Describe the process(es) your organization has in place to ensure that your engagement activities are consistent with your overall climate change strategy[…]The Board of RHI Magnesita guides the development of our strategy and appetite towards risk. It also has oversight of other material matters such as regulatory developments or reputational and financial topics. Responsibility for and oversight of climate-related risks and opportunities has been assigned to the Corporate Sustainability Committee ('the Committee').
In this role, there is a standing agenda item during quarterly Committee meetings to review climate related risks, strategy and performance.
The Chairman of the Committee, who is responsible for overseeing RHI Magnesita's climate strategy, engages directly with RHI Magnesita managers and employees on climate topics as required between the regular Committee meetings. Certain members of the Executive Management Team regularly attend the Committee meetings. The Committee Chairman reports to the Board on climate-related matters on a regular basis.
In 2021, the Committee was involved in the update of the Group's climate-related risk and opportunity assessment. The Board undertook a TCFD workshop in 2021 as a part of this process.
At operational level, a Sustainability Steering Committee has been established with the Chief Technology Officer (CTO) as Chairman. The CTO reports directly to the CEO and is a member of the Executive Management Team. The CTO has responsibility for development of the Group's CO2 strategy and its implementation across RHI Magnesita.
The Sustainability Steering Committee includes senior managers from areas across the business including Compliance, Environment, Sales, Operations, Risk, Supply Chain, R&D, Investor
Relations and Human Resources.