I can't comment specifically on what the S&P work was, but in terms of the taxonomy effort, we have tried very hard to recognize that the high-emitting sectors are a part of the transition, and they need to decarbonize. That divestment is problematic, because it removes your voice from the table.
In Canada right now we have 37 Canadian financial institutions engaging with the 40 top emitters for that reason of having a dialogue with the same consistent message of “Think about your long-term strategy, your governance, your targets.”
We are trying to help them with the transition, and try to communicate what we need. That is why we thought it was a priority to include transition as part of the taxonomy work, so that we don't exclude them.