Mapfre SA

MAPFRE's Board of Directors includes a Steering Committee and three Delegate Committees (Audit and Compliance Committee, Appointments and Remuneration Committee, and Risk and Sustainability Committee), and it establishes their roles as well as that of the Steering Committee. [...] Risk and Sustainability Committee: This delegate body of the Board of Directors supports and advises the Board when defining and evaluating the Group's risk management policies, when determining susceptibility to risk and the risk strategy, and when defining and supervising the corporate sustainability policy and sustainability strategy. [...] In particular, the Risk and Sustainability Committee has the following responsibilities: - To support and advise the Board of Directors when defining and evaluating the Group's risk policies and when determining susceptibility to risk and the risk strategy. - To assist the Board of Directors in overseeing the application of the risk strategy. - To study and evaluate risk management methods and tools, carrying out monitoring on the models applied in terms of results and validation. - To support and advise the Board of Directors when defining and evaluating the Group's sustainability strategy and policy, ensuring that they are aimed at responding to the expectations of the company's stakeholders and value creation. - To assist the Board of Directors in monitoring the company's performance in terms of sustainability. - To promote, guide, and supervise the Group's principles, commitments, objectives, and strategy in terms of sustainability. - Any other responsibilities which may be assigned by the Board of Directors or attributed to it in the Regulations of the said body.

Approvals for memberships in institutions specifically focused on sustainability and climate change follow a three-tier governance process: initially by the Sustainability Operating Committee, then by the Executive Committee, and finally by the Risk and Sustainability Committee, which is one of the three delegated committees of the Board of Directors. [...] The Chairwoman of the MAPFRE Sustainability Operating Committee and Group Chief People Officer is a member of the MAPFRE Executive Committee and is responsible for informing the Risk and Sustainability Committee of issues related to sustainability and climate change.

##### (4.11.8) Describe the process your organization has in place to ensure that your external engagement activities are consistent with your environmental commitments and/or transition plan

_MAPFRE is committed to sustainable development and to the fight against climate change. For this reason, among others, it is a signatory to the United Nations_
_Global Compact, the United Nations Environmental Program Finance Initiative (UNEPFI), the Principles for Sustainable Insurance (PSI), the Principles for_
_Responsible Investment (PRI) and also the Paris Pledge for Action, in line with the Paris Agreement. MAPFRE supports the transition to a low-carbon and climate-_
_friendly economy, in line with the Paris climate goals. For this reason, for our underwriting portfolio, we aim to reduce GHG emissions to GHG emissions to net zero_
_by 2050. In addition, the Group has an Environmental Policy and, from 2021, a Corporate Environmental Footprint Plan in line with the Paris Agreements 2030_
_Corporate Environmental Footprint Plan, whereby, among other issues, we are committed to reducing 50 % our CO2 emissions by 2030. MAPFRE's Sustainability_
_Committee is in charge of ensuring the consistency of external engagement with climate commitments. For that purpose it monitors the international Sustainability_
_initiatives and the commitments acquired by MAPFRE at all times, and proposes, where appropriate, to the corresponding government bodies, adherence to new_
_initiatives related to this area of action, which are relevant for the Company. MAPFRE partners with leading European and global trade organizations and assesses_
_their alignment with the goals of the Paris Agreement. Approvals for memberships in institutions specifically focused on sustainability and climate change follow a_
_and Sustainability Committee, which is one of the three delegate committees of the Board of Directors._

MAPFRE has a Sustainability Policy in place that establishes the reference framework so that any Group company can develop and promote socially responsible and sustainable behavior that includes both the principles and commitments that MAPFRE develops in ESG issues and its action strategy related to stakeholders. The effective application of this policy and the monitoring and control of its actions are supervised by the Group's Risk and Sustainability Committee. [...] MAPFRE undertakes the approval and monitoring of the sustainability strategy at the highest governance level. In March 2022, the Board of Directors proposed to the Annual General Meeting to assign to competence in matters of sustainability to the Risk Committee, in turn revising its name to the Risk and Sustainability Committee. This committee's objective, among other things, is to supervise and control the Group's sustainability strategy and policy, as well as the risks and opportunities related to ESG aspects. This committee has met six times a year, to address issues related to sustainability. [...] The Group has an internal Sustainability Committee in place, the members of which are appointed by the Executive Committee. This highest-level executive body is in charge, among other matters, of proposing the Group's sustainability strategy to the Risk and Sustainability Committee, promoting the progress of the sustainability plan and dealing with matters that are relevant to the Group in this area. [...] Corporate Sustainability is in charge of supervising and supporting the execution of the plan, designing the sustainability plan and monitoring new regulations and their impact on the company. This area participates in internal committees and external forums pertaining to the development of sustainability issues.

In addition, In March 2022, the Board of Directors proposed to the Annual General Meeting to assign to competence in matters of sustainability to the Risk Committee, in turn revising its name to the Risk and Sustainability Committee. This committee's objective, among other things, is to supervise and control the Group's sustainability strategy and policy, as well as the risks and opportunities related to ESG aspects. In 2022, the Sustainability Committee met four times to, among other things, establish new objectives, identify trends, opportunities and regulatory requirements related to sustainability, and draw up action plans to deal with them.

Approvals for memberships in institutions specifically focused on sustainability and climate change follow a three-tier governance process: initially by the Sustainability Operating Committee, then by the Executive Committee, and finally by the Risk and Sustainability Committee, which is one of the three delegated committees of the Board of Directors.

VII. Monitoring, information, and control

MAPFRE has a highly qualified working group in sustainability matters and it must also have a Risk Committee at each Management Center, which must regularly analyze the composition of the managed portfolios, their ESG rating, and the associated risks. It will also monitor the approved integration policy, oversee compliance with the voting policy, and monitor the evolution of the investment portfolio's carbon footprint, among other tasks.

The MAPFRE Group's Sustainability Operating Committee, of which the head of MAPFRE's Investment Area is a member, is also informed on an annual basis.

The Risk Management Department of each Management Center will be responsible for issuing regular ESG reports on the monitoring and control of the sustainability risk of managed portfolios, which will be provided to the Investment Management for analysis, and which will be presented regularly to the Company's Risk Committee and Board of Directors.

Notwithstanding the foregoing, and as a first layer of control, the investment team at each Management Center will carry out constant monitoring to alert the Corporate Investment Area on ESG disputes or risks that may arise in the normal course of investment operations.

In addition to the Responsible Investment report that MAPFRE prepares annually for the United Nations PRI, the company will regularly publish its performance in this area.

In addition, In March 2022, the Board of Directors proposed to the Annual General Meeting to assign to competence in matters of sustainability to the Risk Committee, in turn revising its name to the Risk and Sustainability Committee. This committee's objective, among other things, is to supervise and control the Group's sustainability strategy and policy, as well as the risks and opportunities related to ESG aspects. In 2022, the Sustainability Committee met four times to, among other things, establish new objectives, identify trends, opportunities and regulatory requirements related to sustainability, and draw up action plans to deal with them.

* The Executive Committee, under mandate from the Board of Directors, assesses and approves on a yearly basis MAPFRE's Global Map of Institutional Presence, which includes a comprehensive list of memberships, partnerships and alliances to many international and national institutions. Memberships to institutions specifically focused on sustainability and climate change are approved by three layers of governing bodies: first by the Sustainability Operating Committee; secondly, by the Executive Committee; and lastly, by the Risk and Sustainability Committee, which is one of the three delegate committees of the Board of Directors. Besides, MAPFRE's membership to these and other organizations, such as the Net Zero Asset Owner Alliance (NZAOA), Geneva Association, UNEP FI, IIF, EFR, PEIF, CEOE and UNESPA, among others, allows the company to engage in different working groups focused on climate change and other related environmental challenges, which help identify upcoming policies and regulatory initiatives that may impact the company's activities, while contributing to national and international relevant public debates on how to asses climate change risks.

In addition, on March 11, 2022, the Board of Directors has proposed modifying the corporate bylaws at the Annual General Meeting, to assign responsibilities in sustainability matters to the Risk Committee, which would be renamed the Risk and Sustainability Committee. This delegate body of the Board of Directors supports and advises the Board when defining and evaluating the Group´s risk management policies, when determining susceptibility to risk and the risk strategy, and when defining and supervising the corporate sustainability policy and sustainability strategy. [...] In relation to underwriting, MAPFRE has an Underwriting Policy, approved by the MAPFRE SA Board of Directors, applicable to all insurance and reinsurance companies. It also has a Global Business Committee and a Group Underwriting Policies committee that, among other functions, is in charge of the correct application of the underwriting policy and that analyzes and proposes operating exclusion rules on ESG matters. [...] MAPFRE has its own ESG analysis framework that is periodically reviewed to incorporate best practices in this area. It also has a qualified SRI working group and, in addition, it has an Investment Risk Committee, which periodically analyzes the composition of the portfolios, their ESG evaluation, analyzes the controversies that may arise, and the application of the approved exclusion causes by MAPFRE.

VII. Monitoring, information, and control

MAPFRE has a highly qualified working group in sustainability matters and it must also have a Risk Committee at each Management Center, which must regularly analyze the composition of the managed portfolios, their ESG rating, and the associated risks. It will also monitor the approved integration policy, oversee compliance with the voting policy, and monitor the evolution of the investment portfolio's carbon footprint, among other tasks.

The MAPFRE Group's Sustainability Operating Committee, of which the head of MAPFRE's Investment Area is a member, is also informed on an annual basis.

The Risk Management Department of each Management Center will be responsible for issuing regular ESG reports on the monitoring and control of the sustainability risk of managed portfolios, which will be provided to the Investment Management for analysis, and which will be presented regularly to the Company's Risk Committee and Board of Directors.

Notwithstanding the foregoing, and as a first layer of control, the investment team at each Management Center will carry out constant monitoring to alert the Corporate Investment Area on ESG disputes or risks that may arise in the normal course of investment operations.

In addition to the Responsible Investment report that MAPFRE prepares annually for the United Nations PRI, the company will regularly publish its performance in this area.

The effective application of this policy and monitoring and control of compliance with same are supervised by the Group's Risk and Sustainability Committee, the body responsible for supporting and advising the Board of Directors.

- The MAPFRE Board of Directors is the body responsible for approving the Group's Corporate Sustainability Policy and sustainability strategy, in addition to monitoring the development and fulfillment of the Sustainability Plan. To this end, it is regularly informed of the progress and level of fulfillment of the Group's commitments included in that plan.

- The Risk and Sustainability Committee oversees the Group's sustainability strategy and policy, ensures its application and compliance, and monitors incidents, risks, and opportunities related to environmental, social, and governance aspects.

- The Sustainability Operating Committee is a top-level executive body whose members are appointed by the Executive Committee. Its functions include proposing the sustainability strategy to the Risk and Sustainability Committee, driving the progress of the sustainability plan, and addressing issues relevant to the Group in this area, such as monitoring risks and opportunities associated with sustainability.

- The Corporate Sustainability Office is responsible for supervising and supporting the implementation of the plan, for designing the sustainability plan, and for monitoring new regulations and their impact on the company. It also participates in internal committees and external forums to develop issues related to sustainability.

MAPFRE's Board of Directors includes a Steering Committee and three Delegate Committees (Audit and Compliance Committee, Appointments and Remuneration Committee, and Risk and Sustainability Committee), and it establishes their roles as well as that of the Steering Committee. [...] Risk and Sustainability Committee: This delegate body of the Board of Directors supports and advises the Board when defining and evaluating the Group's risk management policies, when determining susceptibility to risk and the risk strategy, and when defining and supervising the corporate sustainability policy and sustainability strategy. [...] In particular, the Risk and Sustainability Committee has the following responsibilities: - To support and advise the Board of Directors when defining and evaluating the Group's risk policies and when determining susceptibility to risk and the risk strategy. - To assist the Board of Directors in overseeing the application of the risk strategy. - To study and evaluate risk management methods and tools, carrying out monitoring on the models applied in terms of results and validation. - To support and advise the Board of Directors when defining and evaluating the Group's sustainability strategy and policy, ensuring that they are aimed at responding to the expectations of the company's stakeholders and value creation. - To assist the Board of Directors in monitoring the company's performance in terms of sustainability. - To promote, guide, and supervise the Group's principles, commitments, objectives, and strategy in terms of sustainability. - Any other responsibilities which may be assigned by the Board of Directors or attributed to it in the Regulations of the said body.

MAPFRE's Sustainability Committee is in charge of ensuring the consistency of external engagement with climate commitments. For that purpose it monitors the international Sustainability initiatives and the commitments acquired by MAPFRE at all times, and proposes, where appropriate, to the corresponding government bodies, adherence to new initiatives related to this area of action, which are relevant for the Company. MAPFRE partners with leading European and global trade organizations and assesses their alignment with the goals of the Paris Agreement. Approvals for memberships in institutions specifically focused on sustainability and climate change follow a [...] and Sustainability Committee, which is one of the three delegate committees of the Board of Directors.

Describe the process(es) your organization has in place to ensure that your engagement activities are consistent with your overall climate change strategy[…]MAPFRE is committed to sustainable development and to the fight against climate change. For this reason, among others, it is a signatory to the United Nations Global Compact, the United Nations Environmental Program Finance Initiative (UNEPFI), the Principles for Sustainable Insurance (PSI), the Principles for Responsible Investment (PRI) and also the Paris Pledge for Action, in line with the Paris Agreement.
MAPFRE supports the transition to a low-carbon and climate-friendly economy, in line with the Paris climate goals. For this reason, for our underwriting portfolio, we aim to reduce GHG emissions to GHG emissions to net zero by 2050.
In addition, the Group has an Environmental Policy and, from 2021, a Corporate Environmental Footprint Plan in line with the Paris Agreements 2030 Corporate Environmental Footprint Plan, whereby, among other issues, we are committed to reducing 50 % our CO2 emissions by 2030.

Does your organization have a public commitment or position statement to conduct your engagement activities in line with the goals of the Paris Agreement?[…]Yes

Describe the process(es) your organization has in place to ensure that your external engagement activities are consistent with your climate commitments and/or climate transition plan?[…]MAPFRE is committed to sustainable development and to the fight against climate change. For this reason, among others, it is a signatory to the United Nations Global Compact, the United Nations Environmental Program Finance Initiative (UNEPFI), the Principles for Sustainable Insurance (PSI), the Principles for Responsible Investment (PRI) and also the Paris Pledge for Action, in line with the Paris Agreement.