a.s.r. strives to embed sustainability in its core processes and activities. In order to contribute to the transition to a sustainable and inclusive society within a.s.r., this transition to a sustainability society has been earmarked as a strategic topic. Within the EB, the CEO is ultimately responsible for a.s.r.’s sustainability strategy at group level.
The Sustainability Workforce, coordinated by the corporate sustainability team, supports the EB in its responsibility for the development and implementation of a.s.r.’s sustainability strategy and policies. This workforce includes delegates from the business as well as staff functions. The corporate sustainability team reports quarterly on a set of sustainability KPIs and targets to the MB, which evaluates the results achieved and takes action where necessary. The EB also sets strategic sustainability targets as part of the total set of financial and non-financial (including sustainability-related) KPIs.
Each year, the SB, with advice from the Nomination & ESG Committee, discusses and approves the strategic non-financial targets and progress made in these specific areas. a.s.r.'s sustainability team coordinates the implementation together with the workforce. All members of the workforce subsequently promote these strategy, policies and targets within their own focus areas.
Furthermore, the Sustainability Committee, an advisory body for dealing with a.s.r.-wide sustainability issues and dilemmas, is embedded in a.s.r.'s governance. The committee deals with dilemmas and conflicting interests in the field of sustainability (including ESG and CDD/KYC), making decision-making regarding these sustainability issues more transparent for the EB, MB and SB. Also the Sustainability Committee advises the EB on sustainability related policies at group level. These policies are evaluated periodically and updated when deemed necessary. The Sustainability Committee includes representatives from several departments including Communications, Risk, Legal, Sustainability and the business lines. The Committee meets at least every quarter; an emergency procedure applies to agenda items that cannot be postponed until the next quarterly meeting.
CSRD governance
Since 2023, in anticipation of the Corporate Sustainability Regulation Directive (CSRD) implementation, a project structure is set up with a central project team and several working groups, including representatives from the relevant product lines and staff functions. The MB is periodically informed on the project status, is involved in key discussions and decision-making on for instance the Double Materiality assessment and target-setting, and is ultimately responsible for monitoring and managing the impacts, risks, and opportunities. The MB is supported by second and third line representatives for ensuring a critical review and monitoring the project risks and progress and by topical experts, including sustainability experts on group level and product line level, for ensuring that the impacts, risks, and opportunities are handled with sufficient expertise. The internal quarterly business review updates the MB, among other information, on the actions, targets and progress related to the impacts, risks and opportunities as identified in the Double materiality assessment.
- 1Section 5.1.6 is in scope of CSRD and limited assurance (ESRS 2 GOV-1, GOV-2).