Annual report and accounts 2023 - Flipbook - Page 47
Strategic Report
Using this framework we set out our full TCFD
disclosures below. These reflect the structure of the
A.G. Barr Group for the majority of the 2022/23
financial year i.e. covering the Barr Soft Drinks and
FUNKIN business units. MOMA and Boost Drinks,
acquired in December 2022, will be incorporated
into future disclosures.
Corporate climate-related targets, set by the Executive
teams and ratified by the ESG Committee, are
monitored by the Board on a monthly basis.
Governance
Board of Directors
The A.G. Barr Board has responsibility for the oversight
of climate-related risks and opportunities impacting
the Group.
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The Board of Directors considers climate-related risks
and opportunities when setting and reviewing the
Company strategy, agreeing future objectives, budgets
and KPIs, setting policies and when considering
potential M&A activity.
The Board carries out a full review of our corporate risk
register and principal risks, including those related to
climate change, twice a year. In addition, the Board
regularly discusses climate-related issues across a
variety of Board meeting agenda items. These include
matters arising from its sub-committees, particularly
from the Environmental, Social and Governance (ESG)
Committee, as well as from general business updates,
where climate-related issues will often be integral.
Examples during the year include discussions on
science-based targets, net-zero roadmaps, as well as the
approval of our strategic capital investment programme,
incorporating greenhouse gas reduction projects.
A structured process for identifying and quantifying
emerging risks and opportunities across the Group,
similar to our risk management approach, provides a
framework to support broader thinking on new and
emerging areas, including those related to climate
change. With input from both our Barr Soft Drinks and
FUNKIN Executive teams, this plays an important role in
the Board’s strategic planning process. The Board
completed a robust assessment of the Group’s
emerging risks, including those related to climate
change, during the year.
Corporate Governance
being introduced. The Executive teams are supported
across a number of areas as set out below:
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The Board, in turn, delegates some elements of its
responsibility to its various sub-committees, as set
out below:
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The Audit and Risk Committee has the delegated
responsibility to monitor our internal financial
controls as well as our internal control and risk
management systems. Its risk management
oversight includes the review of our corporate risk
register and principal risks, including those related
to climate change, at least twice per year.
The Environmental, Social and Governance
Committee assists the Board in fulfilling its oversight
responsibilities with respect to the Company’s
management of all relevant ESG matters. The ESG
Committee has delegated responsibility for approving
the Company’s environmental sustainability strategy
and reporting back to the Board. It meets twice each
year and otherwise as required. The ESG Committee
owns, and is responsible for monitoring and updating,
our material risks and opportunities related to
climate change.
The Remuneration Committee is responsible for
determining our remuneration policy, including how
climate-related factors are taken into consideration
and reflected in reward. Executive Directors’
long-term incentive plan awards, by way of
illustration, include an environmental sustainability
performance measure. Further information is
available in our Directors’ Remuneration Report
on page 91.
The Nomination Committee is responsible for
Board appointments and succession planning.
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Barr Soft Drinks and FUNKIN Business Units
Our Executive teams across both business units, Barr
Soft Drinks and FUNKIN, are responsible for managing
the climate-related risks and opportunities faced by our
business on both a long-term strategic basis and day
to day. Our strategic planning process considers both
the risks and opportunities arising from climate change
and a specific process related to emerging risks and
opportunities has recently been agreed and is now
Accounts
Our Group Risk Committee ensures that a strong
framework is in place to manage operational risks
effectively, including those associated with climate
change. The Committee oversees our principal
risks and uncertainties, and reviews the effectiveness
of risk management and compliance systems in
managing those risks. The aim of the Committee
is to ensure that employees understand the
importance of good risk management, a supportive
risk management culture is embedded across the
Group and that risk management processes are
clearly deployed.
The No Time To Waste Steering Group, chaired
by our CEO, governs our Group-wide environmental
sustainability programme. The No Time To Waste
Steering Group has overall responsibility for setting
the Group’s environmental sustainability strategy, for
achieving the Company’s climate change objectives,
and for monitoring and managing risks and
opportunities related to climate change. The No
Time To Waste programme encompasses five key
workstreams associated with reducing the effects of
climate change. Each workstream, and its associated
team, owns a risk register relevant to its specific area
of focus. The risks identified, along with opportunities
arising from the climate change agenda, are
reviewed on a monthly basis by the Steering Group.
Our Capital Allocation Committee is responsible
for ensuring the best use of our capital resources
in line with our strategy and plans. This includes
the review and approval of capital expenditure
programmes related to environmental sustainability,
taking into account the risks and opportunities in
investment decisions.
Our Emerging Risks and Opportunities Group is
responsible for identifying and managing emerging
risks and opportunities at an A.G Barr Group level.
This group conducts an annual review prior to
making recommendations to the Board, the output
from which forms part of our Board’s annual
Strategy Review.
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