Your Company has a robust governance mechanism, effectively overseeing a sustainability agenda and building a conducive environment far beyond compliance requirements. In addition to the Management Committee ("ManCom"), which periodically reviews sustainability strategy and initiatives, your Company has evolved its RMC to Risk Management and Sustainability Committee ("RMSC"). The RMSC is entrusted with the responsibility of monitoring and reviewing the risk management plan, sustainability, and other such functions, as may be delegated by the Board from time to time."
"Governance is the foundation for ABFRL's framework for overseeing climate-related issues. The overall corporate governance of ABFRL is executed through multi-tier sustainability governance mechanism that ensure the effective monitoring of climate-related risks with a focus on enabling robust, effective, transparent and an ethical ecosystem. The sustainability governance structure comprises the Board of Directors, Risk Management and Sustainability Committee, Chief Sustainability Officer and Format level teams, with specific roles and responsibilities. Operating within the structure of a well-defined responsibility matrix, the Board is the apex committee instrumental in the adoption and overseeing the sustainability strategy, policies, and advising senior management regarding ESG initiatives of the organisation. The Board convenes half-yearly to discuss and decide on climate-related risks, strategies, and policies and reviews the performance of the Company. The second layer constitutes the Risk Management & Sustainability Committee (RMSC) to monitor performance of ESG- related issues. The committee appraise the board of directors headed by the chairman on ESG-related issues during half-yearly meetings. The Chief Sustainability Officer (CSO) leads the Sustainability Strategy and reviews the progress of Sustainability and CSR initiatives implementation across the business length and breadth and reviews the performance through periodic quarterly meeting. CSO also presents the updates to the RMSC and CSRC during the respective board committee meetings. The board committees grant sustainability and CSR budgets based on the inputs from the CSO. The last layer comprises Format level teams where bi-monthly meetings are held with business unit heads from factories, warehouses, brand level managers and retail to monitor sustainability and climate-related issues.