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  "documentTitle": "Airbus SE (AIR)",
  "authorId": "20_TCI_Fund",
  "authorName": "Sir Christopher Hohn",
  "documentKindSlug": "shareholder-letter",
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  "presentationDate": "2019-11-30 00:00:00",
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  "notes": "This is page 2 of a shareholder letter or policy document detailing ESG expectations and voting consequences.",
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      "text": "We will typically vote against all directors of companies which do not publicly disclose their emissions and do not have a credible plan for their reduction.",
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      "text": "1. We will typically vote against all directors of companies which do not publicly disclose their emissions and do not have a credible plan for their reduction.\n2. We will also vote against auditors where the Annual Report and Accounts fail to report material climate risks.",
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      "kind": "list",
      "text": "1. Change business processes to reduce the company's carbon footprint;\n2. Introduce efficient energy management into buildings and factories;\n3. Source low carbon energy through direct generation or power purchase agreements...",
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      "text": "We are pleased to see that Airbus has provided disclosure to CDP for 2018 and 2019 and we have carefully analysed these submissions.\n\nHowever, for 2018, CDP awarded Airbus an overall B grade. While Airbus's environmental systems and reporting... are relatively strong, Airbus is a world class company and should be achieving an A grade rating...",
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      "kind": "paragraph",
      "text": "We expect companies in which we invest to have a credible, publicly-disclosed plan to reduce GHG emissions. This plan should include measurable science-based targets that align with the Paris Agreement...",
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      "text": "We will also evaluate divestment where a portfolio company refuses to disclose its emissions and does not have a credible plan for their reduction.",
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      "kind": "paragraph",
      "text": "In our view, reporting to CDP (www.CDP.net) is the best way to implement TCFD. We expect all our portfolio companies to make full annual public disclosure to CDP.",
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      "text": "Low-Carbon Transition Plans",
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