As part of our ongoing engagement on climate change with Volvo, EOS pressed for better disclosure of the risks and opportunities relating to the low carbon transition, given the materiality of this issue for the company, which manufactures commercial vehicles including trucks, buses and construction equipment. In a meeting with a corporate social responsibility representative (CSR) in Q1 2018, we asked for reporting aligned with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). EOS reiterated the request in a letter to the chair in Q1 2019, along with concerns about the company’s low score on the Transition Pathway Initiative (TPI). In its response, the company clarified some inaccuracies in its TPI assessment and confirmed that it had begun implementing some TCFD recommendations. EOS sought a progress update in a call with the CSR representative in Q2 2019 and at the company’s capital markets day in Q3 2020. We were pleased to hear a formal commitment to align its reporting with the TCFD recommendations. We welcomed the company’s first TCFD aligned section in its 2020/21 annual report, which includes risks and opportunities along with a corporate strategy explicitly aligned to decarbonisation targets. Climate change remains a material issue for the company, and we continue to engage on the progress of its electrification strategy, as well as its anticipated circular economy strategy.