GOVERNANCE
Strong Board and senior management oversight of our developing approach to climate change is necessary to assess and manage potential impacts on our strategic and financial performance. Refer to the Sustainability governance section for a summary of our sustainability governance framework.
Board oversight The mandates for the Board and its Committees each reflect specific sustainability-related governance responsibilities. The oversight role of each Committee, along with key climate-related activities in 2023 includes:
Committee
Role in climate change governance 2023 highlights
Board of Directors
Oversees our approach to climate change and related disclosures included within our Sustainability Report, and monitors progress on the integration of climate factors into our strategy
• Received quarterly reporting on a wide range of climate-related topics, including: – updates to our Sustainability Roadmap, including our evolving approach to climate change; – operational Scope 1 and 2 emissions and progress on estimation of financed Scope 3 GHG emissions; – current and emerging trends related to climate change, which could impact our business or the businesses of our clients; – the evolving regulatory and government policy landscape and potential downstream impacts; and, – stakeholder focus and engagement. • Reviewed our 2022 Sustainability Report, which included climate-related disclosures. • Reviewed and recommended Board approval of the Enterprise Risk Management policy, which was updated in 2022 to include social and environmental risk in our risk universe. • Received quarterly reporting on emerged and emerging risks, including climate risk. • Reviewed and recommended Board approval of climate disclosures in the Social and Environmental Risk section of our 2023 MD&A.
Risk Committee
Oversees our approach to principal risks and the continued integration of climate risk within our Risk Management framework
Audit Committee
Oversees disclosures related to material climate factors incorporated into the annual financial statements, annual MD&A and AIF
• Reviewed climate disclosures in the Environmental Protection and Social Responsibility section of our 2023 AIF.
Refer to our most recent Management Proxy Circular for further details on how ESG factors, including climate change, are considered in Board oversight.
58 2023 SUSTAINABILITY REPORT AND PUBLIC ACCOUNTABILITY STATEMENT
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