Press release

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Ref no: 1/2016
21 January 2016

FSB announces membership of Task Force on Climate-related
Financial Disclosures
Financial Stability Board (FSB) Chair Mark Carney announced in Paris on 4 December 2015
the establishment of an industry-led Task Force on Climate-related Financial Disclosures(TCFD), with Michael R. Bloomberg as chair, and that the initial membership of the Task Forcewould be announced in due course.
Today the FSB announced the initial membership of the Task Force, which will develop
voluntary, consistent climate-related financial disclosures for use by companies in providing
information to lenders, insurers, investors and other stakeholders.
The Task Force membership includes a balance between preparers and users of financial
disclosures, and comprises members from both financial and non-financial companies acrossa range of countries and relevant areas of expertise. The four Vice Chairs of the Task Forceare: Denise Pavarina, Managing Officer, Bradesco; Graeme Pitkethly, Chief Financial Officer,Unilever; Christian Thimann, Group Head of Strategy, Sustainability and Public Affairs, AXA;
and Yeo Lian Sim, Special Adviser, Singapore Exchange. Members of the Task Force will act
in a personal capacity.
The Task Force will consider the physical, liability and transition risks associated with climatechange and what constitutes effective corporate financial disclosures in this area. It will seek
to develop a set of recommendations for consistent, comparable, reliable, clear and efficient
climate-related disclosures. The Task Force will conduct outreach with a wide range ofstakeholders and conduct public consultation to ensure that it receives the necessary input
into the development of the final recommendations.
Michael R. Bloomberg said, “The breadth of experience the Task Force brings to this importantwork will be essential to our success. Managing climate-related risk is increasingly critical tofinancial stability, but it can't be done without effective disclosure. The recommendations fromthe Task Force will increase transparency and help to make markets more efficient, andeconomies more stable and resilient.”
The Task Force has today launched a website, www.fsb-tcfd.org to provide ongoing
information on its work. The website provides further biographical information about the Task
Force members.

Notes to editors
In April 2015, G20 Finance Ministers and Central Bank Governors asked the FSB “to convene
public- and private- sector participants to review how the financial sector can take account ofclimate-related issues”. In November 2015 the FSB published a proposal for the creation of anindustry-led disclosure task force on climate-related risks. On 4 December 2015 the FSB
announced that it was establishing the Task Force, with Michael R. Bloomberg, appointed asChair.
The Task Force will conduct its work in two stages. During the first stage, the Task Force will
determine the scope and high-level objectives for its work. It is expected that this first stage
will be completed by end-March 2016. During the second stage, the Task Force’s work is likely
to focus on delivering specific recommendations for voluntary disclosure principles and leading
practices, if appropriate, with a view to completing its work, for public consultation, by end2016. Information on the progress of the work of the Task Force will be posted on its website(www.fsb-tcfd.org). TCFD can be followed on Twitter @FSB_TCFD.
The FSB has been established to coordinate at the international level the work of national
financial authorities and international standard setting bodies and to develop and promote theimplementation of effective regulatory, supervisory and other financial sector policies in theinterest of financial stability. It brings together national authorities responsible for financialstability in 24 countries and jurisdictions, international financial institutions, sector-specificinternational groupings of regulators and supervisors, and committees of central bank experts.
The FSB also conducts outreach with 65 other jurisdictions through its six regional consultativegroups.
The FSB is chaired by Mark Carney, Governor of the Bank of England. Its Secretariat is locatedin Basel, Switzerland, and hosted by the Bank for International Settlements.
For further information on the FSB, visit the FSB website, www.fsb.org.

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Members of theTask Force on Climate-related Financial Disclosures(TCFD)
ChairmanMichael R. Bloomberg
Founder and President
Bloomberg LP

Vice Chair

Denise Pavarina
Managing Officer
Banco Bradesco

Vice Chair

Graeme Pitkethly
Chief Financial Officer
UnileverVice Chair

Christian Thimann
Member of the Executive Committee, Group Head ofStrategy, Sustainability and Public Affairs
AXAVice Chair

Yeo Lian Sim
Special Adviser
Singapore Exchange

Data Users
Matt Arnold
Managing Director and Global Head of Social andSustainable Finance
JPMorgan Chase & Co.
David Blood
Senior Partner
Generation Investment Management
Ruixia Liu
General Manager, Risk Department
Industrial and Commercial Bank of China
Masaaki NagamuraHead, Corporate Social Responsibility
Tokio Marine Holdings

3Martin Skancke
Chair, Risk Committee
Storebrand
Chair, Principles for Responsible Investment
Andreas Spiegel
Head Group Sustainability
Swiss Re
Steve Waygood
Chief Responsible Investment Officer
Aviva Investors
Deborah Winshel
Managing Director, Global Head of Impact Investing
BlackRock
Data Preparers
Koushik ChatterjeeGroup Executive Director, Finance and Corporate
Tata Steel Limited
Liliana FrancoDirector, Accounting Organisation and Methods
Air Liquide Group
Thomas Kusterer
Chief Financial Officer
EnBW
Giuseppe Ricci
Health, Safety, Environment and Quality Executive Vice
President
Eni
Fiona Wild
Vice President, Environment and Climate Change
BHP Billiton
Other Experts
Jane Ambachtsheer
Partner, Chair – Responsible Investment
Mercer4Wim Bartels
Global Head, Sustainability Reporting and Assurance
KPMG
Michael Wilkins
Managing Director, Global Head of Environmental &Climate Risk ResearchStandard and Poor’s Ratings Services
Special AdviserRussell Picot
Co-Chair, Enhanced Disclosure Task ForceGroup Chief Accounting Officer
HSBC5