
1. Governance
Board oversight of climate-related risks
and opportunities
The Board takes overall accountability for
the oversight of the Group’s risks and
opportunities, which includes climate
change. The Board receives regular updates
from management as well as the Risk and
Sustainability Committee on environmental
and climate-related matters and considers
the risks and opportunities arising from
climate-related change.
The Board considered and adopted a new
Group Sustainability Framework in 2022.
This includes the ambition and priorities set
ambition of the Group is to minimise our
environmental impact and our three priority
areas centre around our operational net
progress to our stakeholders in a clear and
timely manner and finally, putting in place
environmental initiatives that will help to
reduce our carbon emissions and our
environmental impact. The Board
considered our Operational Net Zero by
2030 plans and the environmental initiatives
we have undertaken in 2022. The Board has
also considered how we report our
progress, through our TCFD report,
submitting our data to the Carbon
Disclosure Project and agreed that we
independently by the Science Based Target
initiative in 2023.
The Board also considered new reporting
arrangements for the Group Sustainability
Framework to the Board and relevant
Committee. As part of this, the Board
agreed to new reporting through to the
Board against the three priority areas under
the environmental pillar, which included
plans relating to the Group’s targets of being
Operational Net Zero by 2030 and Net Zero
by 2050. These new reporting arrangements
will be fully reported through to the Board
The Board further considered the reach and
impact of the Committees role in reviewing
our Sustainability Framework, including our
environmental ambitions. As part of this,
Committee, to becoming the Risk &
Sustainability Committee. Therefore,
renamed itself the Risk and Sustainability
Committee and updated its terms of
reference to widen its remit to include
oversight of the Group’s sustainability
strategy, framework and risks, as well as
the Group’s sustainability commitments
and performance. Reporting to the Risk and
Sustainability Committee is the Executive Risk
and Sustainability Committee, which oversees
the Group’s performance against all the
topics within the Sustainability Framework.
Climate-related risks are incorporated into
our Group risk management framework
and we have continued to assess climate
change as an emerging risk to our business,
rather than a principal risk. See pages 94
Reporting to the Executive Risk and
Sustainability Committee is our new
Sustainability Steering Committee,
communications, Board engagement
sustainability governance is structured.
Assurance of climate-related
measurement and reporting
The Group is committed to continuous
improvement within our climate-related
external reporting and to this end undertook
an internal review of the Group’s sustainability
plans during the third quarter of 2022,
including the consideration of the assurance
that management has over our TCFD Report
and our externally reported data.
As part of this review the Group has
enhanced internal processes to include
external partner who helps us to produce
our carbon footprint to ensure its accuracy,
traceability and completeness. Internal
processes have also been updated to
ensure that it is made clear where data has
been estimated (and the basis for such
estimations and assumptions) and where it
is based upon actual figures. We have for
the first time included within this report the
emission data from Ice Travel Group
following its acquisition.
Management’s role in assessing and
managing climate-related risks
As stated above, the Group General Counsel
and Company Secretary has responsibility
for leading our climate change agenda, for
embedding our ambition and commitments
into the Group and for managing our
policies and practices across a range of
sustainability and ESG matters, including
climate change. The Chief Risk Officer is
responsible for our risk management
framework and approach, including the
assessment and management of climate-
related risks. Climate related matters are
identified through both internal and
updated through the Employee
updates to reporting on the Group’s
emissions and targets, through an external
consultant who assists the Company with its
updates. Both the General Counsel and
Sustainability Committee meetings and
report to the Committee on sustainability
and risk matters as appropriate throughout
the year. The Risk and Sustainability
Committee formally report to the Board
The operational management of our
climate-related risks and opportunities
continues to be embedded within our
business strategy and operations, as
detailed in section 2 below. We are
developing our approach as to how we
effectively embed climate-related risks and
opportunities into our financial planning
and investment decisions.
We have a TCFD Working Group which is
chaired by the Group General Counsel and
Company Secretary and has representation
from the Legal, Governance and
Procurement team which has responsibility
for sustainability in the business, and the
Risk and Compliance team, including the
Chief Risk Officer, and is responsible for
reporting the Group’s progress against
Management’s role in assessing
Our employee-led Green Team is
colleagues who work together to devise and
implement local energy-saving and carbon
emission and waste reduction initiatives.
2. Strategy
Climate-related risks and opportunities
identified over the short, medium and
long term
The processes used to identify the material
climate-related risks and opportunities
include scenario analysis and detailed risk
assessment, in consultation with relevant
stakeholders across our business. Risks are
classified, assessed and managed
Management Framework described on
pages 62 to 67. In considering this risk
assessment, we defined the
• short term (up to three years) reflecting
the period over which we prepare
financial projections which are used to
• medium term (period to 2030) reflecting
the period over which we committed to
• long term (period beyond 2030) reflecting
the period over which longer term
climate, consumer and structural trends
will take place.
Strategic Report
49
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC