Corticeira Amorim SGPS SA

In 2021, the Board of Directors proposed to the Shareholders General Meeting that Corticeira Amorim adopt a corporate governance model that embodies the best international practices, one that is more modern, participatory and, therefore, more suitable for the continued development of the company and for the challenges it will face in the future. The proposed model aims at increasing the Group's long‑term growth and profitability in harmony with the best interests of all its stakeholders. [...] Specialised internal committees were also set up, chaired by independent directors and composed mainly of company board members, to which corporate functions were assigned and formalised through the Group's respective internal regulations[1], to advise the Board of Directors in the areas in which the committees specialise, namely: Risk Committee: following up and monitoring Corticeira Amorim's risk management activities; Environmental, Social & Governance Committee: monitoring, supervising, and providing Corticeira Amorim with strategic guidance in the field of corporate governance, social responsibility, environmental and ethics matters; Appointments, Evaluation and Remuneration Committee: preparing succession plans and profile recommendations for Corticeira Amorim's corporate body members; assessing the overall performance of the Board of Directors, its executive members, the Audit Committee, and internal committees; and monitoring and supporting the appointment of Corticeira Amorim's main executive officers. [...] With the active participation and advice of the above‑mentioned committees, an important step was taken to formalise the corporate and professional culture of the Company and of its employees by translating it into policies and regulations. These were duly considered by the Committees for the respective areas, approved by the Board of Directors, published by the Corticeira Amorim and made publicly available on the corporate website (https://www.amorim.com/en/investors/corporate‑governance/corporate‑regulation‑and‑policies/)

The Board of Directors delegated powers to a CECA and established two specialised internal committees: a Risk Committee and the CESG. The General Meeting also established an Appointments, Evaluation and Remuneration Committee (CNAR). These committees have specialised knowledge of business conduct issues and take part in ongoing training and refresher courses, ensuring their ability to deal with emerging challenges in this area. In this way, they play a crucial role in promoting responsible business conduct. [...] The CESG met four times in 2023. The processes that it appraised, and in which it actively collaborated, are specified in Chapter B - Corporate Boards and Committees/II. Management and supervision/Committees within the Board of Directors/III. ESG Committee. Of particular note are the management, alignment and monitoring of the progress of compliance with the targets established in social and environmental matters; the analysis of external recommendations on sustainability reporting practices; the updating of Corticeira Amorim's sustainability roadmap; the monitoring of key indicators, in particular those related to work-related injuries, equality and inclusion; regular monitoring of the implementation of actions and targets for the Equality, Diversity and Inclusion Plan 2024; review of the Code of Business Ethics and Professional Conduct; appraisal of the Anti-corruption Code of Conduct, which replaces the previous Anti-corruption Policy; appraisal of the Risk Prevention Plan for Corruption and Related Infractions and the Code of Ethics and Conduct for Suppliers; appraisal of procedures for verifying compliance in Human Rights matters; appraisal of the Corporate Governance Report and the Sustainability Report, which form part of Corticeira Amorim's consolidated accounts for 2022.

Corticeira Amorim's Board of Directors, which includes the Chief Sustainability Officer (CSO), is responsible for promoting ESG topics in the business, and approve the strategic objectives and initiatives and priority actions. The Executive Committee (CECA) is responsible for overseeing the governance of sustainability issues and integrating ESG issues into the business. At least twice a year, the CECA analyses the approach to ESG topics, and defines the goals, performance and review of the reporting. The Board of Directors has set up Corticeira Amorim's E.S.G. committee (CESG), a permanent specialised internal committee, which is responsible for providing advice, monitoring, supervision and strategic guidance to Corticeira Amorim in the field of corporate governance, social responsibility, environment and ethics matters. The committee's attributions have been established in the respective regulations. The CESG is chaired by an independent member of the Board of Directors and is mainly composed of members of the Company's corporate bodies, including the CSO and includes the Head of Corporate Sustainability (HCS) as a permanent guest. Day-to-day management of ESG topics, is led by the CSO and coordinated by the HCS, together with the other support areas and the sustainability officers of the five BUs. Each BU has its own Board of Directors E.S.G. Committee Cork Stoppers Raw-Materials BU BU Officer (CEO) of the respective BU and who is, among other tasks, responsible for suggesting and implementing the initiatives and actions necessary to fulfil the defined objectives, monitoring and reporting performance. All of Corticeira Amorim's employees are responsible for contributing to the achievement of the defined priorities, either through the defence and observance of the principles of good governance, also enshrined in the Company's Code of Business Ethics and Professional Conduct, or through direct functions in the areas of sustainability. The Board of Directors is responsible for preparing and submitting financial reporting documents, including the Sustainability Report, to the Annual General Meeting of Shareholders, which deliberates on these documents, including the Sustainability Report, which are approved provided they gather the majority of favourable votes of the shareholders present or represented at the Annual General Meeting.

The Board of Directors delegated powers to a CECA and established two specialised internal committees: a Risk Committee and the CESG. The General Meeting also established an Appointments, Evaluation and Remuneration Committee (CNAR). These committees have specialised knowledge of business conduct issues and take part in ongoing training and refresher courses, ensuring their ability to deal with emerging challenges in this area. In this way, they play a crucial role in promoting responsible business conduct. [...] The CESG met four times in 2023. The processes that it appraised, and in which it actively collaborated, are specified in Chapter B - Corporate Boards and Committees/II. Management and supervision/Committees within the Board of Directors/III. ESG Committee. Of particular note are the management, alignment and monitoring of the progress of compliance with the targets established in social and environmental matters; the analysis of external recommendations on sustainability reporting practices; the updating of Corticeira Amorim's sustainability roadmap; the monitoring of key indicators, in particular those related to work-related injuries, equality and inclusion; regular monitoring of the implementation of actions and targets for the Equality, Diversity and Inclusion Plan 2024; review of the Code of Business Ethics and Professional Conduct; appraisal of the Anti-corruption Code of Conduct, which replaces the previous Anti-corruption Policy; appraisal of the Risk Prevention Plan for Corruption and Related Infractions and the Code of Ethics and Conduct for Suppliers; appraisal of procedures for verifying compliance in Human Rights matters; appraisal of the Corporate Governance Report and the Sustainability Report, which form part of Corticeira Amorim's consolidated accounts for 2022.

Corticeira Amorim's Board of Directors, which includes the Chief Sustainability Officer (CSO), is responsible for promoting ESG topics in the business, and approve the strategic objectives and initiatives and priority actions. The Executive Committee (CECA) is responsible for overseeing the governance of sustainability issues and integrating ESG issues into the business. At least twice a year, the CECA analyses the approach to ESG topics, and defines the goals, performance and review of the reporting. The Board of Directors has set up Corticeira Amorim's E.S.G. committee (CESG), a permanent specialised internal committee, which is responsible for providing advice, monitoring, supervision and strategic guidance to Corticeira Amorim in the field of corporate governance, social responsibility, environment and ethics matters. The committee's attributions have been established in the respective regulations. The CESG is chaired by an independent member of the Board of Directors and is mainly composed of members of the Company's corporate bodies, including the CSO and includes the Head of Corporate Sustainability (HCS) as a permanent guest. Day-to-day management of ESG topics, is led by the CSO and coordinated by the HCS, together with the other support areas and the sustainability officers of the five BUs. Each BU has its own Board of Directors E.S.G. Committee Cork Stoppers Raw-Materials BU BU Officer (CEO) of the respective BU and who is, among other tasks, responsible for suggesting and implementing the initiatives and actions necessary to fulfil the defined objectives, monitoring and reporting performance. All of Corticeira Amorim's employees are responsible for contributing to the achievement of the defined priorities, either through the defence and observance of the principles of good governance, also enshrined in the Company's Code of Business Ethics and Professional Conduct, or through direct functions in the areas of sustainability. The Board of Directors is responsible for preparing and submitting financial reporting documents, including the Sustainability Report, to the Annual General Meeting of Shareholders, which deliberates on these documents, including the Sustainability Report, which are approved provided they gather the majority of favourable votes of the shareholders present or represented at the Annual General Meeting.

Describe the process(es) your organization has in place to ensure that your engagement activities are consistent with your overall climate change strategy[…]Climate Change is identified by Corticeira Amorim as one of the strategic priorities to address. Regarding Climate Change issues the Group's ambition for 2030 aims to reduce the environmental impact of operations by adopting renewable, affordable and efficient solutions. Given its importance to Corticeira Amorim,Climate Change is identified and classified as a material theme to the organisation and specific goals were set and the main targets defined to be achieved in 2021-2024 and in 2030. Moreover, Corticeira Amorim actively participates in discussion meetings with national and international entities on the sustainable development of the geographical regions in which it operates. As an example,Corticeira Amorim has signed the climate manifesto promoted by BCSD Portugal (part of the world network of the WBCSD – World Business Council for Sustainable Development), to reinforce its commitment to the 2030 Agenda of the United Nations, recognising not only the urgent need to ensure a transition to a low-carbon economy but also the importance of adaptation measures that take into account the protection of ecosystems. Corticeira Amorim has also signed the Porto Pact for Climate, committing to establish and share targets and specific measures. Moreover, it is a participant in the UN Global Compact, committing to define a set of practical actions each year, including policies, activities and procedures that will be carried out to implement the UN Global Compact's Ten Principles. Corticeira Amorim is one of the 50 companies that are part of the Sustainability & Climate Leaders initiative, which promotes the ambition among the international business community. During 2021, Corticeira Amorim was one of the companies to participate in the Vision 2045 submit, that aimed to create conditions for fruitful conversations on how to guarantee the protection of the environment and facilitate cooperative efforts. Corticeira Amorim is one of the founding members of the Sustainable Wine Roundtable (SWR). As part of this independent, global, and multi-stakeholder non-profit, these founding members aim to create a framework for consistency in the wine industry with regard to sustainability standards. Since 2018, Corticeira Amorim has conducted several studies with a view to evaluating the environmental impacts/carbon footprints of its main products. Corticeira Amorim also had examined the relevant eligible and non-eligible economic activities within the framework of the Taxonomy.

Describe the process(es) your organization has in place to ensure that your external engagement activities are consistent with your climate commitments and/or climate transition plan?[…]To ensure that Corticeira Amorim's external engagement activities are consistent with its climate commitments, the Executive Committee (EC) oversees climate-related issues, sets group-wide policies and goals, defines performance targets, and reviews reporting. The EC, appointed by the Board of Directors and chaired by the CEO, oversees the governance of ESG issues and ensures their integration into the business. The external engagement activities are thus coordinated under a single management body, ensuring alignment and consistency. These processes serve all Corticeira Amorim's businesses globally. Given its importance to Corticeira Amorim, climate change is identified and classified as a material topic for the organization, with specific goals being set and primary targets defined for the 2021-2024 period and 2030.