Just group PLC | Annual Report and accounts 2022
SUSTAINABILITY STRATEGY: TCFD DISCLOSURE FRAMEWORK continued
The Group Board also has a Sustainability Sponsor responsible for ensuring the Board is appropriately discussing sustainability matters including climate. To improve the governance of sustainability matters the Board has agreed that a section of the Group Executive Committee and the Group Board meetings will be dedicated to sustainability on a quarterly basis. 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.
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 frequency and level of oversight is listed in the table below:
FOCUS AREAS
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. Quarterly Approval of the annual and half-yearly reports which include sustainability reporting. Annual (and half-yearly as appropriate)
2.
Sustainability Lead (Non-Executive Director)
Responsible for championing sustainability at Board level.
Ongoing Periodic
Mary Kerrigan
Meets regularly with executive management to discuss sustainability initiatives and emerging developments. Executing the sustainability strategy approved by the Group Board and delegating responsibilities, as appropriate.
3.
Group Chief Executive Officer Executive Sponsor for Sustainability
Ongoing
David Richardson
4.
Oversees and communicates sustainability initiatives to the business.
Ongoing
Alex Duncan
5.
Group Executive Committee
Oversees new sustainability initiatives including emissions reduction strategies.
Periodic
David Richardson
Monitors progress of ongoing sustainability initiatives. Oversees progress to reach diversity and inclusion targets. Review of any proposed changes to diversity and inclusion targets.
Quarterly Monthly
Annual
Tracks sustainability management information.
Quarterly
6. Group Audit Committee Review the appropriateness and clarity of climate-related disclosures and compliance with financial reporting standards in the annual and half-yearly reports.
Annual (and half-yearly as appropriate)
Paul Bishop
7.
Group Nomination and Governance Committee Group Risk and Compliance Committee (“GRCC”)
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.
At least annually
John Hastings-Bass
8.
As required
Kalpana Shah
Annual and quarterly
Considers sustainability and climate-related risks within the Risk Appetite Framework. At least annually
9.
Group Executive Risk Committee
Considers the reports for GRCC (under 8 above) prior to submission.
As per 8 above
Alex Duncan
10. Remuneration Committee Formulates and monitors performance-related criteria for Executive Directors and Senior Management which include relevant sustainability targets.
Annual
Ian Cormack
11. JRL & PLACL Investment Committees
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. Oversight and review of climate risks impacting the investment portfolio. Oversight of approach to reduce the emissions associated with LTMs to support net zero commitments. Oversight and review of climate risks impacting the residential property portfolio. Reviews the assets invested in green and sustainable bonds and the pipeline for future investment opportunities, and approves allocations. Oversight of the implementation of various sustainability initiatives across the Group and recommends items to the GEC and other committees as appropriate. Monitors the status of various sustainability initiatives and reports into the Sustainability Steering Committee.
Annual
Mary Kerrigan
Quarterly
Quarterly Quarterly
12. JRML Board
Michelle Cracknell
Annual
13. Green and Sustainability Bond Forum 14. Sustainability Steering Committee 15. Sustainability Working Group
Quarterly
Alex Duncan
Monthly
Alex Duncan
Bi-weekly
Sustainability Strategy Manager
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