Governance

Our materiality is determined and monitored by our Enterprise Risk Management (ERM) framework and reported to our governance functions at both board level and executive leadership team (ELT). Our business strategy is informed by our enterprise risk management findings. Our risk management framework is comprised of six stages: 1) Identification, 2) Assessment, 3) Analysis, 4) Mitigation, 5) Monitoring and 6) Evaluation. In understanding the substantive impact of each risk, the assessment is completed using a global scoring matrix for probability, commercial impact, schedule impact, reputational impact, and manageability. Risk analysis based on the assessments establishes the most substantive and provides a basis for prioritizing efforts and allocating resources for managing risks. The specific analysis undertaken of each risk is a strategic internal matter not for widespread publication. However, please see our appendix to see the climate risks that we have Integrated into our multi-disciplinary company-wide risk management process.