Let's hear promptly from ink. As this would influence the immediate and long-term strategies of the organisation, the adviser's proposal would have different implications. In order to examine this matter, one must suppose that the concepts of ink might be used in the economic and commercial context today. Extend your remarks and support them with facts and proof. Mr. CEO, Arthur is my name. I am writing to you as a trustee for the investors for whom BlackRock is an asset manager. We have no power over the money we have. This effort aims to help tens of thousands of people throughout the world save for long-term goals such as retirement. Individuals and organisations who hold stocks in your firm rely substantially on your performance as well. We have a duty to help them safeguard their long-term worth. When it comes to business planning, a concern has lately emerged as crucial for long-term health of a corporation. About 2.4 million people marched on 23 September 2014 during one of the biggest protests in history. This might be the most significant economic discovery in both money and capital. If governments do nothing, hundreds of trillions of dollars of capital will be in danger. While financial perception remains slow, the sector is on the brink of a paradigm shift. Climate-related risk research is offering fresh perspectives, as new climate risk research is encouraging investors to rethink their long-standing ideas about the financial markets of today. An increasing number of organisations, including the United Nations Climate Change Intergovernmental Panel, the BlackRock Investment Institute and others, and recent McKinsey studies on socio-economic consequences, have allowed us to increase significantly our awareness of the impact of climatic risk on our physical world as well as on the global system that supports economic growth. This is only one example, but it illustrates the vast variety of issues that cities face as a result of climate change. In the next three decades, long-term mortgages will be needed to finance construction. The lenders' inability to forecast long-term climate effects is concerning since it jeopardises the property market. Drought and floods are causing food shortages, reflected in prices and interest rates. How can emerging economies thrive if economic growth cannot be forecast? How do we determine whether heat or other environmental conditions impact productivity? As a result of climate change worries, the investor population is rising, realising that environmental risk is a financial risk. You may have noticed that consumers from throughout the world regularly want to talk with BlackRock about climate change. Investors from Oregon to Florida worry about being forced to re-equalize their investments throughout the world, including Europe, Australia, South America and China. Climate change has both a physical influence and an impact on economic prices, prices and demand. Due to concerns regarding hazards and asset assessments, a full reassessment of risks and assets is needed. Since capital markets already factor in future hazards, capital allocation adjustments will occur sooner than environmental changes. In the near future there will be a big influx of money. This astonished the majority of people. Climate risk also has to be taken into account when investing in other sorts of assets. It is our duty to help our consumers to make this shift. According to us, investors seeking more risks-adjusted returns should consider include the risk of climate change and environment in their portfolios. In addition, we feel that sustainable investment is vital in establishing future-oriented customer portfolios. BlackRock has said in a letter to customers that it aims to look at investment opportunities that give priority to sustainability, such as solar thermal coal producers. Another major challenge for us in the coming several years is the complicated range of laws and programmes that governments are implementing to address global warming. This will have a major impact on the pace we move to a low-carbon economy. A coordinated global response is essential, which is fully consistent with the goal of the Paris Climate Agreement. On the other side, energy transmission may take decades to complete. Although great progress has been achieved in recent years, the technology needed to replace hydrocarbon usage more effectively is now lacking in the majority of businesses. We must bear in mind that we can keep all elements of energy transmission into perspective in all these distinct methods. In transition economies, not only the government and the private sector are essential, but also justice and equality. We cannot allow substantial segments of the population or whole countries in developing markets to fall behind in order to reach a low-carbon future. Initially, the government and firms and investors play a major role in this shift. To promote transparency to climate change, the Climate Financial Disclosures Task Force has been established in cooperation with a number of other groups (TCFD). We support the UN Responsible Investment Principles which state that companies should put long-term human and environmental well-being ahead of short-term profit. We also support carbon price programmes to address climate change. BlackRock has established Climate Finance Cooperation with other governmental and corporate organisations such as France and Germany to enhance infrastructure financing initiatives. Although a wide range of municipal infrastructural components have been developed, such as roads, sewers and transit, with tolerances and criteria that no longer apply to present climate circumstances, the need of urban expansion may be strongly argued. Even if some actions to mitigate the climate risk lead to a rise in overall economic activity, this advantage is likely to be ephemeral. Nevertheless, we still have a long-term problem. We do not know which climate models are going to be true at the moment and we have not evaluated all the probable implications. In other words, we're on the correct path. Climate change is a community concern that local, state and federal governments, companies and shareholders must solve. More workplace transparency We all agree that investors, regulators, insurers and the general public are increasingly concerned about sustainability. The enhancement of this data should include questions on the multiple stakeholders that each organisation serves, such as its workforce's demographics, the sustainability of its supply chain and the safety of its customers' data. The long-term growth potential of any enterprise is closely related to its capacity to operate sustainably and to meet the demands of all its main stakeholders. In today's economic situation, it is more necessary to have a clear purpose and to be aware of various stakeholder groups. This is what I stated in the correspondence before: To thrive in the long run, a business needs a purpose and to understand and satisfy its stakeholders' expectations. Pharmaceutical companies boost prices without consideration of public interest, mining companies neglect safety and their customers are ignored by banks in order to maximise short-term profits. Activities with a social effect have an effect on the firm virtually always and the shareholder's money is ultimately lost. In addition, a strong sense of purpose and commitment to stakeholders helps a firm to connect more deeply with its customers. Lastly, long-term profitability needs a well-defined objective. Failure to react to stakeholder demands and to address sustainability issues would deepen market scepticism, which will lead to higher credit rates for companies and governments. Transparent and responsive businesses and governments will attract better quality, patient financing. There has already been more transparency and numerous organisations are highlighting this. We must perform additional study, though, before we can make that assertion. However, no system is without faults.