Institution Theme Category Industry
  • BlackRock
  • Environmental
  • Climate
  • Transportation
Company Year Market Link
A.P. Moller-Maersk A/S 2020 N/A

Maersk was one of the companies that BIS wrote to in December 2017, asking the company to review the TCFD’s recommendations and consider reporting in alignment with them. We sent letters to CEOs and General Counsels at over 100 of the most carbon-intensive companies globally in BlackRock’s equity portfolio. The company is on the Climate Action 100+ focus list of companies.
Climate risk was not on the shareholder meeting agenda through a separate climate proposal3 at the 2020 annual meeting. In line with our usual evaluation process, given the climate risk inherent in the business, we reviewed Maersk’s public reporting (2019 Annual Report4 and 2019 Sustainability Report5) to assess their progress on climate risk reporting in alignment with the TCFD framework in order to assess the quality of disclosure and related board oversight. As noted on page 17 of its Sustainability Report, the company supports TCFD and provides reporting under each of the four pillars: governance, strategy, risk management, and targets and metrics. Further, the company discloses three-year historical data on greenhouse gas (GHG) emissions, NOx and SOx emissions, which maps to the Sustainability Accounting Standards Board’s (SASB) material key indicators for the marine transport industry.
The company has outlined two strategic targets for CO2:
1. To have net-zero CO2 emissions from our own operations by 2050, which includes having commercially viable, net-zero vessels on the water by 2030.
2. To deliver a 60% relative reduction in CO2 emissions by 2030 compared to 2008 levels.
This level of reporting is consistent with our view that companies should articulate publicly how sector relevant sustainability risks and opportunities, for instance those identified by the TCFD and in the SASB framework, are integrated into business strategy.
We will continue to monitor the board and management’s governance and material sustainability practices, and we intend to provide feedback on the quality of relevant disclosures.


  • Proponent
  • N/A
  • Resolution
  • Reporting in alignment with TCFD standards
  • Vote
  • N/A
  • Rationale
  • N/A
  • Details
  • N/A