RWS Annual Report 2022 web - Flipbook - Page 50
Task Force on Climate-related Financial Disclosures (continued)
GOVERNANCE
a. Board oversight of climate-related risks
and opportunities
The Board is provided with monthly reports on
Sustainability and ESG issues, has direct oversight of
climate-related issues and risks, and it agrees our position
and commitments on climate change.
The CEO, who is part of the Board as well as a core
member of the Executive Team, retains overall
responsibility for climate change management for RWS.
The CEO works with the CFO to identify applicable risks
and opportunities in order to direct business strategy.
Climate-related issues are taken into consideration when
reviewing and guiding strategy, major plans of action, risk
management policies, annual budgets and business plans,
as well as setting performance objectives, monitoring
implementation and performance, and overseeing major
capital expenditures and acquisitions.
A good example of how strategy has been influenced by
climate change is the business decision to implement
science-based carbon reduction targets, and RWS is in the
process of preparing them for submission to the Science
Based Target initiative (SBTi).
The CEO is supported by the CFO who communicates
potential climate change issues and risks and manages
appropriate mitigation measures. These are presented to
the Board for support and approval. This process ensures
that the company responds and reacts to climate change
risks and opportunities in a timely manner.
Climate-related risks are assessed as part of the Group’s
risk process to determine the principal risks facing the
Group. These are then prioritised, and appropriate
management strategies are developed ensuring that the
identified risk is mitigated as much as reasonably possible.
The Board reviews performance against climate
targets and is working towards setting a carbon net
zero commitment. Initially, the aim is to reduce carbon
emissions by 55% by 2030.
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RWS — Annual Report 2022
STRATEGIC REPORT
b. Management’s role in assessing and
managing climate-related risks and
opportunities
The CFO leads climate change risk management and is
supported by the Head of Sustainability and ESG. This is
accomplished successfully by involving and engaging the
Executive Team on strengths, weaknesses, opportunities
and threats to RWS regarding external and internal
influences. Once the risks are identified, they are assessed
to determine their potential impact (scale of hazard vs
probability of occurrence). Risk profiles are produced at
a business level with Board-level oversight of climaterelated risks being maintained by the CFO. The heads of all
functions, such as procurements and facilities, report to
members of the Executive Team who, in turn, report to the
CEO and Board.
The CFO is also responsible for environmental compliance
and reporting, including CDP, Streamlined Energy and
Carbon Reporting (SECR), Energy Savings Opportunity
Scheme (ESOS), and Task Force on Climate-related
Financial Disclosures (TCFD).
As well as having seats on the Board, the CEO and CFO
sit on the RWS Executive Team which consists of the CEO;
CFO; Chief Information Officer (CIO); Chief Language
Officer, Chief People Officer (CPO), President, Enterprise
Internalisation Group; President, IP Services; President,
Regulated Industries; President, Language Services and
Technology; Group Corporate Development Director and,
with effect from 3 October 2022 the General Counsel and
Company Secretary.
The Executive Team provides additional horizon scanning
and meets periodically to discuss key risks and mitigation
strategies. Collectively, they continue to enhance the
Group’s understanding of longer-term risks relating
to scenario analysis and share it with the Board for
consideration and approval.
The Executive Team lead in each operational area is
responsible for ensuring the continuity of the Group’s
operations, including resilience to events caused by
extreme weather whilst the Business Continuity team is
responsible for identifying risks, assessing continuity and
incident response plans.
