Welspun Corp Ltd

We have established a robust and purposeful Environmental, Social, and Governance (ESG) framework with the goal of building a sustainable organization that benefits both the community and the global environment. Our adoption of the ESG framework represents a major advancement in our business practices. By restructuring our Board's CSR Committee into distinct ESG and CSR Committees, we have enhanced governance and ensured that our sustainability initiatives are implemented effectively. These committees report directly to the Board, which conduct quarterly reviews to monitor WCL's progress and drive continued improvement. [...] To strengthen our commitment and improve the Board's oversight of our ESG strategy, WCL's Board of Directors has broadened the responsibilities of the Corporate Social Responsibility (CSR) Committee to encompass ESG considerations. As a result, the committee has been renamed the ESG & CSR Committee. Following this change, we have further refined our structure by establishing separate ESG and CSR committees to ensure focused attention on each area. The primary function of the Committees is to support the Board in its supervisory responsibilities regarding Environmental, Social, and Governance dimensions, including CSR matters and the oversight of climate-related issues. The ESG and CSR Committee also ensures that climate-related issues are appropriately discussed and addressed by the board annually. The Board has approved the committee's charter to ensure it effectively meets its objectives. [...] Climate-related issues are overseen by Group Head - Sustainability, Mr. Alok Mishra, reflecting the organization's commitment to sustainable development at the leadership level.

WCL considers climate change as a material issue in the sustainable development of its business. The company has established an ESG & CSR Committee and a Risk Management Committee, which inform the Board of Directors about the various potential climate related issues that are relevant to the company. The ESG & CSR Committee is responsible for identifying, assessing, and managing climate related risks and opportunities. The Risk Management Committee is responsible for assessing and continuously reviewing the risk management framework as well as the assessment of risks, their management and mitigation procedures. The Board conducts quarterly meetings and is responsible for the approval and implementation of climate related initiatives and policies as suggested by the Management. WCL ensures transparency of information to investors and stakeholders through public disclosures of ESG practices. [...] The risk management committee of the Board oversees and reviews the risk management framework as well as the assessment of risks, its management and mitigation procedures. The committee reports its findings and recommendations to the Board. [...] The identified climate related risks are prioritized, and the mitigation measures suggested by the management is reviewed by the board.

In order to reinforce our commitment and amplify the Board's supervision of the ESG approach to business, WCL's Board of Directors extended the purview of the Corporate Social Responsibility (CSR) Committee to encompass ESG considerations. The former CSR Committee has now been renamed the ESG & CSR Committee. The primary role of the ESG & CSR Committee is to support the Board in fulfilling its supervisory responsibilities with respect to Environmental, Social, and Governance dimensions, which also encompass CSR matters. The Board has ratified the charter of the ESG & CSR Committee to effectively fulfil its objectives. Furthermore, our ESG Policy serves as a guiding framework in addressing our economic, environmental, and social obligations, and aids in augmenting our ESG performance. This policy advocates the highest standards of business conduct while striking a balance between environmental preservation and societal well-being. It is aligned with internal processes and requires us to establish measurable targets, and continuously monitor our progress towards achieving them. [...] At WCL, the ESG & CSR Committee, alongside the Board, actively oversee the management of climate change risks and opportunities. This ensures that climate-related factors are thoughtfully evaluated and integrated into strategic decision-making processes at the Board level. The Committee ensures timely updates and recommendations to the Board.