Strategic Shareholder Climate and Risk Financial Financial Barclays PLC 251 report information sustainability report Governance review review statements Annual Report 2022 ESG: Governance (continued) to align our financing portfolio with the management statements, preliminary is the Group Head of Sustainability, also goals and timelines of the Paris Agreement announcements (if prepared), and any the chair of its governance body (Climate Portfolio Governance Board), represented and/or present significant reputation risk. other formal announcements relating to the Group’s financial performance. by key businesses and functions across Operational Sustainability Steering the Group, such as Sustainability & ESG, Committee • narrative reporting: to review and Risk, Business (Corporate and Investment monitor the integrity of the Group’s Barclays’ Operational Sustainability Bank and Barclays UK), Finance and narrative statements, including but not Steering Committee (OSSCo) is Technology. limited to the Country Snapshot, ESG responsible for the development and disclosures, the TCFD disclosures and Key focus areas of the programme since implementation of the Bank’s operational the Modern Slavery Statement. its inception include setting targets for sustainability strategy, including its carbon some of our highest emitting sectors, reduction plan and pillar one of the net Legal & Technical Committee establishing Climate risk as a new Principal zero bank ambition. The Legal & Technical Review Committee Risk (as part of the Enterprise Risk OSSCo is chaired by BX Risk & Finance (L&T) is an accounting, legal and Management Framework), embedding COO and comprises leadership from regulatory compliance committee. L&T required processes and frameworks within Corporate Real Estate Solutions (CRES) submits its findings and recommendations the business to implement and manage and Location Strategy, Barclays UK COO, concerning the legal and technical status sector targets, evaluating absolute CIB and BBPLC COO, Group HR, of the documents to DisCom. emissions across the in scope balance Procurement and Sourcing, Group CIO/ sheet, and delivering to a technology L&T’s activities cover: GTIS, Corporate Communications, roadmap to meet climate data • review of compliance with UK and Climate risk, Sustainability & ESG, CFO BX, requirements. relevant non-UK legislation, accounting ESG Legal Counsel. OSSCo reviews and Group Chief Executive Officer (Group and regulatory rules, guidance and best approves environmental operational CEO) practice targets, shares and reviews operational The Group CEO is responsible for driving sustainability programmes and third-party • review of the external financial reporting solutions and identifies and mitigates risks Barclays’ focus on external societal and documents as relevant to satisfy itself to the delivery of the operational climate environmental stewardship, and that disclosures are materially fair and strategy, among other activities that overseeing progress towards Barclays’ not misleading ensure coordination and alignment across ambition to be a net zero bank by 2050. • identification of potential areas of The Group CEO is Chair of Group ExCo. the strategic groups responsible for challenge for divisional CFOs and points implementing the operational net zero The Group CEO is closely involved in for consideration for the members of strategy. identifying, accelerating and promoting the the DisCom. As the Chairman of the OSSCo provides updates to Barclays PLC development of Barclays’ climate and Disclosure Committee, the Barclays Board twice a year and provides quarterly sustainable finance growth opportunities Finance Director would also be performance updates to the group change as we transition towards a low-carbon appraised of these matters programme on climate. Also, key material economy. In January 2022 the Group CEO • liaison with the Group’s Auditors and projects that entail Board approval are first established Barclays’ Climate and external legal advisers to monitor approved by OSSCo and then presented Sustainable Finance Council to catalyse compliance with IFRS and SEC reporting to the Board by the accountable Function’s sustainable finance developments for our requirements. COO Executive Committee. For example, customers and clients across all our net zero operations real estate related businesses, products and services. Reputation Risk Committee projects will be presented by the Group The Reputation Risk Committee is a sub- During 2022, the Group CEO joined a Real Estate SteerCo (GRESCo). committee of the Group ExCo which Additionally, reports on progress are number of global initiatives advocating for submitted to GRESCo monthly and COO manages material reputation risks and a just transition towards a low-carbon issues as they are brought to the attention economy. The Group CEO is an active Executive Committee biannually. of the Committee via relevant reputation member of the Sustainable Markets Disclosure Committee (DisCom) risk assessment and escalation processes. Initiative (SMI), and attended the SMI CEO The DisCom, which is chaired by the Group Summit in October 2022. Barclays is a Group Change Programme on Climate Finance Director, has been set up as a sub- member of the United Nations The group change programme on climate committee of the Group ExCo. DisCom is Environment Programme Finance Initiative (“the programme”) is focused on driving convened to review and monitor the (UNEP FI), where the Group CEO has the execution of one of the three pillars of integrity of the Group’s financial and recently joined the UNEP FI Leadership our Group Climate Strategy, ‘Reducing our narrative statements and other Council (November 2022). Financed Emissions’, within which Barclays information provided to stakeholders, Chief Risk Officer (CRO) is committed to aligning its financing with whether by means of announcement or the goals and timelines of the Paris The Group CRO is accountable for the otherwise. In addition to reporting to the Agreement, consistent with scenarios approach to managing climate-related Executive Committee, DisCom also limiting the increase in global financial and operational risks to Barclays. reports to the Barclays PLC Board Audit temperatures to 1.5°C. The programme is This encompasses the measurement, Committee. set up in line with the Barclays Change monitoring and limit setting for Climate risk DisCom is convened to undertake a Delivery Management standard, with and the supporting governance. number of specific duties, including: established governance and regular • financial reporting: to review and reporting and oversight at the Group’s monitor the integrity of the Group’s Mission Critical Forum. The overall financial statements, interim Accountable Executive of the programme