bcIMC Responsible Investing Newsletter

RIN Q1 - 2014

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bcIMC RESPONSIBLE INVESTING NEWSLETTER ISSUE 1 | MARCH 2014 ENVIRONMENTAL | SOCIAL | GOVERNANCE INVESTING RESPONSIBLY FOR RESULTS Climate change affects every person, every business, and every country around the world. Virtually all will feel, directly or indirectly, the results of extreme weather events, rising operational costs, and new policies that mitigate effects: carbon regulations, greenhouse gas emissions reduction targets, and so on. All of this will drive massive industry-wide changes in global business operations. For bcIMC – a large, global investor with a diversified portfolio and long-term horizons – climate change has many ramifications. The risks and factors we consider vary for different types of assets. By being proactive, we can better address those risks, capture opportunities and enhance asset value over the long term. Some companies and industries will be affected more than others: for example, oil & gas, mining, and utilities. We factor this into our in-house qualitative analysis of investments in these sectors and consider impacts of current and future policy on emissions. Pre- and post-investment, we examine and monitor companies' preparedness. We promote disclosure by supporting organizations such as CDP (formerly the Carbon Disclosure Project), helping us contribute to strategic decisions made by public companies. At times we fund external research. We have repeatedly formally requested that the federal government provide more policy certainty and incentives to enhance Canada's low- carbon performance. We believe that our efforts and those of our investments collectively make a difference in mitigating climate risk and preparing for a low-carbon economy. " bcIMC is clearly a Canadian market leader in their search to understand and manage the investment risks and opportunities that may emerge as a result of climate change." Jane Ambachtsheer, Global Head of Responsible Investment, Mercer Topic: Climate Change Puget Sound Energy, the second largest utility producer of renewable energy in the U.S. and one of Washington State's 50 greenest companies, has set a target to triple its supply of renewable energy by 2020. bcIMC invested in Puget Energy in 2009 with three partners.

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