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  "documentTitle": "Canadian Pacific Railway (CP)",
  "authorId": "20_TCI_Fund",
  "authorName": "Chris Hohn",
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  "presentationDate": "2019-11-30 00:00:00",
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  "notes": "This is a page from an activist investor letter (TCI) to Canadian Pacific.",
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      "text": "A meaningful percentage of incentive compensation should be tied to these targets.",
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      "kind": "list",
      "text": "Improving rail locomotive fuel efficiency (e.g. fleet renewal, technology and network fluidity); Increasing use of low-carbon fuel blends.",
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      "text": "Use of the GE trip optimiser has yielded a 6-9% fuel efficiency improvement... Progressive locomotive modernisation programme... Introduction of an online carbon emissions calculator... Scrap rail ties are sent to electricity co-generation facilities...",
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      "text": "1. You should use qualitative or quantitative climate-related scenario analysis... 2. Climate scenario analysis should be based on the approach advocated by CDP... 3. Senior management should be incentivised... 4. Limited analysis and disclosure of Scope 3... 5. Limited engagement with your value chain...",
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      "text": "Current regulations require fuel producers to blend an average of 2% biofuel with diesel. Over time, this has the potential to be 10-15% under the proposed Clean Fuel Standard (CFS). The CFS is due to come",
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      "text": "There are several significant shortcomings in Canadian Pacific’s climate-related disclosure and initiatives:",
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      "kind": "paragraph",
      "text": "Our recent discussion with Laird Pitz, Glen Wilson, Scott MacDonald and team was very insightful, demonstrating some of Canadian Pacific’s efforts to de-carbonise your business and value chain:",
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      "text": "Our discussion also highlighted the important role Canadian Pacific has in the fight to de-carbonise freight transportation. You have highlighted that 94% of your direct emissions originate from rail operations. Hence, the main focus of your low-carbon transition plan is on:",
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