TORONTO (September 28, 2023) - The Investment Management Corporation of Ontario ("IMCO") today released its 2022 Environment, Social and Governance (ESG) report for the year that ended December 31, 2022. The report provides an update on IMCO’s activities and progress over the last year and details future priorities across the four pillars of its ESG strategy.

2022 ESG Highlights:

• Committed to a 50% reduction in portfolio carbon emissions intensity by 2030, as compared to its 2019 baseline.
• Reduced portfolio carbon emissions intensity by 40% since 2019.
• Invested 11% of total AUM in climate solutions.
• Committed to investing 20% of its portfolio in climate solutions by 2030.
• Reported the Scope 3 and sovereign bond portfolio emissions for the first time.
• Received an Innovative HR Team award for its industry leading student internship program that incorporates a Diversity, Equity and Inclusion lens.
• Accomplished having 44% of externally managed assets undertaken by external managers and general partners with net zero commitments.
• Supported 68% of the shareholder proposals submitted on Environmental and Social issues.

"We are pleased to release our second ESG report," said Bert Clark, President & CEO, IMCO. "Over the last five years IMCO has built a strong foundation for integrating ESG across our investments and operations. The progress outlined in this report reaffirms our commitment to investing responsibly to drive a sustainable future and long-term value creation for our clients. Looking ahead, we will continue to build on this progress and execute our climate action plan and ESG strategy to guide investment decisions, while moving toward a net zero economy."

"In 2022, we made significant strides on our ESG and climate journey," said Rossitsa Stoyanova, Chief Investment Officer, IMCO. "We have taken a pragmatic and bottom-up approach to our investments, ensuring that each asset class is investing in climate solutions and contributing to our net zero targets. We are excited to continue our journey, as we seek out long-term investment opportunities that provide sustainable solutions and capitalize on these initiatives to accelerate a more low-carbon economy."

IMCO's report reflects the significant role ESG plays in its business and investment strategy. It also includes IMCO's disclosure, in line with the Task Force on Climate-Related Financial Disclosures (TCFD) recommendations.

For more information, the full report is available here.