Our Task Force on Climate-related Financial Disclosures Strategy is divided into three distinct chapters to be commissioned over a three-year period, reflecting investor feedback. Stage 1. Identify Key Material Risk. Stage 2. Assess climate change scenarios of key material risks. Stage 3. Define and disclose financial valuations associated with those risks. Management finished Stage 1 and is now proceeding to Stage 2 in FY18. Investa is pleased to collaborate with the Un Environmental Programme Finance Initiative working group to create best practice reporting models. It is our wish to continue to gather investor feedback in Stage Stage 3. 3.