ESG Report 2022 single pages web - Flipbook - Page 61
Eight of our 12 principal business risks are relevant to ESG,
and these are set out in the table on the below.
implementation and performance, and overseeing major
capital expenditures and acquisitions.
In addition to these known principal risks, we continue
to identify and analyse emerging ones including those
related to ESG, such as climate risks. We are a supporter
of the Taskforce for Climate-related Financial Disclosures
(TCFD) (see pages 68 to 78) and have started using
the Sustainability Accounting Standards Board (SASB)
reporting framework to report on material issues
(see pages 64 to 67).
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.
Principal risk
Loss of a key client
Related ESG topic/sustainable
business priority
Community – on-time delivery, right
first time, innovating and inspiring
our clients
The CFO holds overall responsibility for climate change.
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.
Geopolitical
Our people and communities –
potential to impact all – health, safety
and well-being of our people and
communities
Failure to attract,
engage, retain and
develop key talent
Our people – inspiring, rewarding
and supporting our people
See our 2022 Annual Report for more on our principal
risks and risk management processes, including our
approach to managing ESG risks.
Cyber security
Governance – treating data with care
and due diligence
TAX TRANSPARENCY
Failure of a businesscritical partner,
JV relationship,
supplier or national
infrastructure
Community – potential to impact all
RWS manages its tax affairs responsibility and seeks to
build constructive relationships with all tax authorities.
New technology
Governance – harness innovation
and efficiencies
Legislative/regulatory Governance – potential to impact all
risk
Climate change and
natural disasters
Environment – potential to impact
all – well-being of our people and
communities
The Board 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 of 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
During the year, the Board reviewed and approved the
Group’s Tax Strategy, with the Group CFO providing
regular updates to the Board on tax matters.
The approach RWS has taken in relation to the
management of tax issues is to ensure that:
•
We comply with all applicable laws, disclosure
requirements and regulations in the territories in
which we do business
•
We have an open and transparent working relationship
with the relevant tax authorities around the world
•
Where considered appropriate, the Group takes advice
from professional firms
•
Tax risks are appropriately managed in accordance with
the tax strategy
•
Our tax planning is aligned with the Group’s commercial
and business activities and does not use 'tax haven'
countries or other tax avoidance arrangements as part
of its tax planning
As an employer of more than 7,700 colleagues across 33
countries and over 70 offices globally, RWS also makes
significant tax payments in respect of payroll taxes, valueadded taxes and business/premises taxes.
GOVERNANCE
RWS — ESG Report 2022
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