27 Role of the Board and Board committee structur e The Board oversees the company’s business, including its risk management . The Board assesses senior management’s performance, provides credible challenge, and holds senior management accountable for maintaining and adhering to an effective risk management program . The Board carries out its risk oversight responsibilities directly and through its committees . The Risk Committee oversees Wells Fargo’s Risk Management Framework, including the risk management program, governance structures used by management to execute the risk management program, risk profile, risk appetite, and risk management effectiveness . The Chief Risk Officer (CRO) reports functionally to the Risk Committee and administratively to the CEO . The CRO and other leaders in Independent Risk Management have unrestricted access to the Risk Committee . Management committee structure We have established management committees, including those focused on risk, that support management in carrying out its governance and risk management responsibilities . One type of management committee is a governance committee, which is a decision-making body that operates for a particular purpose . Each governance committee, in accordance with its charter, is expected to discuss, document, and make decisions regarding high-priority and significant risks, emerging risks, risk acceptances, and risks and issues escalated to it . Each also reviews and monitors progress related to critical and high-risk issues and remediation efforts within its scope, including lessons learned . It also reports key challenges, decisions, escalations, other actions, and open issues as appropriate . The Enterprise Risk & Control Committee, a governance committee, is a decision-making and escalation body that governs the management of all risk types . The impacts of climate-related risks on the financial sector are increasingly an area of focus for governments and regulators globally . We’re actively monitoring for potential future governmental policy actions that seek to address climate change . We engage with policymakers to understand the policy landscape and potential developments that may impact our business or clients in the future . This informs our approach to managing climate-related risk and our efforts to further integrate climate-related risk considerations into our risk management programs . We aim to continue to improve our ability to identify and assess climate- related risks over time and expect to continue to refine our approach as we strengthen our understanding of how climate change impacts our business activities, processes, and risks .