Engagement history

Between 2015 and 2017, AP7 engaged in dialogue with CEZ over the need for it to ‘phase out coal as an energy source’. CEZ’s coal assets attracted further scrutiny in 2018 when Kempen pressured CEZ to reckon with their climate risks. Other engagers have targeted CEZ’s poor disclosure record. In 2017, Axa engaged with CEZ requesting that they ‘improve disclosure on their carbon risk resilience strategies’, while in 2020 BlackRock voted against CEZ management to highlight the company’s poor disclosure record. CEZ disclosed data to the CDP in 2020 for the first time since 2013. However, their self-reporting is yet to be TCFD aligned. CEZ has also not disclosed about its risk of stranded assets, despite mounting investor pressure. As of 2019 only 19% of its coal units had assigned a retirement date.