Loblaw Cos Ltd

Management is responsible for establishing and maintaining adequate internal controls over ESG disclosures and has implemented a control environment which mirrors the Internal Controls over Financial Reporting (ICFR) framework. To ensure consistency, accuracy, completeness, timeliness, relevance, and alignment with our overall strategy, we have established a rigorous process which is applied to all ESG disclosures. Effective as of 2021, our Finance team is involved in reviewing and verifying the quantitative information in our ESG disclosures using a financial assertions framework. The foundation of this control environment is the Three Lines of Defense model. The ESG Integration and Reporting team, in collaboration with our External Financial Reporting team, executes this program, to ensure information in our ESG disclosures is reliable and assurance ready. [...] Our Internal Audit team is engaged to perform a review over a risk-based subset of quantitative information that we disclose. Additionally, PricewaterhouseCoopers LLP was engaged to perform limited assurance over our Scope 1 and 2 GHG emissions for the current reporting year. We will continue to assess and determine the appropriate level of assurance required for our key ESG disclosures.

Environmental, Social, and Governance matters have the potential to impact business operations, regulatory compliance, reputation, and financial outcomes, and are therefore an important area of focus for the Loblaw Board of Directors and its committees. The Board oversees and monitors the Company's approach, policies, and practices related to these matters. [...] Loblaw has an Environmental, Social, and Governance Steering Committee comprised of senior leaders who guide the Company and its colleagues on the program and related activities and is tasked with ensuring that the Company considers and adopts leading practices and programs. Responsibilities include overseeing strategic business objectives for commitments and targets, as well as setting the "tone from the top" to foster an ESG-focused culture within the organization. The Steering Committee also provides leadership to the various Management committees which are responsible for setting priorities and implementing and monitoring Environmental, Social, and Governance related initiatives across the organization. Our programs and practices are designed to align with industry-leading standards and to support the achievement of our business objectives, including our commitments and targets.