Old Mutual Ltd

Management reviewed the reporting content to ensure accuracy and the Board and Responsible Business committee provided oversight. Group internal audit followed [...] The Board acknowledges its responsibility for ensuring the integrity of this Climate Report. This report was approved by the Board for release on 27 March 2024. [...] We enhanced our governance structures to ensure that our climate strategy receives the required attention and operational structures are entrenched. Refer to Group governance structures for more information. [...] Members comprise segment risk, strategy and sustainability representatives. Key representatives from the business units are members of the Climate Change Task Force. This workstream facilitates the integration of work done by the business units into the Climate Change Task Force and facilitates the alignment of business unit activities with the directions set by the Climate Change Task Force. The business unit representatives drive ongoing risk and opportunity identification and the response to climate change for their respective business units. [...] Members comprise Group risk, Group strategy and sustainability representatives. This workstream's mandate is to drive the climate change strategy and facilitate identification of climate change risks and opportunities across the Group. This workstream and its core members drive the overall climate change programme as a working group. [...] Members comprise asset owner and asset manager representatives from across the Group. The mandate is to drive collaborative efforts towards decarbonising our investment holdings and identify new growth opportunities in the green economy. This workstream has oversight over aligning investment metrics and targets across the Group. [...] Members comprise representatives from our corporate property management teams for our employee-occupied buildings and from our property investment teams for our investment property portfolio. This workstream's mandate is to drive the identification and implementation of actions to reduce the Group's operational carbon emissions, including via investment properties. This workstream oversees accurate reporting in terms of the GHG Protocol. [...] The Policyholder Investment committee oversees with profit policyholder funds and the Balance Sheet committee oversees shareholder funds as a sub-committee of the Old Mutual Limited Executive committee. Other committees that report to the Balance Sheet committee include the Capital Management committee and the Investment committee, which also report on shareholder funds. All committees' mandates include monitoring activities and ensuring compliance and alignment with the Old Mutual Group's responsible investment policies, guidelines and frameworks. [...] Climate change has been firmly incorporated into all asset owner investment governance structures. 1. The Policyholder Investment and Balance Sheet committees' terms of reference incorporate climate change and receive regular updates of the progress of initiatives. 2. The investment policy statement includes climate change as a material risk and allows the investment strategy team to consider climate change implications in investment decisions. 3. Climate change was added to the Group risk registry for investment portfolios. 4. The Asset Owner Responsible Investment Policy, updated in July 2023, includes climate risk considerations, incorporates the Group Climate Change Positioning Statement specifying to not directly invest in, finance or be involved in the building, development or planning of any greenfield new thermal coal production facilities and thermal coal-fired power plants, the intention to reduce then phase out thermal coal, climate based stewardship expectations for listed equity asset managers, and the incorporation of ESG risks and opportunities, including climate change and other non-climate-related exclusions. The updated responsible investment policy is in the Asset Owner Responsible Investment Policy. 5. The asset owner investment teams take climate change metrics and progress to the Responsible Business Executive committee quarterly and the Old Mutual Limited Board Responsible Business sub-committee once.

The refined Group sustainability strategy was approved by the Responsible Business committee, a sub-committee of the Board, in August 2024. It reflects a move to embed sustainability across our operations to accelerate impact by integrating commercial objectives with our sustainability commitments. Climate action is one of three key impact areas in the sustainability strategy. [...] Management reviewed the reporting content to ensure accuracy and the Board and Responsible Business committee provided oversight. Group internal audit followed a limited assurance process regarding numeric disclosures. [...] The Board is accountable for the Group's overall performance and is entrusted with providing direction and leadership on climate related issues that arise within our operating environments. As described in the Corporate Governance Report, the Board has seven committees. The Responsible Business and Risk committees oversee the sustainability and climate mandates [...] Responsible Business committee: Responsible for overseeing the Group's activities in sustainable social and economic development, including environmental management and reporting climate-related financial and non-financial risks [...] Executive Responsible Business committee: Responsible for implementing the sustainability strategy and ensures adequate investment, resourcing and support for sustainability commitments [...] Old Mutual Climate Change Task Force: The Board and Executive committee tasked the Climate Change Task Force with coordinating a structured response to identify, assess, and mitigate the Group's climate-related risks and opportunities, embedding climate change as a business priority. Comprising senior management, the Task Force's four cross-functional workstreams guide the organisation's climate action efforts.

Old Mutual Limited Board [...] The Board is accountable for the Group's overall performance and is entrusted to provide direction and leadership on the climate-related issues that arise within our operating environments. There are seven committees of the Board as described in the Governance Report, two of which have oversight over the sustainability and climate mandates, the Responsible Business committee and the Risk committee. [...] Responsible Business committee Risk committee [...] Responsible for monitoring and reporting on the Group's activities in sustainable social and economic development, including environmental management. It is constituted as a statutory committee of the Old Mutual Limited Board. [...] Provides oversight over all material financial and non-financial risks within the Group on behalf of the Board. This extends to oversight over climate-related financial and non-financial risks. [...] Old Mutual Limited Climate Change Task Force [...] The Responsible Business Executive committee approved the establishment and set the mandate of the Climate Change Task Force to facilitate a coordinated and structured response to the identification, assessment and mitigation of climate-related risks and opportunities in Old Mutual Limited. The Climate Change Task Force has three workstreams since 2020 with a fourth workstream added in 2022 to enhance integration of climate change actions across the business units in the Group. [...] The Climate Change Task Force: » Facilitates a coordinated and structured response to identifying, assessing and responding to the Group's climate-related risks and opportunities » Coordinates and oversees workstream activities, ensuring alignment across functional areas and segments » Develops and ensures that regulatory, TCFD and other disclosure requirements are met and appropriate reporting is provided to the Executive committee and Board committees [...] Members comprise Group risk, Group strategy and sustainability representatives. The mandate is to drive the formulation of the climate change strategy and facilitate identification of climate change opportunities and risks across the business. This workstream and its core members drive the overall climate change programme as a working group. [...] Purpose » Develop Old Mutual Limited climate change strategy » Develop and implement climate change risk framework, including risk and quantification methodology » Identify, assess and manage climate-related risks and opportunities across Old Mutual Limited » Assess impact of climate-related risks and opportunities on businesses, strategy and financial outcomes and develop response plans » Explore opportunities for creating climate change awareness and positive action with stakeholder groups (communities, staff, education, environmental bodies) » Manage all climate-related disclosures and legislative submissions [...] Members comprise segment risk, strategy and sustainability representatives. Key representatives from the business units are members of the Climate Change Task Force. This workstream facilitates the integration of work done by the business units into the Climate Change Task Force and takes the direction from the Climate Change Task Force to the business units for alignment of activities. The business unit representatives also drive the ongoing risk and opportunity identification and the response to climate change for their respective business units.

Describe the process(es) your organization has in place to ensure that your engagement activities are consistent with your overall climate change strategy[…]OML is represented by various business unit representatives who engage with Government, Regulators, Industry Bodies and Business Partners on policy issues impacting the business inclusive of climate change.

The various representatives meet on a regular basis with their associations to debate and give recommendations on various topics to ensure sustainability in their business models.

OML established a Climate Change Task Force whose responsibilities include: coordinating and overseeing 4 cross-functional work stream activities; ensuring alignment across functional areas and segments (Group Strategy, Segments, Group Risk, Responsible Business), and ensuring regulatory and TCFD disclosure requirements are met (4 TCFD pillars), coordinating reporting for the executive team and Board committees.

Workstream 3 (Sustainability team) and its core members drive the overall Climate Change programme as a working group - feedback on issues is reported as per OML's Risk Management policy.

Does your organization have a public commitment or position statement to conduct your engagement activities in line with the goals of the Paris Agreement?[…]Yes