor engagement with the climate is at least partly down to influence from increasingly
operational buildings and
issue; in leading companies’ management of climate concerned investors.
fleets. risk; and evidence that corporate action is proving
… Amid growing investor concern
J Sainsbury Plc effective. However, the data also shows that much
Since 2010, there has been a 54% rise in the number
more needs to be done if we are to avoid dangerous
of institutional investors, from 534 to 822, requesting
climate change.
disclosure of climate change, energy and emissions
Growing corporate engagement on data through CDP.
climate change…
Investors are also broadening the means by which
For the purposes of this 2015 report and analysis,
CDP has changed the they are encouraging corporate action on emissions.
we focused on responses from 1,997 companies,
way investors are able to In recent years, they have launched several other
primarily selected by market capitalization through
initiatives.
understand the impact regional stock indexes and listings, to compare with
of climate change the equivalent 1,799 companies that submitted data For example, a number of institutional investors
in their portfolio... in 2010. These companies, from 51 countries around have come together in the ‘Aiming for A’ coalition
the world, represent 55% of the market capitalization to call on specific major emitters to demonstrate
promoting awareness
of listed companies globally. good strategic carbon management by attaining
of what risks or benefits
(and maintaining) inclusion in CDP’s Climate A List.
are embedded into The data shows significant improvements in
The A List recognizes companies that are leading
investments. corporate management of climate change. What was
in their actions to reduce emissions and mitigate
leading behavior in 2010 is now standard practice.
climate change in the past CDP reporting year. In
Anna Kearney For example, governance is improving, with a higher
2015, following a period of engagement with the
BNY Mellon percentage of companies allocating responsibility for
companies, the coalition was successful in passing
climate issues to the board or to senior management
shareholder resolutions calling for improved climate
(from 80% to 94% of respondents). And more
disclosure at the annual meetings of BP, Shell and
companies are incentivizing employees through
Statoil, with nearly 100% of the votes in each case.
financial and non-financial means to manage climate
issues (47% to 75%). Investors are also applying principles of transparency
and exposure to themselves. More than 60
Importantly, the percentage of companies setting
institutional investors have signed the Montréal
targets to reduce emissions has also grown strongly.
Carbon Pledge, under which they commit to
Forty four per cent now set goals to reduce their
measure and publicly disclose the carbon footprint of
total greenhouse gas emissions, up from just 27%
7+26+33628A 6+4262421109A
2. 2010 performance bands globally* 3. 2015 performance bands globally 4. Disclosure scores over time Globally
100
80
60
40
20
A - 72 D - 69 A - 113 C - 462
0
B - 335 No Band A minus - 79 D - 406
- 328 2010 2015
C - 411 B - 518 E - 207
Lowest Average Highest
No band
- 181
* in 2010 and 2015 not all companies were scored for performance 5their investment portfolios on an annual basis. It aims Good progress – but it needs to accelerate
to attract commitment from portfolios totaling US$3 Companies disclosing through CDP’s climate
We have a public trillion in time for the Paris climate talks. change program have made substantial progress in
commitment to meet understanding, managing and beginning to reduce
Investors are seeking to better understand the
their climate change impacts. However, if dangerous
100% of electricity link between lower carbon emissions and financial
climate change is to be avoided, emissions need to
requirements through performance, including through the use of innovative
fall significantly.
renewables by fiscal 2018 investor products such as CDP’s sector research,
and we will be investing launched this year, which directly links environmental Governments have committed to hold global
impacts to the bottom line. Some investors are taking warming to less than 2°C above pre-industrial levels.
in about 200 MW of solar
the next logical step, and are working to shrink their The Intergovernmental Panel on Climate Change
PV plants. carbon footprints via the Portfolio Decarbonization calculates that to do this, global emissions need to
Infosys Coalition (PDC). As of August, the PDC – of which fall between 41% and 72% by 2050. Although more
CDP is one the founding members – was overseeing companies are setting emissions targets, few of them
the decarbonization of US$50 billion of assets under are in line with this goal. In most cases, targets are
management by its 14 members. neither deep enough nor sufficiently long term.
Leading to effective corporate action More than half (51%) of absolute emissions targets
Companies are responding to these signals. In total, adopted by the reporting sample extend only to 2014
Google uses carbon companies disclosed 8,335 projects or initiatives to or 2015. Two fifths (42%) run to 2020 but only 6%
prices as part of our reduce emissions in 2015, up from 7,285 in 2011 extend beyond that date. The figures for intensity
(the year for which the data allows for the most targets are almost identical. This caution in target
risk assessment model. accurate comparison). The three most frequently setting is likely the result of the uncertain policy
For example, the risk undertaken types of project are: improving energy environment: many companies will be awaiting the
assessment at individual efficiency in buildings and processes; installing outcome of the Paris climate talks before committing
data centers also or building low carbon energy generators; and to longer-term targets.
includes using a shadow changing behavior, such as introducing cycle to work
However, a number of big emitters – such as utilities
price for carbon to schemes, recycling programs and shared transport.
Iberdrola, Enel and NRG – have established long-
estimate expected future More than a third (36%) of reporting companies term, ambitious emissions targets that are in line with
energy costs. have switched to renewable energy to reduce climate science. These companies recognize that
their emissions. On average, the companies that there is a business case for taking on such targets
Google purchased renewable energy in 2015 have doubled and setting a clear strategic direction, including
the number of activities they have in place to reduce encouraging innovation, identifying new markets and
their emissions, showing their growing understanding building long-term resilience. Many other companies
or capacity to realize the benefits of lower carbon have pledged to do so through the We Mean
business. Further, 71% (1,425) of respondents are Business ‘Commit to Action’ initiative.
employing energy efficiency measures to cut their
CDP aims to work along a number of fronts to help
emissions, compared with 62% (1,185) in 2011,
other companies, especially in high-emitting sectors,
demonstrating that companies are committed to
join them. With its partners, CDP has developed
reducing wasted energy wherever possible.
a sector-based approach to help companies set
Companies are also quietly preparing for a world with climate science-based emissions reduction targets.
constraints – and a price – on carbon emissions. In The Science Based Targets initiative uses the 2°C
the past year particularly, we have seen a significant scenario developed by the International Energy
jump in the number of companies attributing a cost Agency.
to each ton of carbon dioxide they emit, to help guide
Looking forward, CDP will encourage more ambitious
their investment decisions. This year 4352 companies
target setting through our performance scoring,
disclosed using an internal price on carbon, a near
by giving particular recognition to science-based
tripling of the 150 companies in 2014. Meanwhile, an
targets. We are planning gradual changes to our
additional 582 companies say they expect to be using
scoring methodology that will reward companies that
an internal price on carbon in the next two years.
are transitioning towards renewable energy sources
However, these efforts have not proved sufficient to at pace and scale.
adequately constrain emissions growth. On a like-
In addition, CDP is working with high-emitting
for-like basis, direct (‘Scope 1’) emissions from the
industries to develop sector-specific climate change
companies analyzed for this report grew 7% between
questionnaires and scoring methodologies, to ensure
The numbers for companies using or planning 2010 and 2015. Scope 2 emissions, associated with
that disclosure to CDP, and the actions required to
to implement internal carbon pricing are based purchased electricity, grew 11%. There are many
on the sample analyzed for Putting a price on show leading performance, are appropriate for each
risk:Carbon pricing in the corporate world. Of
factors that might explain this, not least economic
sector. In 2015, we piloted a sector-specific climate
the 1,997 companies analyzed in this report 315 growth but this rise in emissions is also considerably
have disclosed that they set an internal carbon change questionnaire and scoring methodology
lower than would have been the case without the
price, with 263 planning to do so. For more privately with selected oil and gas companies, ahead
detail, see https://www.cdp.net/CDPResults/ investments made by responding companies in
of their intended implementation in 2016.
carbon-pricing-in-the-corporate-world.pdf emissions reduction activities.
6And business needs a seat at the table in Paris Conclusion
The Paris climate agreement will, we hope, provide The direction of travel is clear: the world will need to
vital encouragement to what is a multi-decade rapidly reduce emissions to prevent the worst effects
The climate effort to bring greenhouse gas emissions under of climate change. And the political will is building to
negotiations in Paris control. It will hopefully give private sector emitters undertake those reductions. The majority of those
at the end of the year the confidence to set longer-term emissions reductions will need to be delivered by the corporate
present a unique targets aligned with climate change. Companies world – creating both risk and opportunity.
and their investors therefore will be, alongside
opportunity for CDP and the investors we work with have played a
national governments, arguably the most important
countries around the participants in ensuring the success of the global
formative role in building awareness of these risks
world to commit to a and opportunities. Our data has helped build the
effort to rein in emissions.
prosperous, low carbon business case for emissions reduction and inform
Companies that have an opinion on a global climate investment decisions. The corporate world is
future. The more deal are overwhelmingly in support: when asked responding with thousands of emissions reduction
ambitious the effort, if their board of directors would support a global initiatives and projects. But the data also shows that
the higher the rewards climate change agreement to limit warming to below efforts will need to be redoubled, by both companies
will be. But Paris is a 2°C, 805 companies said yes, while 111 said no. and their investors, if we are to successfully confront
milestone on the road However, a large number of respondents (1,075) the challenge of climate change in the years to come.
to a better climate, not stated they have no opinion, and 331 did not answer
the grand finale. the question. This suggests either a lack of clarity
around the official board position on the issue, or
Unilever that many companies are not treating the imminent
climate talks with the necessary strategic priority.
A deeper dive into corporate Working towards
environmental risk water stewardship
Central to CDP’s mission is communicating the progress CDP has this year introduced the first evaluation and ranking of
companies have made in addressing climate change, and corporate water management, using scoring carried out by our
highlighting where risk may be unmanaged. To better do so, lead water-scoring partner, South Pole Group.
CDP has introduced sector-specific research for investors.
The questions in the water disclosure process guide companies
This forward-looking research links environmental impacts to comprehensively assess the direct and indirect impacts that
directly to the bottom line and directs investors as to how their business has on water resources, and their vulnerability to
they can engage with companies to improve environmental water availability and quality.
performance.
Introducing credible scoring will catalyze further action. It
The research flags topical environmental and regulatory issues will illuminate where companies can improve the quality of
within particular sectors, relevant to specific companies’ financial the information they report, and their water management
performance and valuation, and designed for incorporation performance. Participants will benefit from peer benchmarking
into investment decisions. Sectors covered to date include and the sharing of best practice.
automotive, electric utilities and chemicals. The research is
Water scoring will follow a banded approach, with scores made
intended to support engagement with companies, providing
public for those companies reaching the top ‘leadership’ band.
actionable company-level conclusions.
Scoring will raise the visibility of water as a strategic issue within
To better equip investors in understanding carbon and climate companies and increase transparency on the efforts they are
risk, CDP is also developing further investor tools such as a making to manage water more effectively.
carbon footprinting methodology, and is working continuously to
Furthermore, scoring will be used to inform business strategies,
improve the quality of our data.
build supply chain resilience and secure competitive advantage.
We hope that keeping score on companies and water will
reduce the detrimental impacts that the commercial world has
on water resources, ensuring a better future for all.
7Australia and New Zealand
Companies in this region are demonstrating an
Australia/NZ 2010 2015
increasing appetite to act on climate change, and
Analyzed responses† 98 (13) 97 (7) have been steadily developing their approach to
Market cap of analyzed companies US$m 1,338,617 1,292,207 climate change management. This is perhaps
Scope 1 129.2 MtCO2e 136.5 MtCO2e indicative of a corporate understanding of the issues
Scope 2 70.8 MtCO2e 57.4 MtCO2e that is greater than the political will to act. Despite the
Scope 1 like for like: 61 companies 102.4 MtCO2e 134.1 MtCO2e Australian government scrapping its carbon pricing
Scope 2 like for like: 61 companies 64.8 MtCO2e 52.9 MtCO2e mechanism, around a quarter of companies use an
internally determined price per ton of carbon to guide
†
the number in brackets refers to companies that responded after the deadline, or referred to a parent their investment decisions. This demonstrates the
company. They are not included in analysis. value that those companies see from carbon pricing,
and their belief that it has a future.
9+20+38726A 3+41830207A
1. 2010 performance bands in 2. 2015 performance bands in 3. Disclosure scores over time in
Australia and New Zealand Australia and New Zealand Australia and New Zealand
100
80
60
40
20
A - 10 D-8 A-3 C - 17
0
B - 21 No Band - 27 A minus - 4 D - 29 No Band 2010 2015
-7
C - 41 B - 18 E - 19 Lowest Average Highest
4. Improving climate actions in Australia and New Zealand
2010
2015
9700= 97%
9100= 91%
82%
7700= 77%
6900= 69%
8200=
64%
59%
57%
54%
4700= 47%
6400=
4200= 42%
5900=
5700=
3900= 39%
3900= 39%
5400=
34%
3300= 33%
3000= 30%
2100= 21%
3400=
1200= 13%
Board Incentives Engagement Intensity Absolute Active Emissions Scope 1 data Scope 2 data
or senior for the with emissions emission emissions data for 2 or independently independently
management management policymakers reduction reduction reduction more Scope 3 verified verified
responsibility of climate on climate targets targets initiatives categories
for climate change issues issues
change
835
Companies in this region are demonstrating an
%
increasing appetite to act on climate change, and
have been steadily developing their approach to
climate change management. This is perhaps
indicative of a corporate understanding of the issues We have invested over AUS$3
that is greater than the political will to act. Despite the billion in new renewable energy
Australian government scrapping its carbon pricing projects, including wind, solar and
increase of companies mechanism, around a quarter of companies use an hydro projects and constructed the
with active emission internally determined price per ton of carbon to guide southern hemisphere’s largest wind
their investment decisions. This demonstrates the farm and are currently building the
reduction initiatives.
value that those companies see from carbon pricing,
southern hemisphere’s largest solar
and their belief that it has a future.
PV installation.
Since 2010 there has been a jump of at least
20 percentage points in the proportion of this AGL Energy
sample using incentives to drive climate change
management, setting intensity-based emissions
reduction targets and seeking external verification
for their Scope 1 emissions data. And this is leading Australian Real Estate management firm Investa
into action: five years ago, fewer than half of the Office Fund notes that “tenant organisations are
companies participating in CDP’s climate change increasingly interested in leasing environmentally
program were actively moving to reduce their responsible and climate resilient office space” and
emissions. This year, more than 80% have initiatives this gives them a strategic advantage to meet their
in place to do so. clients changing requirements, while their New
Zealand sector peer Kiwi Property Group echo this
Further, Scope 2 emissions of the companies that sentiment of reduced operating costs and improved
disclosed to CDP in both 2010 and 2015 have reputation as part of their strategic decision to install
declined by 18%, suggesting that they have reduced large scale solar at their Sylvia Park shopping centre.
the amount of power they use and/or its carbon While companies in this region have been moving in
intensity. Indeed, energy efficiency projects are the right direction, they would benefit from policy that
consistently the most popular approach to emissions will help accelerate their progress and lead to Scope
reductions. 1 emissions reductions.
5. Proportion of 2015 companies and emissions by sector in Australia and New Zealand
% of
responders
Consumer Discretionary - 10% Financials - 30% IT - 2% Utlities - 3%
Consumer Staples - 3% Healthcare - 3% Materials - 21%
Energy - 9% Industrials - 14% Telecomms - 5%
% of
emissions
Consumer Discretionary - 0% Financials - 1% IT - 0% Utlities - 11%
Consumer Staples - 4% Healthcare - 0% Materials - 54%
Energy - 18% Industrials - 10% Telecomms - 1%
92015 Leadership Criteria
Each year companies that participate in CDP’s climate
change program are scored against two parallel
assessment schemes: performance and disclosure.
The performance score assesses the level of action, carbon footprint, its climate change strategy and risk
as reported by the company, on climate change management processes and outcomes.
mitigation, adaptation and transparency. Its intent is
The highest scoring companies for performance and/
to highlight positive climate action as demonstrated
or disclosure enter the A List (Performance band A)
by a company’s CDP response. A high performance
and / or the Climate Disclosure Leadership Index
score signals that a company is measuring, verifying
(CDLI). Public scores are available in CDP reports,
and managing its carbon footprint, for example by
through Bloomberg terminals, Google Finance and
setting and meeting carbon reduction targets and
Deutsche Boerse’s website.
implementing programs to reduce emissions in both
its direct operations and supply chain. In 2015 the climate change scoring methodology
was revised to put more emphasis on action and as
The disclosure score assesses the completeness
a result achieving A is now better aligned with what
and quality of a company’s response. Its purpose
the current climate change scenario requires.
is to provide a summary of the extent to which
companies have answered CDP’s questions in a CDP operates a strict conflict of interest policy with
structured format. A high disclosure score signals regards to scoring and this can be viewed at
that a company provided comprehensive information https://www.cdp.net/Documents/Guidance/2015/
about the measurement and management of its CDP-conflict-of-interest-policy.pdf
What are the A List and CDLI criteria? Communicating progress
To enter the A List, a company must: Central to CDP’s mission is communicating the
progress companies have made in addressing
Make its response public and submit via CDP’s
climate change, and highlighting where risk may
Online Response System
be unmanaged. To better do so, CDP is changing
Attain a performance score greater than 85 how our climate performance scoring is presented,
Score maximum performance points and we have introduced sector-specific research for
on question 12.1a (absolute emissions investors.
performance) for GHG reductions due to Banding performance scores
emission reduction actions over the past year
4% or above in 2015) Starting with water and forests in 2015 and
including climate change and supply chain in
Disclose gross global Scope 1 and Scope 2 figures
2016, CDP is moving to present scores using an
Score maximum performance points for approach that illustrates companies’ progress
verification of Scope 1 and Scope 2 emissions towards environmental stewardship. Each reporting
(having 70% or more of their emissions verified) company will be placed in one of the following
Furthermore, CDP reserves the right to exclude bands:
any company from the A List if there is anything Disclosure measures the completeness of the
in its response or other publicly available company’s response;
information that calls into question its suitability
for inclusion. CDP is working with RepRisk in Awareness measures the extent to which the
2015 to strengthen this background research. company has assessed environmental issues, risks
Note: Companies that achieve a performance score high and impacts in relation to its business;
enough to warrant inclusion in the A List, but do not
meet all of the other A List requirements are classed as Management measures the extent to which the
Performance Band A- but are not included in the A List. company has implemented actions, policies and
To enter the CDLI, a company must: strategies to address environmental issues;
Make its response public and submit via CDP’s Leadership looks for particular steps a company
Online Response System has taken which represent best practice in the field
of environmental management.
Achieve a disclosure score within the top 10% of
the total regional sample population* We believe that this approach will be clearer and
easier to understand for companies, investors and
*Note: while it is usually 10%, in some regions the CDLI cut-off other stakeholders. Water and forest scores will use
may be based on another criteria, please see local reports for
confirmation.
this new presentation of banded scores in 2015,
while the updated scoring methodology for climate
change will be available in February 2016 with
results in late 2016.Low carbon investing hits mainstream
the environmental impact of more than 5,500
companies representing 55%* of the world’s market
capitalization.
I think there are great benefits to investment managers who are
Qualitative answers to CDP’s climate change
able to integrate environmental data into their models. They are questionnaire offer integrated information for active
the leaders in finding a value-driver within an industry and modeling investors engaging companies. Investment manager
it when the rest of the market can’t. That gives you a competitive Rockefeller & Co. sees in CDP disclosures how
advantage. companies are dealing with water and emissions
challenges, and the transparency of their supply
George Serafeim chain.
Harvard Business School
“We like to put the (financial) metrics in context,” said
Farha-Joyce Haboucha, Rockefeller’s director of
Sustainability & Impact Investing. “All those nitty-gritty
details help us talk to management. We can show
Capital markets are waking up to climate-conscious
one company’s details to another, and say: ‘You can
investing. Mainstream European investors are finding
do better on this.’”
ways to lower the carbon content of their portfolios,
without sacrificing returns. The largest asset Companies will now have to prove they meet strict
managers on Wall Street now offer financial products ESG standards to be included in the portfolio of
to address carbon opportunities and risks. And more ABP, one of the world’s biggest pension funds,
activist funds from Sweden to Australia are engaging with €350bn in assets and 2.8 million participants.
with the heaviest emitters, urging them to lower their The Dutch pension fund expects to shift €30bn of
greenhouse gas emissions. its €90bn in equities to cut the carbon emissions
of companies within its portfolio by 25% over the
CDP led this shift, harnessing the power of investors
next five years. “The new strategy must not have
now representing one-third of the world’s investment.
an impact on the return on investment,’ the fund’s
In 2000, when CDP first asked investors to sign its
chairwoman Corien Wortmann said.
disclosure request to companies, most fund directors
were indifferent to climate change issues. Since then, Whether active or passive, investors’ actions are
CDP has won the support of financial giants including backed by research that shows that good disclosure
AIG, Bank of America Merrill Lynch, Barclays’, is a proxy for good management globally and that
BlackRock, Credit Suisse, Deutsche Bank, HSBC, best-in-class climate performers may outperform
ING, Itau, J.P. Morgan Chase, Macquarie, Nomura, their peers. “It is more feasible to incorporate climate
Santander, and Wells Fargo. change into investment decisions because the data
availability and quality has increased in the last 10
“The field would not be where it is today without
years due to groups like CDP,” said George Serafeim
CDP,” said Curtis Ravenel, director of sustainability
at Harvard Business School.
for Bloomberg, whose terminals display CDP data,
scoring and rankings that form the basis for new Globally, $21.4 trillion was invested in funds with ESG
index-based funds. “They mobilized the investment mandates in 2014, up 61% in two years, according
community to recognize climate change and to drive to the Global Sustainable Investment Alliance. In
disclosure from companies.” Europe, it is more than half of institutionally managed
assets.
While the US has long lagged Europe in investor
action on climate change, many Wall Street stalwarts Investors taking a long-term view are crucial to
are now focusing on it. “Over the last two years, avoiding the “tragedy of the horizon,” according to
ESG has become more central to our clients,” said Mark Carney, Chairman of the Financial Stability
Hugh Lawson, Goldman Sachs’ recently appointed Board and Governor of the Bank of England. In a
first director of environmental, social and governance recent speech to Lloyd’s of London, Carney called
(ESG) Investing. “Climate change is clearly on for better disclosure worldwide, citing CDP as a
people’s minds.” model, to make the global economy more resilient.
He said clear prices on carbon, another focus of
Wall Street is building products and tools to reduce
CDP, and stress-testing would buttress this.
carbon intensity in portfolios, and shifting investment
to new low carbon technologies and opportunities, As mainstream investors take a longer view, they
building on indexes developed by Standard & Poor’s are asking companies to future-proof their business
and MSCI. New products include exchange-traded to take better account of environmental risks and
funds at State Street and BlackRock, BNY Mellon’s opportunities to stabilize, maximize and grow
Green Beta Investing Approach, and a low-carbon shareholder return. The North American edition
portfolio at Northern Trust. of CDP’s 2015 global climate change report will
further examine trends and innovation in low-carbon
Developing new strategies and products requires
investing.
solid information, and CDP gathers and analyzes
*sourced from Bloomberg
11CDP 2015 Australian Climate Leadership Indices
A strategic position on The CDP Climate A List includes the companies in the highest climate performance band (A) and provides
climate change enables a valuable perspective on the range and quality of activities being performed by ASX200 companies in
strategic advantage over response to climate change. The CDP Climate A List was formerly known as the CDP Climate Performance
Leadership Index
sector peers through
improved environmental
and financial performance CDP 2015 Climate A List Australia
of the Fund …In the
longer term this can lead CDP 2015 climate Consecutive years
Company Sector
performance band on the A List
to increased demand from
new and existing clients Dexus Property Group A Financials 3
for being housed
in climate resilient Investa Office Fund A Financials 2
buildings and increased
investments in the Fund.
Investa Office Fund
CDP 2015 ASX 200 Climate Disclosure Leadership Index
The Climate Disclosure Leadership Index (CDLI) includes the twenty companies that provided the highest
quality climate disclosure through CDP in 2015, based on their CDP 2015 climate disclosure score.
CDP 2015 climate Consecutive years
Company Sector
disclosure score on ASX200 CDLI*
Amcor Materials 100 7
Australia and New Zealand Banking Group Financials 100 10
Commonwealth Bank of Australia Financials 100 7
Dexus Property Group Financials 100 5
Insurance Australia Group Financials 100 10
National Australia Bank Financials 100 10
Novion Property Group Financials 100 1
Qantas Airways Industrials 100 6
Stockland Financials 100 1
Westpac Banking Corporation Financials 100 3
BHP Billiton Materials 99 1
Henderson Group Financials 99 2
News Corp Consumer Discretionary 98 8
Origin Energy Energy 98 1
Santos Energy 98 1
Telstra Corporation Telecommunications 98 1
AGL Energy Utilities 97 9
Investa Office Fund Financials 97 1
PanAust Materials 97 2
Rio Tinto Materials 97 1
Woolworths Limited Consumer Staples 97 8
*including companies previously included on the CDP ASX 200 and NZX 50 CDLI, which was one combined index until 2011.
The minimum score for inclusion in the CDP 2015 ASX 200 Climate Disclosure Leadership Index (CDLI)
is 97, an 8 point increase on 2014. It should be noted that one company – Cimic Holdings – scored 99
but was not eligible for inclusion in the CDLI as its response is private, viewable only by CDP’s institutional
investor signatories. Only public responses are eligible for inclusion on CDP’s climate leadership indices.
12CDP Australian Climate
Leadership Awards 2015
Award 1 – Most profitable carbon reduction activity 2015
Three projects related Awarded to the ASX 200 company that reported the most profitable carbon reduction activity through
CDP in 2015
to energy efficiency
have been implemented Winner PanAust
in 2014 related to Finalists
productive operating
times on the mine Annual Annual carbon
haulage fleet, change in Investment Return on
Company Monetary savings (metric
process in the GMO heap Required investment
Savings tonnes CO2-e
leach detoxification and
solar lighting installation. PanAust $1,000,000 $10,000 7,300 10,000%
These initiatives are
voluntary and address Rio Tinto $17,500,000 $500,000 23,000 3,500%
Scope 1 and 3 emissions. Commonwealth
$1,420,000 $83,700 1,302 1,697%
PanAust Bank of Australia
Qantas Airways $600,000 $50,000 1,600 1,200%
Woodside
$2,900,000 $300,000 72,000 967%
Petroleum
Award 2 – Largest renewable energy purchaser 2015
GHG emissions Awarded to the ASX 200 company that purchased the largest proportion of its total energy consumption from
renewable energy.
associated with
London electricity are Winner Henderson Group
offset by the energy Finalists
supplier on purchase.
Henderson Group
Proportion
Renewable energy Total energy of energy
Company
purchased (MWh) purchased (MWh) sourced from
renewable energy
Henderson Group 3,435 4,208 81.6%
National Australia Bank 37,450 310,453 12.1%
Dexus Property Group 12,125 166,244 7.3%
GPT Group 13,346 210,860 6.3%
13Award 3 - Largest absolute carbon reduction 2015
We recognise the need Awarded to the Australian company that reported the largest absolute reduction in its total Scope 1
and Scope 2 emissions – in metric tons CO2-e – due to emission reduction activities.
to decarbonise our
business over the long- Winner Rio Tinto
term and that our efforts Finalists
to reduce emissions
will need to increase
over time. …During this Reductions in
Achieved sufficient
transition, we focus on carbon emissions
Company performance scoring in
(Total Scope 1 & 2
securing competitively relevant data points?
emissions - tonnes CO2-e)
priced energy supply…
In addition to improving
the energy efficiency of Rio Tinto 3,402,000 Yes
our operations, we are Incitec Pivot 300,618 Yes
seeking to reduce the
energy intensity of new BHP Billiton 5,604,000 No
projects where economic Origin Energy 305,962 No
to do so.
Santos 222,857 No
Rio Tinto
Award 4 - Largest relative carbon reduction 2015
AMP is reducing its use Awarded to the Australian company that reported the largest percentage reduction in its carbon emissions
due to emission reduction activities, relative to the company’s total Scope 1 and Scope 2 emissions.
of resources and carbon
footprint and has set Winner AMP
new priorities including: Finalists
– reducing greenhouse
gas emissions by a Reduction in carbon
further 15% in the period Achieved sufficient
emissions (relative to the
2014–2016 – pursuing Company performance scoring in
company’s total Scope 1
energy efficiency through relevant data points?
and 2 emissions)
lighting upgrades, IT
initiatives and more
AMP 12% Yes
flexible and efficient use
of office space – working Incitec Pivot 11% Yes
with contractors,
Tatts Group 27% No
landlords and service
providers. Challenger 14% No
AMP BHP Billiton 12% No
14Award 5 - Best climate disclosure by a new responding
company 2015 The Group’s strategy
This is awarded to a first-time responding ASX 200 company with the highest CDP climate disclosure score in 2015. addresses climate
Winner Super Retail Group change risks with longer
term goals for reduction
Finalists of environmental
footprint and
Company CDP 2015 climate disclosure score improvement of supply
chain management. Our
Super Retail Group 93
Ethical Sourcing Policy,
Environmental Policy and
Sandfire Resources NL 86 Sustainable Procurement
Pact Group Holdings 68 Policy support our
commitment to achieve
Mineral Resources 56 those goals.
Village Roadshow 50 Super Retail Group
Award 6 – Best improvement in climate disclosure 2014-2015
Awarded to the Australian company with the biggest year on year improvement in its CDP climate disclosure Our business has
score from CDP 2014 to CDP 2015.
also recognised that
Winner WorleyParsons regulatory requirements
Finalists will increase demand
for low carbon solutions
CDP 2015 climate CDP 2014 climate Points now and increasingly
Company in the next 3-5 years,
disclosure score disclosure score improvement
and has ensured that we
remain at the forefront
WorleyParsons 93 45 48
of developments in
Platinum Asset 54 24 30 renewable energy, carbon
Management capture, energy efficiency
Charter Hall Group 96 73 23 and alternative fuels.
WorleyParsons
Perpetual Investments 87 64 23
Sims Metal Management 88 66 22
15Award 7 - Best year on year improvement in climate
This decrease in performance 2014-2015
absolute emissions was Awarded to the Australian company with the biggest year on year improvement in its CDP climate
delivered against a 7% performance score from CDP 2014 to CDP 2015.
increase in the amount Winner Aurizon Holdings
of tonnes hauled and
Finalists
was achieved through
the implementation of
CDP 2015 climate CDP 2014 climate
a number of initiatives. Company
performance band performance band
These included:
automatic engine start
Aurizon Holdings B D
stop; regenerative
braking; driver advisory WorleyParsons D No band
systems; and changes to
Incitec Pivot B D
operational practices.
Aurizon Holdings Computershare D No band
Kathmandu Holdings B C
Bendigo and Adelaide Bank D E
Award 8 – Best climate disclosure 2015
The Qantas Group Awarded to the Australian company with the highest CDP climate disclosure score and the highest quality
overall disclosure in 2015.
has a comprehensive
climate change Winner Qantas Airways
strategy that has been Finalists
developed to reduce
the Group’s emissions Level of
and subsequent carbon CDP 2015 climate Level of uncertainty:
liabilities. Fleet renewal, Company
disclosure score assurance Scope 1 and 2
fuel optimisation and emissions figures
sustainable aviation
biofuel are key elements Qantas Airways 100 Reasonable assurance Less than
of the strategy. or equal to (≤) 2%
Qantas Airways
Australia and New 100 Reasonable assurance More than (>) 2%
Zealand Banking Group but ≤ 5%
Stockland 100 Reasonable assurance > 2% but ≤ 5%
Westpac Banking 100 Reasonable assurance > 2% but ≤ 5%
Corporation
16Award 9 - Consistently high quality climate change disclosure
2006-2015 In 2014, reductions in
Awarded to ASX companies that have been included in the CDP ASX Climate Disclosure Leadership Index in every absolute emissions
year from 2006-2015. (Scope 1 and 2
combined) have been
CDP 2015 climate Consecutive years achieved through
Company Sector
disclosure score on ASX200 CDLI* a range of different
activities. We continue
Australia and New 100 Financials 10 to improve the energy
Zealand Banking Group efficiency of our existing
commercial and branch
Insurance Australia 100 Financials 10
Group
assets and consolidating
our building portfolio in
National Australia Bank 100 Financials 10 response to changing
* including companies previously included on the CDP ASX 200 and NZX50 CDLI, which was one combined index until 2011. business needs. ANZ
is also implementing
a policy to improve
the efficiency of our
vehicle fleet in Australia
and New Zealand by
preferencing 4-cylinder
vehicles over 6-cylinder
vehicles.
Australia and New Zealand
Banking Group
Award 10 - CDP Climate A List Company 2015
Awarded to companies included on the CDP 2015 Climate A List (formerly known as the CDP Climate During the FY14 reporting
Performance Leadership Index).
period, DEXUS achieved
a 4.15% reduction in
CDP 2015 climate Consecutive years absolute emissions
Company Sector
performance band on the A List (scope 1 and 2 combined)
from FY13 and 24.4%
Dexus Property Group A Financials 3 overall when compared
to the baseline year of
Investa Office Fund A Financials 2
FY08. Emissions have
decreased across DEXUS
operations primarily due
to a number of integrated,
targeted emissions
reduction activities.
Dexus Property Group
17Analysis of ASX 200 climate disclosure
and climate performance in 2015
Comparison of ASX200 Climate Performance by Sector
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Consumer Discretionary (CD) 56% 22% 22%
Consumer Staples (CS) 33% 67%
Energy (EGY) 75% 25%
Financials (FIN) 8% 8% 31% 12% 19% 15% 8%
Health Care (HC) 100%
Industrials (IND) 8% 15% 23% 31% 23%
Information Technology (IT) 50% 50%
Materials (MAT) 10% 30% 30% 10% 20%
Telecommunication (TCOM) 33% 33% 33%
Utilities (UTIL) 25% 50% 25%
No Band E D C B A- A
Climate performance and distribution of ASX 200 Sector performance of ASX200 climate performance
responding companies by scoring category
Governance Risk & Opportunity Emissions
Sector & Strategy Management Management Verification
27
CD
CS
EGY
18 18
Number of Companies
FIN
15
IND
MAT
TCOM
5 UTIL
4
2
No E D C B A- A 70 high performance
Climate disclosure score distribution of ASX 200 Average climate disclosure scores of ASX 200 responding
responding companies companies by sector
45 CD 81
CS 87
EGY 88
Number of Companies
FIN 86
HC 87
19
IND 84
9 IT 47
1 1 1 3 2 3
5 MAT 77
TCOM 91
0-10
11-20
21-30
31-40
41-50
51-60
61-70
71-80
81-90
91-100
UTIL 85
Climate disclosure score OVERALL 83
18ASX 200 non-responding companies
Member of Member of
Response Response
Organisation climate change Organisation climate change
status status
sample/s sample/s
Consumer Discretionary Beach Energy DP ASX200, CA, FF
Ainsworth Game Technology NR ASX200 Buru Energy NR CA, FF
APN News & Media DP ASX200 Carnarvon Petroleum NR CA, FF
Arb Corp DP ASX200 Coal of Africa NR CA, FF
Aristocrat Leisure NR ASX100 Coalspur Mines NR CA, FF
Automotive Holdings Group NR ASX200 Cockatoo Coal NR CA, FF
Breville Group NR ASX200 Drillsearch Energy NR ASX200, CA, FF
Domino's Pizza Enterprises NR ASX100 Energy Ventures Ltd NR CA, FF
Echo Entertainment Group NR ASX100 Horizon Oil DP ASX200
Fairfax Media NR ASX200 Linc Energy NR CA, FF
Flight Centre NR ASX100 Liquefied Natural Gas NR ASX200
G8 Education NR ASX200 Maverick Drilling & Exploration NR CA, FF
GUD Holdings DP ASX200 New Hope NR CA, FF
Harvey Norman Holdings NR ASX100 New Zealand Refining
NR CA, FF
Company
Myer Holdings DP ASX200
Nexus Energy NR CA, FF
Navitas NR ASX200
Paladin Energy NR ASX200, CA, FF
Nine Entertainment DP ASX200
Pan Pacific Petroleum NL NR CA, FF
Pacific Brands DP ASX200
Resource Generation NR CA, FF
Premier Investments NR ASX200
Roc Oil Company Ltd NR CA, FF
Retail Food Group DP ASX200
Senex Energy DP ASX200, CA, FF
Seven West Media DP ASX200
Stanmore Coal Ltd NR CA, FF
Sky City Entertainment Group DP ASX100, NZX50
Sundance Energy Australia NR ASX200
Sky Network Television DP ASX100, NZX50
Washington H Soul Pattinson
Slater & Gordon DP ASX200 NR CA, FF
Corp
Southern Cross Media Group NR ASX200
White Energy Company DP CA, FF
STW Communications Group NR ASX200
Whitehaven Coal NR ASX200, CA, FF
Tabcorp Holdings DP ASX100
Yancoal Australia NR CA, FF
Ten Network Holdings NR ASX200
Financials
Trade Me DP ASX200, NZX50
Abacus Property Group DP ASX200
Consumer Staples
Aveo Group DP ASX200
Asaleo Care DP ASX200
Bank of Queensland NR ASX100
Bega Cheese DP ASX200
Cover-More Group NR ASX200
Coca-Cola Amatil NR ASX100
Cromwell Property Group DP ASX200
Goodman Fielder DP ASX200
Federation Centres DP ASX100
GrainCorp NR ASX200
Flexigroup NR ASX200
Tassal Group NR ASX200
Genworth Mortgage Insurance DP ASX100
Treasury Wine Estates NR ASX100
Lend Lease Group NR ASX100
Energy
Magellan Financial Group NR ASX100
AED Oil NR CA, FF
Medibank Private NR ASX100
Aquila Resources NR CA, FF
Ozforex Group DP ASX200
Bandanna Energy NR CA, FF
Shopping Centres Australasia NR ASX200
19Member of Member of
Response Response
Organisation climate change Organisation climate change
status status
sample/s sample/s
Westfield Group NR ASX100 Evolution Mining NR ASX200
Health Care James Hardie Industries DP ASX100
Ansell DP ASX100 Mount Gibson Iron NR ASX200
Cochlear NR ASX100 Northern Star Resources NR ASX200
Greencross DP ASX200 Nufarm DP ASX200
Healthscope Limited NR ASX100 OZ Minerals NR ASX200
Japara Healthcare NR ASX200 Regis Resources NR ASX200, CA, M&M
Mesoblast NR ASX200 Sirius Resources DP ASX200
Primary Health Care NR ASX100 Straits Resources Limited NR CA, FF
Ramsay Health Care NR ASX100 Telecommunication Services
Sigma Pharmaceuticals NR ASX200 IINET NR ASX200
Sirtex Medical NR ASX200 M2 Telecommunications Group DP ASX200
Sonic Healthcare NR ASX100 TPG Telecom NR ASX100
Virtus Health DP ASX200 Vocus Communications NR ASX200
ResMed DP ASX100 Utilities
Industrials AusNet Services NR ASX100, CA, EU
ALS DP ASX100 Duet Group NR ASX100
Bradken DP ASX200 Energy Developments NR CA, EU
Cabcharge Australia NR ASX200 Energy World Corporation NR CA, EU
Cardno NR ASX200 Geodynamics NR CA, EU
GWA Group IN ASX200 Redbank Energy NR CA, EU
Macquarie Atlas Roads Group NR ASX200
McMillan Shakespeare NR ASX200
Mermaid Marine Australia DP ASX200 Legend
Qube Holdings DP ASX100 ASX100 Member of ASX100 index
ASX200 Member of ASX200 index
SAI Global DP ASX200
CA Recipient of CDP’s Carbon Action request
SEEK NR ASX100 EU Member of CDP’s Electric Utilities sample
Seven Group Holdings DP ASX200 FF Member of CDP’s Fossil Fuels sample
NZX50 Member of NZX50 index
Skilled Group DP ASX200 M&M Member of CDP’s Mining & Metals sample
Spotless Group Holdings DP ASX200 T Member of CDP’s Transportation sample
NR No Response
Sydney Airport NR ASX100
DP Declined to Participate
Transfield Services NR ASX200 IN Information Provided
Transurban Group DP ASX100
Virgin Australia Holdings NR CA, T
Information Technology
Carsales.com NR ASX100
Technology One NR ASX200
Materials
Adelaide Brighton NR ASX100
BC Iron DP ASX200, CA, M&M
BlueScope Steel DP ASX100
20
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