Our engagement partner EOS engaged with a major Chinese oil and gas company with a market capitalization of over 500 billion HKD, and which is also included in the list of significant companies for Climate Action 100+, on climate change. EOS has engaged with the company since 2014. In 2019, EOS engagement with the firm focused on disclosure of the company’s environmental performance, a crucial step in the development of a strategy for the transition to a low-carbon economy. The company disclosed that it has set up internal task forces to assess its climate change-related risks, and made changes to the criteria and processes for its investment in new projects, such as the inclusion of a stress test of the financial impact of low-carbon scenarios. The company has also set a methane-specific reduction target. Finally, it disclosed its absolute level of carbon emissions by business divisions for the first time in line with CDP’s5 disclosure questionnaire. EOS continues to encourage the company to improve the consistency of its disclosure on GHG emissions, to further refine its climate change risks and opportunities assessment framework, and to adopt science-based targets in line with TCFD recommendations.