Institution Theme Category Industry
  • BlackRock
  • Environmental
  • Climate
  • Mining
Company Year Market Link
Evraz plc 2020 N/A

As a fiduciary on behalf of our clients, BIS has engaged with Evraz over the past several years on a range of governance and material sustainability topics, including climate-related disclosures. In November 2017, we wrote a letter to Evraz CEO and chairman of the board, asking the company to closely review the TCFD framework and to consider reporting in alignment with its recommendations.
Since sending our letter, Evraz set a 5-year target to maintain an intensity ratio of less than two tons of carbon dioxide equivalent (tCO2e) per ton of crude steel cast. For 2019 the company achieved 1.97 tCO2e per ton of crude steel cast, which, while meeting the company’s target, remains above the average in the steel industry (average of 1.83 tons of CO2 were emitted for every ton of crude steel cast).
Evraz has a section on greenhouse gas (GHG) emissions and climate change in both the annual and sustainability reports describing carbon emissions as a result of operations.5 The current reporting provides some insights about operational carbon emissions but is not aligned with the TCFD framework. Hence, these disclosures fall short of our expectations.
The annual report does mention that the company is working on the formalization of a new climate change policy and strategy, including scenario analysis and mapping of risk and opportunities. We are encouraged by this review and look forward to seeing refreshed disclosures and commitments in the near future. However, the company’s limited progress in explicitly aligning its reporting with the TCFD recommendations and lack of public commitments to move towards TCFD-aligned reporting falls short of our expectations of large carbon emitters with a previous history of engagement with BIS on this topic.
The company’s inadequate public disclosure is increasingly putting it at odds with its global peers regarding long-term climate adaption strategies and raises concerns about how Evraz is managing climate risk and the transition to a lower-carbon economy. We expect greater action on target -setting and conveying the justification for company’s approach relative to its peers.


  • Proponent
  • Management
  • Resolution
  • Re-elect Karl Gruber as Director
  • Vote
  • Rationale
  • N/A
  • Details
  • Evraz is not an official TCFD supporter and has made no public commitment regarding the alignment of its disclosures with the recommendations of the TCFD. Despite sections in the company’s 2019 annual and sustainability reports dedicated to GHG emissions and climate change, these climate-related disclosures do not demonstrate sufficient progress towards Evraz aligning its reporting with the TCFD recommendations, particularly since the company received BIS’ letter in 2017.
    In addition to the lack of explicit reference to the TCFD, the company’s disclosures do not address some of the recommended disclosures of the TCFD framework such as a more detailed discussion on board oversight, climate-related risks and opportunities over the short, medium and long-term, the resilience and the impacts on strategy and risk management, relevant scope 1, 2 & 3 metrics and medium/long-term targets. Currently, Evraz does not publicly disclose scope 3 GHG emissions.
    In line with our approach of holding directors accountable when a company is not effectively addressing a material issue, we voted against the re-election of Karl Gruber as director for lack of progress in relation to climate-risk reporting.