Governance of climate-related risks and opportunities
Governance of climate-related risks and opportunities is part of the wider governance of risks and opportunities related to ESG (Environmental, Social, Governance) factors.
The Board of Directors has the double role of giving strategic momentum and supervision.
At strategic level, the 2019-2021 three-year Plan “Mission: Evolve” fully integrates the Group sustainability strategy, and contains climate-related targets to achieve through the main business instruments, i.e. investments, underwriting activities and real estate. The Board of Directors is also defining the commitments and ambitions of the Group to tackle climate change through approval of the Policy on sustainability issues.
With regard to supervision, the Board of Directors approves the Integrated Annual Report and report on non-financial information contained in it which sets out the progress made on climate-related targets and the compliance with sustainability policies.
The role of governing bodies regarding climate-related risks and opportunities have been formalised in the Sustainability Policy approved by the Board of Directors.
The Unipol Group’s Sustainability Committee supports the governing body in defining the model for the identification, assessment and management of the main ESG risks, including those related to the climate, their impacts on the business strategy and active policies for the achievement of the COP21 goals, as well as in defining commitments and monitoring indicators. The Control and Risks Committee examines the model for the identification, assessment and management of the main ESG risks, especially those related to the climate.
The Unipol Group’s Top Management involved in the management and monitoring of climate-related risks and opportunities include:
- the Group Risk Committee;
- the ESG Taskforce;
- the Sustainability Department;
- the Cross-Departmental ESG Risk Table.
To ensure that key business processes adequately take into account the risks associated with ESG factors, including climate change (and are able to seize any opportunities), ESG factors have been integrated into the Group’s policy system and internal processes and tools have been developed to concretely put into practice what has been defined.