#### Governance
We consider climate in our strategic planning and risk oversight process. Our
governance includes Board of Director oversight, Executive Committee oversight,
and staff-driven committees. A summary of our governance structure is below and
more detailed information follows.
Board Committees
Management Committees
Sub-Committees and Working Groups
**Board of Directors**
(CEO is ultimately accountable for the company's ESG strategy)
**Corporate Governance,**
**Nominating and Social**
**Responsibility Committee**
formulates and oversees AXIS'
corporate citizenship and ESG
strategy, objectives and
formal ESG reporting
**Human Capital and**
**Compensation Committee**
oversees human capital
management, including
diversity, equity and inclusion
(DEI), talent development and
employee engagement
**Risk Committee**
oversees risks and
opportunities related to the
company's climate change
exposure and reviews and
approves the Company's
Enterprise Risk Management
(ERM) framework
##### Board Oversight
**At AXIS, the Board of Directors oversees sustainability matters, including climate**
**change strategy and climate-related risks and opportunities, and receives an**
**annual update on climate risks as part of its standing agenda. Two of the Board's**
**committees (the Corporate Governance, Nominating and Social Responsibility**
**Committee and the Risk Committee) assist the Board in overseeing AXIS'**
**response to climate change.**
Our Corporate Governance, Nominating and Social Responsibility Committee reviews AXIS'
sustainability strategy and objectives, including those relating to the impact of climate change.
In particular, the Committee oversees:
- Overall ESG strategy;
- Company programs;
- Formal reporting on ESG and sustainability matters; and
- Policies in specific areas such as environmental management.
The Committee receives quarterly updates from the Company's management responsible
for ESG and sustainability matters and provides recommendations on ESG and sustainability
strategy to the Board. In 2021, the Corporate Governance, Nominating and Social
Responsibility Committee, formerly known as the Corporate Governance and Nominating
Committee, was renamed to emphasize the Committee's oversight of our ESG and
sustainability initiatives. In addition, the Committee delegated oversight of human capital
management, a component of the Company's ESG program, to the Company's Human Capital
and Compensation Committee.
Our Risk Committee oversees the risks and opportunities related to the Company's climate
change exposure and initiatives and receives biannual reports relating to climate change as
part of its standing agenda. The Risk Committee also reviews and approves the Company's
Enterprise Risk Management ("ERM") framework, including policies and limits to address risks
– such as climate risk – facing the Company.
##### Executive Committee and Staff Oversight
The Executive Committee, which is comprised of our CEO and other senior executives,
is responsible for ensuring that our climate and other ESG and sustainability activities –
including management of climate-related risks and opportunities – are consistent with
our culture, values and business objectives.
- Our General Counsel serves as the Executive Committee sponsor of our Corporate
Citizenship program and is responsible for implementation of the program and ESG
activities. Our General Counsel is responsible for monitoring progress with respect to ESG
priorities and targets and reporting to the Company's Corporate Governance, Nominating
and Social Responsibility Committee, the CEO and the Executive Committee.
- Our Chief People Officer oversees our human capital management efforts. The Executive
Committee discusses and reviews our corporate citizenship initiative, which includes
our environmental and sustainability efforts. A strategic enterprise goal for 2021 was
to elevate the Company's people and culture, including driving positive results with
the Company's corporate citizenship and ESG initiatives, and the Committee received
quarterly updates on progress.
**The Executive Committee is supported by the following management working**
**groups and committees that are actively involved in identifying and assessing**
**climate-related risks relating to our insurance and reinsurance portfolios:**
**Corporate Citizenship Committee:**
Day-to-day management of our Corporate Citizenship program is handled by our Corporate
Citizenship Committee, a cross-functional and global committee tasked with overall strategy,
policies and governance. Dedicated committee pillar leads for climate, DEI and philanthropy
overseen staff working groups, including those climate-relevant groups listed below.
**Risk Management Committee:**
The Executive Committee has delegated some authority to the executive level Risk Management
Committee ("RMC"), which consists of the Chief Executive Officer, Chief Financial Officer, Chief
Underwriting Officer (formerly Group Head of Underwriting), Chief Executive Officer of our
(re)insurance business, Chief Risk Officer, Group Chief Actuary and General Counsel. The RMC
convenes quarterly and oversees the integrity and effectiveness of the firm's ERM framework
and ensures that the firm's risk assumption and risk mitigation activities are consistent with
**Emerging Risk Working Group:**
The Emerging Risk Working Group is
responsible for the oversight of the ERM
framework and acts as a focal point for
tracking emerging risks according to potential
impact and time horizon and coordinating
the Company's response to emerging risks
and opportunities, including those related to
climate change. The Emerging Risk Working
Group is comprised of senior representatives
across the business, including our Chief Risk
Officer, Chief Investment Officer, Head of
Digital, Chief Underwriting Officer, Chief Claims
Officer, Group Chief Actuary and General
Counsel.
**Natural Catastrophe Committee:**
The Natural Catastrophe Committee is a
subcommittee of the RMC that oversees
the firm's natural catastrophe risk
management framework, including the
validation of modeling and accumulation
practices. The Natural Catastrophe
Committee consists of the Head of Natural
Catastrophe Exposure Management, Head
of EMCE, Chief Underwriting Officer and
Group Chief Actuary.
**Climate Change Working Group:**
The Climate Change Working Group, chaired by our Chief Risk Officer, oversees and coordinates
implementation of our framework for managing climate-related risks and opportunities.
The group is comprised of senior representatives from across the business, including our Chief
Risk Officer, Head of EMCE, and representatives from Underwriting and Investments.
Among other things, this group:
- Assesses climate-related risks and opportunities, including consideration of emerging risks
associated with climate change;
- Promotes knowledge-sharing across the business on the topic of climate change;
- Leads research on climate change and provides information to senior decision makers
involved with catastrophe risk management and underwriting decisions; and
- Informs the Emerging Risk Working Group of climate-related risks and considerations.
Our Chief Risk Officer has management oversight for our ERM framework. As part
of the ERM framework, we manage environmental risks at the firm level over short-,
medium- and long-term horizons and provide the Risk Management Committee and
Risk Committee with a consolidated view of AXIS' key risks.