Climate Risk Disclosures

On 20 August 2021, the Securities and Futures Commission of Hong Kong (“SFC”) issued a Circular to Licensed Corporations on the Management and Disclosure of Climate-related Risks by Fund Managers (the “Circular”). Amendments to the Fund Manager Code of Conduct require fund managers managing collective investment schemes to take climate-related risks into consideration in their investment and risk management process and make appropriate disclosures.

The Circular sets out, among others, the enhanced standards on risk management-related disclosures to be complied with by Large Fund Managers, which are defined as fund managers with collective investment schemes under management that equal or exceed 8 billion Hong Kong dollars in fund assets for any three months in the previous reporting year. BlackRock Asset Management North Asia Limited (“BAMNAL”) is being classified as a Large Fund Manager and accordingly, it is required to comply with both baseline requirements and enhanced standards from 20 August 2022 and 20 November 2022 respectively.

The documents below detail out our approach in managing and disclosing climate-related risks that are relevant and material to the funds over which BAMNAL has investment management discretion and is responsible for overall operation of, excluding the management of discretionary accounts.