Board responsibilities Our Board is responsible for overseeing the development and execution of our approach to sustainability and related disclosures included within our Sustainability Report and Public Accountability Statement. Each of our Board directors has experience in sustainability matters, including environmental and social issues, and/or corporate governance principles and practices. Our Board receives ongoing education and quarterly reporting to facilitate discussion of current and emerging trends, risks and opportunities. As sustainability requires a multidisciplinary approach, the Committees provide oversight of specific ESG factors. – The Risk Committee oversees our approach to principal risks and the continued integration of material social and environmental risk factors within the Risk Management framework. – The Audit Committee oversees our financial reporting, including disclosures related to material ESG factors incorporated into the annual financial statements, annual Management’s Discussion and Analysis (MD&A) and Annual Information Form. – The HR Committee oversees our human capital management strategy and aspects of workplace culture, including diversity, equity and inclusion, and employee health, safety and well-being. – The GCR Committee oversees our corporate governance policies, practices and standards that promote ethical conduct throughout our organization as well as the allocation of sustainability oversight across the Committees. Management responsibilities In 2022, we established an ESG Steering Committee to oversee the design and execution of our approach to sustainability. The ESG Steering Committee consists of each member of our Executive team, and is supported by our Sustainability team, who engages with internal and external stakeholders and works closely with our business units and corporate teams to establish appropriate working groups tasked with the development of various components of our approach to sustainability. Our Executive Risk Committee provides oversight of our developing approach to identify, assess, monitor, and report on social and environmental risks. In addition to their participation in the ESG Steering Committee and Executive Risk Committee, members of our Executive team have specific accountabilities related to our approach to sustainability. For example, our Chief People & Culture Officer is accountable for our approach to diversity, equity and inclusion and our Chief Information Officer is responsible for cybersecurity programs.
Embedding sustainability within executive compensation Our executive compensation philosophy aims to attract and retain a team focused to develop and execute our strategic direction, and deliver strong outcomes for our clients, people, investors and communities. A component of executive variable pay is linked to key ESG factors, such as client satisfaction, team member engagement and diversity and inclusion across the organization. The ongoing development and execution of our approach to sustainability, including a climate transition plan, was included in the performance criteria of the performance share units (PSUs) granted under our executive long-term incentive plan (LTIP) this year. As our approach to sustainability evolves, we will continue to explore further integration of ESG factors into our compensation programs.
Refer to page 33 of our 2022 Management Proxy Circular for further information about our executive compensation program.
Kelly Blackett, Chief People & Culture Officer CWB Financial Group
Refer to our TCFD report on page 57 for further information on Board and management oversight responsibilities specifically related to our approach to climate change.
14 2022 SUSTAINABILITY REPORT AND PUBLIC ACCOUNTABILITY STATEMENT
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