TCFD Report —
Task Force on Climate-Related Financial Disclosures
Reporting Year: 2025
Overview:
In 2017, the TCFD released climate-related financial disclosure recommendations designed to help companies provide better information to support market transparency and more informed capital allocation.
The disclosure recommendations are structured around four thematic areas that represent core elements of how companies operate: governance, strategy, risk management, and metrics and targets. The four recommendations are interrelated and supported by 11 recommended disclosures that build out the framework with information that should help investors and others understand how reporting organizations think about and assess climate-related risks and opportunities.
Following the publication of the TCFD recommendations, the Financial Stability Board (“FSB”) requested the Task Force promote adoption of the TCFD framework, providing further guidance, supporting educational efforts, monitoring climate-related financial disclosure practices in terms of their alignment with the TCFD recommendations, and preparing annual status reports through 2023.
Upon delivery of the Task Force’s 2023 Status Report, and on request of the Financial Stability Board, the TCFD has now been disbanded.
California Senate Bill 261(“SB-261”), the Climate-Related Financial Risk Act, requires certain organizations in California to prepare a climate-related financial risk report disclosing the organization’s climate-related financial risk and the measures adopted to reduce and adapt to this risk in accordance with the Final Report of Recommendations of the Task Force on Climate-Related Financial Disclosures.
1. Governance
Board Oversight
Our Board of Directors has oversight of climate-related issues and guides strategy as it relates to climate risk. The Board is informed quarterly and on an as-needed basis of climate-related issues that may impact the Company’s strategy and operations.
Management’s Role
The Company’s management is responsible for identifying, communicating, and responding to climate risk-related responsibilities.
2. Strategy
The Company has limited and immaterial climate-related risks and opportunities that could impact the Company’s business, strategy, or financial planning. As a service provider, the Company’s operations, and therefore its climate-related impacts, are limited to use of energy (e.g., electricity) for the utilities at the Company’s office space for the Company’s employees. The Company’s service-based model is resilient under various climate scenarios.
The Company notes, in the long term, its operations could be impacted by additional climate-related laws, regulations, and financial disclosures. However, given the scope of the Company’s operations as a service provider, the Company does not anticipate material impacts from climate-related risks.
3. Risk Management
The Company identifies climate-related risks through periodic research, including but not limited to, the California Air Resources Board, and IFRS, as well as regular correspondence with the Company’s professional service consultants.
4. Metrics & Targets
Metrics Used
– Scope 1: ~0 (no owned combustion sources)
– Scope 2: Utilities in leased office spaces
– Scope 3: Employee business travel and commuting
Targets
The Company has no current targets related to this disclosure, other than to publish annual TCFD-aligned disclosures.