"I think we should be prepared, given environmental and political change for large-scale migration. If sea levels rise and 200 million people in Bangladesh and 300 million people in Indonesia need to move, and the entire Chinese seaboard, New York City - that's going to be huge."

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Investors want to know how exposed a business is to climate change. The physical risks to Tesco are clear, but could be far-reaching. Freak weather in the past few months has disrupted our supply lines in Hungary, Bangladesh and Korea. Any responsible board of directors should be planning ahead, thinking through these risks, and presenting them in a clear, transparent way

— Terry Leahy