Governance

Governance

TCFD Recommendation

  • Describe the board’s oversight of climate related risks and opportunities

NSG Group Approach

  • The Group CEO and Board of Directors (BoD) establish the basic policies and goals of all Group activities including climate change. Climate related issues are discussed at both Management Committee (MC), Strategic Risk Committee (SRC) and Sustainability Committee (SC) level with the aim of ensuring targets & action plans fulfil all sustainability goals and connect to all relevant business aspects. This includes, for example, strategies and actions based on risk and opportunity analysis to achieve both corporate growth and positive social contribution.
  • A director on the BoD that is expert in the ESG field continued to provide input and guidance during FY23 across several key aspects of relevance
  • The frequency of formal reporting of climate related issues was increased to a minimum of quarterly reviews.

Further Disclosure / Information sources

CDP report 2023 C1.1

https://www.nsg.com/en/about-nsg/governance/corporate-governance

TCFD Recommendation

  • Describe management’s role in assessing and managing climate related risks and opportunities

NSG Group Approach

  • At the Sustainability Committee the concrete actions for the sustainability policies, goals and targets are managed. The principle roles of the SC include; to act as an advisory body for the CEO to review the strategy, coordinate all sustainability activities within the Group, monitors and steers the Group's response to Environmental and Climate Change risks and opportunities which is discussed at SRC, ensure effective communication of these matters with our stakeholders. The membership of the SC consists of global leaders of all Group functions and SBU heads.
  • In the reporting period key updates in material issues included the following;
    • Progress of decarbonization action plans, both top down and bottom up iterations and prioritization of activities to maintain required progress to deliver the new SBTi verified targets approved in May 2022.
    • Review & proposal to update the internal carbon price to better reflect latest projections of external carbon scheme prices
    • Full alignment of sustainability strategy with the Revival Plan 24 (RP24) and starting to develop sustainability strategy for the next MTP
    • Consider the definition of environmental contribution products and establishment of a relevant KPI to support tracking of this aspect going forwards

Further Disclosure / Information sources

CDP report 2023 C1.2

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