Governance oversight
The Board considers relevant sustainability matters including CRROs through both the Audit and Risk Committee (ARC) and the People and Culture Committee (P&CC) (See Figure 1). In FY24 the ARC had six meetings and the P&C had four meetings. The Global Sustainability Director provides Climate Risk updates to the ARC through existing risk management processes. Specific risks are reported every month as part of the CEO's report to the Board.
The ARC includes 'Climate' as an independent risk vector in the Risk Register, specifically focusing on resilience to physical and transitional climate risks and compliance with reporting regulations. The 'Global Sustainability Director' has been assigned as the risk owner. During 2024 financial year the ARC considered presentations on climate-related matters and risks at four of its six meetings.
In FY24, the ARC provided oversight of the scenario analysis by reviewing and providing feedback on the scenarios and associated risks, and the Board approved the scenarios used. [...] Role of management
The ARC has assigned climate-related responsibilities to members of our Executive Leadership Team (ELT). The CFO and CPO are Senior Executive Sponsors, and the work is led by the Global Sustainability Director who is responsible for implementing our sustainability strategy. The Sustainability Director meets fortnightly with the CPO and monthly with the CFO to apprise them of updates, alongside frequent meetings with the CEO.
In July 2024 a dedicated Climate Workshop was conducted across the entire ELT to review the findings and ensure alignment and understanding of risks and opportunities. The Climate Workshop remains an annual standing item for the ELT.
As part of our sustainability strategy, a dedicated Global Sustainability Task Force (GSTF) was established, consisting of at least 4 teams of 8+ people regionally across the group, with a current membership of 38 globally. The GSTF is responsible for developing and communicating our sustainability efforts across the business and plays a key role in our transition plan. The regional teams meet with the Sustainability Director monthly, alongside regular engagement with regional ELT members to continue to advance the strategy across the Group. Each regional GSTF has a dedicated representative that communicates progress through regular, regional townhalls. Where required, the GSTF will report matters to the ARC through the Global Sustainability Director.