At the last annual meeting in 2021, we put forward a proposal inviting the Bank to produce a report on the loans it has made in recent years to support the circular economy. This proposal received the support of 22.5% of shareholders, reflecting their concern for this new form of economy. Taking note of your initiatives since 2006, we wanted to obtain information on the loans extended for the development of this new economy. Your reply, worded as follows, has caused us to submit our proposal again: “We currently do not report on clients supporting the circular economy in our public disclosure. The content of our disclosure is guided by a detailed materiality assessment where we receive input from investors, clients, employees, non-governmental organizations (NGOs) and professional organizations around material topics. Our disclosure will continue to change as new material topics, such as the circular economy, emerge.” We would like to draw your attention to the plea made for several years by the United Nations Environment Programme (UNEP) for an urgent decoupling of natural resource use and environmental impacts from economic growth, citing unprecedented degradation of ecosystems and increasing greenhouse gas (GHG) emissions. It should also be borne in mind that, on a global scale, just under 9%2 of extracted resources are cycled back into the economy after the first cycle of use. We therefore believe it is important that circular economy loans be disclosed so that the Bank can set objectives to finance companies supporting this form of economy and report on the achievement of these objectives in its annual reports.