Based on investor feedback, our Task Force on Climate-related Financial Disclosures Strategy is divided into three distinct chapters to be commissioned over a three-year period. Stage 1 identifies Key Material Risk. Stage 2. Evaluate climate change scenarios of key material risks. Stage 3. Define and disclose financial valuations associated with those risks. Management finished Stage 1 in FY18, and is now proceeding to Stage 2 with Investa.