March 23, 2022

Excellent TCFD Disclosure Selected by GPIF’s Asset Managers
Entrusted with Foreign Equity Investment
Government Pension Investment Fund (GPIF) requested its external asset managers entrustedwith foreign equity investment (hereinafter, “external asset manager”) to nominate “excellent TCFD
disclosure”.
GPIF requested external asset managers to nominate up to 5 companies as “excellent TCFD
disclosure” and up to 3 companies each as “excellent disclosure of (1) governance, (2) strategy, (3)risk management, and (4) metrics and targets”, respectively. The result of the survey was compiled
into two lists, comprised of 34 companies below selected for having excellent TCFD disclosure, and64 companies in aggregately selected for excellent disclosure of each four TCFD disclosure shownin page 3.

[Companies nominated by two or more external asset managers for their
excellent TCFD disclosure] (number of external asset managers)◇ BHP GROUP LTD(2)◇ ENI SPA

(2)

◇ CEMEX SAB-CPO(2)◇ EQUINOR ASA(2)◇ TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD[Companies selected by GPIF’s external asset managers for excellent TCFDdisclosure]
Company name
AGL ENERGY LTDAIA GROUP LTD
ANGLO AMERICAN PLC
ARCELORMITTALBANCO BILBAO VIZCAYA ARGENTABHP GROUP LTD
BLACKROCK INC
BNP PARIBASCEMEX SAB-CPO
CHEVRON CORPCIE FINANCIERE RICHEMONT-REG
COMMONWEALTH BANK OF AUSTRALIAENEL SPA
ENI SPAEQUINOR ASA
ESTEE LAUDER COMPANIES INC
FORD MOTOR CO

Number ofnominations

11111211211112211Company name
GENERAL MOTORS COILLUMINA INC
ING GROEP NVMICROSOFT CORP
MOODY'S CORPNESTLE SA-REG
NEWMONT CORP
PROCTER & GAMBLE CO/THE
RIO TINTO PLC
S&P GLOBAL INC
SHELL PLC
STANDARD BANK GROUP LTD

TAIWAN SEMICONDUCTOR MANUFACTURING CO LTDTECHTRONIC INDUSTRIES CO LTD
THE FOSCHINI GROUP LTD
TRANE TECHNOLOGIES PLCUBS GROUP AG-REG

Number ofnominations

11111111111121111Note: The above list is composed of companies whose TCFD disclosure were selected by external asset managers
as “excellent TCFD disclosure”. (Listed in alphabetical order) The companies highlighted in blue were nominatedby two or more external asset managers.

1(2)[Key remarks on the “excellent TCFD disclosure” nominated by two or more
external asset managers]〇BHP GROUP LTD
・BHP provides comprehensive disclosure for all 4 pillars of TCFD, and further enhanced their strategic
approach to Scope 3 emissions, which is quite challenging for this industry, in its updated Climate Action
Plan 2021.
・It is evaluated as a highly comprehensive climate change report, particularly with detailed assessmentin target setting.

〇CEMEX SAB-CPO
・Cemex's reports provide a very detailed analysis linked to its corporate strategy. Furthermore, it is backed
by forward-looking targets aligned to net zero and Paris by 2050. Finally, the company delivers updated
live reporting through their sustainability hub (that includes robust information related to their governanceoversight, their climate action, the company’s environmental & social risks and opportunities).
・Cemex is quite positive about climate change and supported TCFD in 2019 followed by integrated reportin line with TCFD recommendations. In response to CDP questionnaire, CEMEX obtained A score in
2021 in the Climate Change category. The company also disclosed detailed reference sheet along withthe four TCFD disclosures, increasing investors’ convenience.

〇ENI SPA
・Clear climate strategy and reporting on progress toward goals; climate integration into overall businessstrategy and culture; TCFD index
・ENI is one of the most progressive companies on climate strategy and rates well against peers.

〇EQUINOR ASA
・ The company is strongly committed to increasing capacity and investments in renewables andundertaking a climate transition. It has already become the world's largest offshore wind operator.
・Equinor's sustainability report is one of the most detailed within the Energy sector and substantively
addresses all four pillars of the TCFD. It provides a clear picture of where the business is today, where
they want to be and how they will get there. This includes a number of detailed short-, medium- andlong-term targets, including Net Zero across all emission scopes by 2050.

〇TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD・TSMC outline their response to TCFD in a separate report which is clearly split into the four categories.
Governance charts show how different committees with a focus on climate change report up to the Boardof Directors. There is also a breakdown of the responsibilities of each committee, their achievements,and members. Targets are clearly linked to management strategies.
・Comprehensive with management accountability, achievements and future targets

GPIF also requested its external asset managers entrusted with domestic equity investment
to nominate “excellent TCFD disclosure” and the result was posted on its Japanese website.
(https://www.gpif.go.jp/esg-stw/20220323_excellent_TCFD_disclosure_j.pdf) The English version will
be posted in the beginning of April. (https://www.gpif.go.jp/en/investment/stewardship-activities.html)

2
Copyright © 2022 Government Pension Investment Fund All rights reserved.

[Companies selected by GPIF’s external asset managers for excellent disclosureof each four TCFD disclosure]
Company nameCompany name

Number of nominations

Number of nominations
(4)

(1)

(2)

(3)

(4)

(1)

(2)

(3)

ABN AMRO BANK NV-CVA-

1--

GLENCORE PLC---

1AGL ENERGY LTD-1--

HOLCIM LTD---

11AIA GROUP LTD--1-

ILLUMINA INC

11-

AIR LIQUIDE SA

1---

ING GROEP NV-

1-

1AMERICAN ELECTRIC POWER--1-JPMORGAN CHASE & CO---1ANGLO AMERICAN PLC

11-

1MERCEDES-BENZ GROUP AG-

1--ARCELORMITTAL

1---MERCURY NZ LTD-1--

ASTRAZENECA PLC--2-

MICROSOFT CORP

1---AVISTA CORPORATION

1---MOODY'S CORP

1-111AXA SA-1-1NESTLE SA-REG---BANCO SANTANDER SA--1-

NEWMONT CORP

-1--BARCLAYS PLC-1--PROCTER & GAMBLE CO/THE--1-

BHP GROUP LTD

12-1

RIO TINTO PLC--1-BLACKROCK INC

1--

1

S&P GLOBAL INC-1-1

BNP PARIBAS--1-SASOL LTD

1---BP PLC--1-SHELL PLC

11--

CANADIAN PACIFIC RAILWAY LTD-

1-

1

SHINHAN FINANCIAL GROUP LTD---

1

CEMEX SAB-CPO---

1SOUTH32 LTD--1-CHEVRON CORP

1-11SOUTHERN CO/THE--1-CIE FINANCIERE RICHEMONT-REG-

111STANDARD BANK GROUP LTD

1111CITIGROUP INC--2-SWISS RE AG

2---CLP HOLDINGS LTD--

1-

TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD

2312COMMONWEALTH BANK OF AUSTRALIA---

1TECH MAHINDRA LTD-1--

CONOCOPHILLIPS-

11-

TECHTRONIC INDUSTRIES CO LTD

1111CRH PLC--1-TRANE TECHNOLOGIES PLC---1EDF

1---UBS GROUP AG-REG---

1ENEL SPA---

1UNILEVER PLC--1-

ENI SPA1---

VALE SA-2--

EQUINOR ASA--1-

VERIZON COMMUNICATIONS INC

1---ESTEE LAUDER COMPANIES INC

1---VOLKSWAGEN AG-PREF

1---

FORD MOTOR CO-

1--

WALMART INC-1--

GENERAL MOTORS CO---1

WESTPAC BANKING CORP--

1-

Note: The above list is composed of companies which were selected by external asset managers as “excellent
disclosure of each four TCFD disclosure”. ((1) governance, (2) strategy, (3) risk management, and (4) metrics andtargets) (Listed in alphabetical order) The companies highlighted in blue were nominated by two or more external
asset managers.

3Copyright © 2022 Government Pension Investment Fund All rights reserved.