Describe the process(es) your organization has in place to ensure that your engagement activities are consistent with your overall climate change strategy[…]The Watches of Switzerland Group has set targets and goals that define the company's priorities: take urgent climate action to reduce emissions and align with the UN Sustainable Development Goals.
Our Sustainability Strategy has three pillars; People, Planet and Responsible Sourcing and provides a framework to engage stakeholders with issues material to our business and support the achievement of associated goals.
This integrated approach is about better coordination and stakeholder engagement at every level of our business, underpinned by KPIs covering statutory requirements, best practice and good governance.
To achieve our joint sector-wide target of climate change mitigation and adaptation in retail and to ensure consistency with the company's Group strategy and practice, the Watches of Switzerland Group has established the following:
ESG Committee: The Environmental, Social and Governance (ESG) Committee is a sub-Committee of the Watches of Switzerland Board and is chaired by our Independent Non-Executive Director. The ESG Committee meets quarterly to discuss and address climate-related issues.
The overall aim of the ESG Committee is to play an active role in setting environmental objectives and reducing the Group's impact on the environment by providing accountability against key performance indicators.
Our new principal risk relating to climate change is monitored by the Group's Risk Committee, which ensures associated risks are managed at the top governing level of our business.
Audit Committee: Our Audit Committee oversees the management of risks, under which climate change now falls. In 2021, we carried out a Climate Scenario analysis and the outcomes were reviewed by the Audit Committee, to help them understand newly identified climate-related risks and opportunities.
ESG Steering Group: We established a monthly ESG Steering Group in January 2022, with our Chief Financial Officer (CFO), taking responsibility for climate change issues. Our ESG Steering Group is comprised of executive sponsors who have formal operational responsibility for the management of climate related issues across the Watches of Switzerland Group.
Environment Working Group: This Working Group is made up of expert colleagues from varying levels of our business. This Working Group supports our ESG Steering Group and is tasked with identifying opportunities to collaborate across our value chain to increase climate resilience and create shared value.