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The board should ensure that climate systemically informs strategic investment planning and decision-making processes and is embedded into the management of risk and opportunities across the organisation.
Guiding questions
- Does your corporate strategy include a holistic climate strategy informed by scenario analysis, i.e. climate risk mitigation and adaptation as well as business continuity and opportunities?
- Is climate integrated into the “three lines of defence” and the Enterprise Risk Framework (ERM) for the company?
- How does the board ensure that climate risks and opportunities are identified, mitigated, managed, and monitored across the company?
FEATURED RESOURCE
Principles for setting climate targets
The 10 guiding principles for target setting have been created to help Australian boards establish climate targets and manage associated risks. With mandatory climate reporting on the horizon, Australian organisations must be ready to disclose key details of their climate targets.
Resources
[Source: to see more background on this principle and further guiding question, see the World Economic Forum Guide: How to Set up Effective Climate Governance on Corporate Boards: Guiding principles and questions, p14-15]
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