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  "documentTitle": "Ferrovial (FER)",
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  "authorName": "Chris Hohn",
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  "notes": "Page 2 of a shareholder letter, focusing on ESG/Climate stewardship.",
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      "text": "We expect companies in which we invest to have a credible, publicly-disclosed plan to reduce GHG emissions.",
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      "text": "Upgrading low-carbon transition plan targets... Aim to reduce scope 3 emissions... Intention to achieve 100% renewable electricity consumption by 2040...",
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      "text": "Actions that should be included in a low-carbon transition plan are: 1. Change business processes... 2. Introduce efficient energy management... 3. Source low carbon energy... 4. De-carbonise transport fleets... 5. Offset emissions... 6. De-carbonise supply chains... 7. Advocate for regulations...",
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      "text": "1. We will typically vote against all directors of companies which do not publicly disclose their emissions... 2. We will also vote against auditors where the Annual Report and Accounts fail to report material climate risks.",
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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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      "text": "We are pleased to see that Ferrovial has provided disclosure to CDP for 2018 and 2019 and we have carefully analysed these submissions. For 2018, CDP awarded Ferrovial an overall A grade.",
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      "text": "Congratulations, this is the highest overall score achievable and demonstrates Ferrovial’s strong industry leadership on environmental actions and stewardship, thorough understanding of the risks and opportunities related to climate change and alignment with TCFD disclosure recommendations.",
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      "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, which requires full de-carbonisation of economies (net zero emissions) by 2050.",
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