42 | Just Group PLC | Annual Report and Accounts 2023
SUSTAINABILITY STRATEGY: TCFD DISCLOSURE FRAMEWORK continued
A section of the Group Executive Committee and the Group Board meetings are dedicated to sustainability on a quarterly basis, chaired by the CEO and the Board sponsor for sustainability respectively. Our governance structure is regularly reviewed to ensure it remains appropriate for the business and ensures sustainability matters are given sufficient time and debate at the appropriate level. The frequency and level of oversight are listed in the table below:
Sustainability and Climate Change Governance The Group Board is responsible for setting the Group’s Sustainability Strategy and targets. The Group Chief Executive Officer (“CEO”) is responsible for delivery of the sustainability strategy and associated emissions targets, delegating responsibilities, as appropriate, to management and various governance bodies shown in the table below. The Group Chief Risk Officer (“GCRO”) has been appointed as the executive sponsor responsible for sustainability and holds the designated Senior Management Function for climate change. The Group Board also includes a Sustainability Sponsor responsible for ensuring the Board is appropriately discussing sustainability matters including climate.
Focus Areas
Frequency
Chair/OWNER
1.
Group Board
Sets sustainability strategy and targets.
Annual review
John Hastings-Bass
Receives updates on sustainability initiatives and activities. Approval of the annual and half-yearly reports which include sustainability reporting. Responsible for championing sustainability at Board level. Meets regularly with executive management to discuss sustainability initiatives and emerging developments. Executes the sustainability strategy approved by the Group Board and delegates responsibilities, as appropriate. Oversees and communicates sustainability initiatives to the business. Oversees new sustainability initiatives including emissions reduction strategies. Monitors progress of ongoing sustainability initiatives. Oversees progress to reach diversity and inclusion targets. Reviews any proposed changes to diversity and inclusion targets. Tracks sustainability management information and progress against the Group Strategy Execution plan. Reviews the appropriateness and clarity of climate-related disclosures and compliance with financial reporting standards in the annual and half-yearly reports. Considers sustainability as part of the skills gap analysis and any impact on succession planning for future director appointments. Receives an update on the status of various climate risk actions and any concerns about the delivery of the actions. Oversees sustainability and climate-related risks in the Full Group ORSA and quarterly ORSA updates. Considers sustainability and climate-related risks within the Risk Appetite Framework. Considers the reports for GRCC (under 8 above) prior to submission. Formulates and monitors performance-related criteria for Executive Directors and Senior Management, which include relevant sustainability targets. Approval of the responsible investment framework, which forms part of the investment framework. Oversight and review of ongoing adherence of investment activities to meet the Group’s net zero commitment.
Quarterly
Annual (and half- yearly as appropriate)
2.
Sustainability Lead (Non-Executive Director) Group Chief Executive Officer Executive Sponsor for Sustainability Group Executive Committee
Ongoing Periodic
Mary Kerrigan
3.
Ongoing
David Richardson Alex Duncan
4.
Ongoing
5.
Periodic
David Richardson
Quarterly Monthly Annual Monthly
6.
Group Audit Committee
Annual (and half- yearly as appropriate)
Mary Phibbs
7.
Group Nomination and Governance Committee Group Risk and Compliance Committee (“GRCC”)
At least annually
John Hastings-Bass
8.
As required
Kalpana Shah
Annual and quarterly
At least annually
9.
Group Executive Risk Committee
As per 8 above
Alex Duncan
10. Remuneration Committee
Annual
Michelle Cracknell
11. JRL and PLACL Investment Committees
Annual
Mary Kerrigan
Quarterly
Oversight and review of climate risks impacting the investment portfolio.
Quarterly
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