Strategic Shareholder Climate and Risk Financial Financial Barclays PLC 180 report information sustainability report Governance review review statements Annual Report 2022 Directors’ report: Board Risk Committee report (continued) The Committee will continue to oversee Board Risk Committee was also the evolution and delivery of each considered effective, confirming that the business’ climate strategy, including Committee continues to exercise development of quantitative risk appetites appropriate oversight of issues relevant to across a range of metrics. the Committee’s remit relating to BBUKPLC. Model risk Changes to Committee Models are a core foundation upon which composition the majority of the Group’s internal assessment processes run and, as such, We welcomed Julia Wilson as a member of the Committee closely monitors the the Committee with effect from 1 development of the Group’s approach to September 2022. The Committee has models and its regulators’ expectations in benefited from Julia’s expertise and the this regard. The Committee continued to insights she brings, particularly with her oversee Model risk management, including cross-Committee membership as a the ongoing validation of the Group’s member (and, subject to regulatory models and challenging the reliability of approval, as Chair from 1 April 2023) of the existing models in the changing economic Board Audit Committee. climate. In 2022, a Model Strategy and We also welcome Marc Moses who Oversight function was established to recently joined the Committee on taking steer the approach to model development up his appointment as a Non-Executive throughout the Group. Director of the Board on 23 January 2023. Committee effectiveness You can find details of Julia's and Marc's The 2022 Committee effectiveness review skills and experience in their biographies on was facilitated internally in accordance with page 146. the Code. This internal review involved Looking ahead completion of a tailored questionnaire by As we move into 2023, geopolitical risk Committee members and standing remains heightened and macroeconomic attendees, in line with the approach conditions continue to be uncertain. With adopted for all Board Committees in 2022. this in mind, the Committee will continue The review is an important part of the way to work with management to position the Barclays monitors and improves Group prudently in response to the Committee performance and challenging risk environment, remaining effectiveness, maximising strengths and watchful and ready to respond to any new highlighting areas for further development. areas of emerging risk. The results of the review confirm the Committee is operating effectively. It is considered well constituted, providing an effective and appropriate level of challenge and oversight of the areas within its remit. The review acknowledged the Chair’s inclusive approach, with feedback noting strong levels of engagement across the Committee and members’ diverse and valuable range of expertise. Robert Berry The Committee has a broad remit and is Chair, Board Risk Committee considered to allocate time appropriately 14 February 2023 to cover matters effectively in meetings, with sufficient time for discussion and challenge. The review recognised that it might be beneficial to give further consideration to the cadence of meetings during the year. The review concluded that the Committee’s interaction with the Board, Board Committees and senior management is considered effective. Feedback indicated that concurrent meetings of the BPLC and BBPLC Board Risk Committee continue to be effective, with coverage of BBPLC matters within concurrent meetings considered adequate. Interaction with BBUKPLC