Genuit Group PLC

We are also increasingly involved in lobbying for standards regimes to be less prescriptive on how products are made, without compromising on performance. However, we will need standards regimes to be modernised, otherwise we will leverage the trusted status of our brands to reassure customers of the performance of our products, even though they fall outside the perimeter of those historical standards. We aim to use our leadership position as a way of driving change, and ensuring that our customers have access to products which will reduce their scope 3 carbon impacts. [...] In order to ensure the Group is informed of future regulatory direction, we participate in industry bodies within the UK and Europe, such as Construction Products Association (CPA), The European Plastic Pipes and Fittings Association (TEPPFA) and the British Plastics Federation (BPF), and commission expert input where required. These form key inputs into our assessment of identified transition risks relating to carbon tax, climate reporting obligations and the physical risk of material supply.

During 2022 the Board approved the Group's submission of our SBTs, consistent with the 1.5 degree business ambition. These are assessed in a regulatory and reputation-based context, given the importance of these issues for the Group's stakeholders and have been verified by the SBTi. [...] The Board oversees and approves the Group's strategy and cultural framework which includes sustainability drivers and targets and has responsibility for the final disclosures included within this report as well as our SBTs and pathway to net zero. The Chief Executive Officer is ultimately responsible for the implementation of this strategy and climate-related risk management. Responsibility for identifying and monitoring climate-related risks and opportunities sits with our Risk Committee, which is chaired by our Chief Financial Officer. [...] We recognise the importance of effective governance for managing climate-related risks and opportunities. The Board has overall responsibility for the Group's internal control framework and risk management systems. This includes reviewing the effectiveness of the Group's risk and control processes and ensuring the identification, assessment, and ongoing monitoring of risk (including environmental matters and climate-related risks). It delegates monitoring and management of these to the Risk Committee. Details of the membership, activities, responsibilities, and frequency of meetings can be found in our Risk Committee Report on pages 86 to 89. We are committed to assessing climate-related risks and opportunities throughout our businesses, to support our customers and the wider community with low carbon benefits (through our low-emissions products and services), or mitigation against physical risks (such as flooding) through integrated surface and drainage solutions. It is a key factor in decision-making and considered by senior executives when setting ambitions for Group strategy. During 2022, we continued to integrate the monitoring and reporting of climate-related risks and opportunities into our individual businesses. Climate-related risks detailed within Business Unit risk registers are reviewed and captured on our Group risk register, which is reviewed by the Risk Committee. This structure allows the Board, management teams and Committees to have adequate information to make strategic and local decisions, with consideration for climate-related risks and opportunities. Details of the governance reporting structure for the Group can be found in our Governance Report on page 73, and the risk management framework can be found in our Principal Risks and Uncertainties on pages 55 to 62 of the Strategic Report.

We are also increasingly involved in lobbying for standards regimes to be less prescriptive on how products are made, without compromising on performance. [...] In order to ensure the Group is informed of future regulatory direction, we participate in industry bodies within the UK and Europe, such as Construction Products Association (CPA), The European Plastic Pipes and Fittings Association (TEPPFA) and the British Plastics Federation (BPF), and commission expert input where required. These form key inputs into our assessment of identified transition risks relating to carbon tax, climate reporting obligations and the physical risk of material supply.