"Since the latest CA100+ Net Zero Benchmark Accounting & Audit alignment assessment based on 2021 Annual reports2 we have acknowledge, even publicly3 , the significant steps taken by the company in the last months. We recognize the additions and complements that have been made this year, related the climate risks consideration as well as the climate risks considerations added to the financial disclosure methodology4 (focus on assets and climate risks URD p.40, note 31 to the financial statements URD p.309-311, Key Audit Matters related to Climate Change risks URD p.319). However, as one of the top emitting companies in our portfolios, we need consistent proof and quantitative reassurance that Air Liquide accounts are consistent with the transition challenge we are all facing.

Despite the statement during the AGM last year, and the adds-on in the Universal Registration Document, the company does not disclose any quantitative scenario analysis that explicitly includes a 1.5°Celsius scenario, that covers the entire company, and does not disclose key assumptions and variables used, on the key risks and opportunities identified. Air Liquide does not provide details around how it made this determination, such as it the estimates and assumptions it used for short- and long-term carbon pricing or the useful lives on carbon-intensive assets.

As highlighted during the latest COP and underlined in the latest IPCC reports, this is now time for action. That’s why we decided to update our voting policy to take more explicitly into account Net Zero pledge credibility and Paris-aligned accounts coherence. To conclude the information currently available in the accounts does not allow us to fully understand how Air Liquide determined that climate change issues were material or not, especially as Air Liquide is not publishing the estimates and assumptions that led to these conclusions. For this reason, we have decided that in the absence of new elements, we will abstain on the approval of the accounts (resolutions 1 and 2)"