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CDP is an organisation that provides a global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts.

During the 2022/23 financial year, we supported its annual CDP Non-Disclosure Campaign (NDC) which is an investor collaboration to engage with companies that have failed to respond to requests to disclose through the CDP’s climate change, forests and/or water security questionnaires.

The NDC campaign runs annually alongside the main CDP disclosure request, to boost transparency and drive up rates of corporate disclosure.

To support the campaign, we led direct outreach efforts with eight companies held in our portfolios to encourage them to respond to CDP, and were pleased to see three companies submitted responses as a result of this.

The 2022 campaign overall was fruitful, and companies engaged in the 2022 NDC were 2.3 times more likely to disclose than those not engaged in the campaign. This highlights the importance of direct engagement from financial institution.