WEF Creating Effective Climate Governance On Corporate Boards
How to Set Up EffectiveClimate Governance onCorporate BoardsGuiding principles and questionsIn collaboration with PwCJanuary 2019
World Economic Forum91-93 route de la CapiteCH-1223 Cologny/GenevaSwitzerlandTel.: 41 (0)22 869 1212Fax: 41 (0)22 786 2744Email: contact@weforum.orgwww.weforum.org 2018 World Economic Forum. All rightsreserved. No part of this publication may bereproduced or transmitted in any form or by anymeans, including photocopying and recording, orby any information storage and retrieval system.
ContentsForeword5Executive Summary6Global Context7Climate Governance Principles and Guiding Questions11Outlook and Conclusion18Appendices:191. Legal perspective192. Investor perspective213. Design of the principles and consultation process224. Glossary of terms23Contributors25Endnotes26How to Set Up Effective Climate Governance on Corporate Boards3
4How to Set Up Effective Climate Governance on Corporate Boards
ForewordClimate change is visibly disrupting business. It is driving unprecedented physical impacts, such asrising sea levels and increased frequency of extreme weather events. At the same time, policy andtechnology changes that seek to limit warming and reduce the associated physical impacts canalso cause disruption to business. As with any form of disruption, climate change is creating and willcontinue to create risks and opportunities for business in a diverse number of ways.DominicWaughray,Managing DirectorCentre for GlobalPublic Goods,Member of theManaging Board,World EconomicForumThis disruptive relationship between climate change and business is already receiving increasedattention. This has been prompted by the Paris Agreement, the emergence of climate-relatedlegislation, the recommendations of the Financial Stability Board’s Task Force on Climate-RelatedFinancial Disclosures (TCFD) and, most recently, the heightened awareness of physical impacts andrisks detailed in the Special Report of the Intergovernmental Panel on Climate Change (IPCC) onGlobal Warming 1.5 C.In light of this attention, investors, regulators and other stakeholders are challenging companies todemonstrate an integrated, strategic approach to addressing climate-change risks and opportunities.An important element in ensuring that climate risks and opportunities are appropriately addressedis the important duty that boards of directors have for long-term stewardship of the companiesthey oversee. However, to govern climate risks and opportunities effectively, boards need to beequipped with the right tools to make the best possible decisions for the long-term resilience of theirorganizations.The goal of this work is to propose tools that can be useful for the board of directors to steerclimate risks and opportunities: the governance principles are designed to increase directors’climate awareness, embed climate considerations into board structures and processes and improvenavigation of the risks and opportunities that climate change poses to business. By providing acompass to enable more effective climate governance, this initiative strives to contribute to theForum’s Compact for responsive and responsible leadership and to sound an urgent call to action forpurposeful stewardship from and for the most prominent custodians in corporations: their board ofdirectors.Jon Williams,Partner,Sustainability andClimate Change,PwCThe vision and action of Directors, CEOs and senior-level executivesis fundamental to addressing the risks posed by climate change anddelivering a smooth transition to a low-carbon economy. Materials, suchas this new World Economic Forum report, that support Boards andExecutives understand how to deliver on the TCFD can help foster avirtuous circle of adoption, where more and better information createsimperatives for others to adopt TCFD and for everyone to up their game interms of the quality of the disclosures made.Mark Carney, Governor, Bank of England and former Chair, Financial Stability BoardHow to Set Up Effective Climate Governance on Corporate Boards5
Executive SummaryThe links between climate change and businessare becoming increasingly evident and inextricable.Business decisions and actions will slow or accelerateclimate change, and climate change will drive risks andopportunities for business. Increasingly, board directorsare expected to ensure that climate-related risks andopportunities are appropriately addressed. However, limitedpractical guidance is available to help board directorsunderstand their role in addressing these risks andopportunities.On the one hand, good governance should intrinsicallyinclude effective climate governance. To this point, climatechange is simply another issue that drives financial riskand opportunity, which boards inherently have the dutyto address with the same rigour as any other board topic.On the other hand, climate change is a new and complexissue for many boards that entails grappling with scientific,macroeconomic and policy uncertainties across broad timescales and beyond board terms. In this regard, generalgovernance guidance is not necessarily sufficiently detailedor nuanced for effective board governance of climate issues.This work seeks to provide useful guidance to boards,acknowledging that climate governance is both integralto basic good governance and fraught with complexity.The result is a set of principles and questions to guidethe development of good climate governance – designedto help the reader practically assess and debate theirorganization’s approach to climate governance and frametheir thinking about how the latter could be made morerobust.The principles and guidance build on existing corporategovernance frameworks, such as the InternationalCorporate Governance Network’s (ICGN) GlobalGovernance Principles, as well as other climate risk andresilience guidelines, such as the recommendations ofthe Financial Stability Board’s Task Force on ClimateRelated Financial Disclosures (TCFD). The drafting processinvolved extensive consultation with over 50 executiveand non-executive board directors, as well as importantorganizational decision-makers, including chief executives,and financial and risk officers. Input was also gained fromexperts from professional and not-for profit organizations.This consultation took place through a series of face-toface and phone interviews over the course of four months,helping to shape and test the principles and guidingquestions.This paper opens with details on the global climatecontext, addressing changing regulations and increasingexpectations of boards in the climate arena. The bulk ofthe paper presents the eight climate governance principlesand their associated guidance. The eight principles arenot presented in order of priority or in a fixed sequence,but do follow a logical flow and build upon each other. For6How to Set Up Effective Climate Governance on Corporate Boardsexample, principles 1–4 lay the foundation for Principle 5,and principles 6–8 help facilitate the endurance of attentionto climate-change issues in the long term. To make theseprinciples practical and applicable, each principle isaccompanied by a set of guiding questions that will helpa company identify and fill potential gaps in its currentapproach to governing climate. The paper is also supportedby chapters that provide additional technical legal andinvestor context in the �––Principle 1 – Climate accountability on boardsPrinciple 2 – Command of the subjectPrinciple 3 – Board structurePrinciple 4 – Material risk and opportunity assessmentPrinciple 5 – Strategic integrationPrinciple 6 – IncentivizationPrinciple 7 – Reporting and disclosurePrinciple 8 – ExchangeThis initiative sought to make these principles bothbroadly applicable and practically useful for organizations.However, these principles should not be taken as universallyapplicable to all companies across sectors and jurisdictions.Moreover, they do not intend to be specifically prescriptivein any way. Rather, the hope is that they will serve as toolsto help elevate the strategic climate debate and drive holisticdecision-making that includes careful consideration of thelinks between climate change and business.As business leaders, we have an importantrole to play in ensuring transparency aroundclimate-related risks and opportunities, and Iencourage a united effort to improve climategovernance and disclosure across sectors andregions.Bob Moritz, Global Chairman, PwC
Global ContextClimate policy, science and economicsLeaders from 184 nations have ratified the Paris Agreementand pledged to take action to keep global temperature rise“well below” 2 C above pre-industrial levels, and to pursueefforts to limit the increase to 1.5 C. This agreement isthe outcome of more than two decades of diplomacy andserves as a landmark in signalling a global transition to alow-carbon economy.In light of this scientific and economic evidence, manyrisk experts and business leaders are beginning tounderstand the diversity and seriousness of the risksclimate change will pose. In fact, over the past five years,corporate leaders have consistently rated climate changeand extreme weather as the top macroeconomic risksover the next ten years in terms of both impact andlikelihood in the World Economic Forum’s annual GlobalRisks Report8 (see Figure 2).The agreement came into force on 4 November 2016. Todate, it has been ratified by 184 Party countries1.These countries are now in the process of implementingtheir national climate plans (known as nationally determinedcontributions or “NDCs”) that they submitted voluntarilyunder the Paris Agreement. Implementation of these NDCsrequires countries to enact policies and legislation to curbemissions. Under the Paris Agreement, countries are alsoexpected to “ratchet up” the ambition of their NDCs overtime to stay well below the 2 C warming limit (currentNDCs limit warming to only 2.6 C–3.2 C),2 see glossary fordetails.Figure 1: Global temperature anomaly fromTemperature anomaly from 1961-1990 average, GlobalGlobal average land-seaaveragetemperature anomaly relative to the 1961-1990 average temperature in degrees Celcius1850-1990( C). The red line represents the median average temperature change, and grey lines represent the upper and lower95% confidence intervals.0.8 UpperMedianLower0.6 0.4 0.2 0 -0.2 -0.4 1850 18601880Source: Hadley Centre ta.org/co2-and-other-greenhouse-gas-emissions CC BY-SADespite the Paris ambitions and latest warnings3 ofcatastrophes associated with 1.5 C of warming4, globaltemperatures continue to rise, as seen in Figure 1. Withoutswift economic transformation, chances of keeping warmingbelow 2 C diminish and risks of physical climate-changeimpacts increase.5Many of these impacts are already being seen, includingincreased incidents of heatwaves, fires, storms andflooding.6 In fact, financial losses from extreme weatherevents in 2017 reached an all-time annual record of 320billion.7How to Set Up Effective Climate Governance on Corporate Boards7
Figure 2: Global Risk Map 2009-2019 (Impact)8How to Set Up Effective Climate Governance on Corporate BoardsIt is estimated that between now and 2100, the potentialfinancial losses arising from climate change could runfrom 4.2 trillion to as much as 43 trillion9, versus atotal global stock of manageable assets worth 143trillion. At the same time, climate-change adaptationand mitigation are also predicted to generate investmentopportunities worth up to 26 trillion between now and2030.10
Disclosure, regulatory and investor trendsand the implications for businessThe TCFD emphasizes governance as a foundationalbuilding block of effective climate risk and opportunitymanagement. Without effective climate governancestructures in place, a company will struggle to make climateinformed strategic decisions, manage climate-related risksand establish and track climate-related metrics and targetsin the short, medium or long term.Despite the growing recognition that climate change willcause disruption to business as usual, reliable informationdetailing how companies manage climate-related risksand opportunities has been “hard to find, inconsistent andfragmented”.11In response to this, the Financial Stability Board establishedthe Task Force on Climate-Related Financial Disclosures(TCFD) in 2015 to develop guidance for companies indisclosing clear, comparable and consistent information onthe financial risks and opportunities presented by climatechange. The final recommendations, released in June 2017,were designed to mainstream consideration of climate riskinto business and investment decision-making to facilitateefficient allocation of capital and to enable a smoothtransition to a low-carbon economy.As of September 2018, the recommendations of the TCFDhad received widespread business support from over 500organizations, including 457 companies with a combinedmarket capitalization of 7.9 trillion. Within this, there are287 financial services firms responsible for assets of nearly 100 trillion, equivalent to more than 50% of the globalcapital markets.12 Moreover, according to the 2018 TCFDstatus report, the World Federation of Exchanges is takingthe TCFD recommendations into account in revising itsEnvironmental, Social and Governance (ESG) Guidance &Metrics.13The recommendations categorize the climate risks into:transition risks (risks that arise from the transition to a lowcarbon economy such as policy shifts) and physical risks(risks that arise from the physical impacts of a changingclimate such as increased extreme weather events).The TCFD also recognizes the business opportunitiesassociated with the transition to a low-carbon economy andadaptation to the impacts of climate change.Figure3: Climate-related risks, opportunities and financial impact (according to TCFD)Figure 3: Climate-related risks, opportunities and financial impactGovernanceStrategyRisk ManagementMetrics & TargetsRisks (Transition & Physical)OpportunitiesPolicy and LegalResource EfficiencyStrategic Planning /Risk ManagementTechnologyMarketEnergy SourceMarkets / Products / ServicesReputationResilienceFinancial ImpactAcute Physical RisksChronic Physical RisksRevenues /ExpendituresIncome StatementCash FlowStatementBalance SheetAssets & LiabilitiesCapital & Financing1How to Set Up Effective Climate Governance on Corporate Boards9
Despite the fact that disclosure against therecommendations of the TCFD remains voluntary,mandatory disclosure of climate risk is emerging as a vitalarea of regulatory focus. Regulators, listing authoritiesand public companies in many major jurisdictions, haveexpressed support for the TCFD recommendations asa useful framework for disclosure and are paying closeattention to their uptake.14 Appendix 1 provides furtherdetails on climate-change regulation and disclosure ofclimate risks.Investors are also scrutinizing companies’ efforts to manageclimate-related risks and opportunities. This is driven by arecognition that climate change will have inevitable impactson investment returns, and that investors need to considerclimate change as a new return variable.15The world’s largest asset managers are putting particularemphasis on climate-smart governance for their portfoliocompanies. For instance, BlackRock expects their corporateboards to have “demonstrable fluency in how climaterisk affects the business and management’s approach toadapting the long-term strategy and mitigating the risk”.16State Street Global Advisors issued a Climate Change RiskOversight Framework for Corporate Directors, setting outits expectations that corporate board members evaluateclimate risk and preparedness.17 Pension funds are alsoincreasingly focusing on effective climate governance.Appendix 2 provides further details on the investorperspective and expectations.Implications for corporate boardsWhile current disclosure, regulatory and investor trends aredriving increased corporate attention to climate change,many boards are struggling to address the related risks andopportunities in a holistic way. The executive and nonexecutive directors interviewed for this report gave a varietyof reason for this, which can be broadly summarized asfollows:–– Competing priorities – Climate competes with aplethora of other emerging and strategic risks thatmust be addressed by the board (e.g. industry change,technology and business-model disruption, changingglobal economic conditions, cybersecurity etc.). Boardshave limited time and capacity to equally review andaddress all of these strategic topics.–– Complexity of climate change – Climate change is acomplex and inherently systemic issue. The risks arediverse, uncertain and often not yet visible in somemarkets. Moreover, the extent of the impacts will dependon important external drivers such as the emergence ofdisruptive technologies and climate regulation, which areparticularly difficult to model. This makes climate changean extremely difficult risk and opportunity to manage.–– Short-term time horizon and focus – Companies areunder constant pressure to deliver short-term results, tomeet investor expectations on a quarterly basis. Climatechange poses longer-term risks that extend beyond theconsiderations of the typical business planning cycle, aphenomenon Bank of England Governor Mark Carneycoined as the “Tragedy of the Horizon”.1810How to Set Up Effective Climate Governance on Corporate BoardsIn addition to, and despite these challenges, board directorsare faced with a fundamental principle: they have a duty tounderstand and prudently manage the potential risks andthreats of the companies they oversee, no matter what thetime horizon. Failure to act on and disclose relevant risks orthreats may expose them or their companies to legal action(see Appendix 1 for details).Yet there remains a dearth of guidance to assist directorsin their duty to understand and act on climate change.Aware of this gap, this report offers guiding principles andquestions as a foundational framework for organizationsseeking to effectively govern climate-related risks andopportunities. The principles are intended to enhance thediscussions on climate competence of directors to theextent that climate risk considerations become embedded innormal board processes. This should enable better-informedinvestment decision-making, more systemic thinking and anintegrated approach to crafting and implementing businessstrategy that is informed by consideration of climate impactsin both the short and long term.
Climate Governance Principles and Guiding QuestionsFigure 4: Guiding principles for effective climate governance on corporate RTING &DISCLOSUREINCENTIVIZATIONEXCHANGEPrinciple 1 – Climate accountability on boards1 - CLIMATEACCOUNTABILITYThe board is ultimately accountable to shareholders for the long-term stewardship ofthe company. Accordingly, the board should be accountable for the company’s longterm resilience with respect to potential shifts in the business landscape that mayresult from climate change. Failure to do so may constitute a breach of directors’duties.For details on director duties and trends in climate-changeregulation and litigation, see Appendix 1.Given that the board is accountable to shareholders forthe long-term health of the organization it governs, theboard should also be responsible to shareholders foroverseeing effective management of climate-related risksand opportunities. As a foreseeable financial issue withinmainstream investment and planning horizons, climatechange should enliven directors’ governance duties in thesame way as any other issue presenting financial risks.The inherent uncertainty associated with how climatechange will affect any organization makes it a challengingrisk and opportunity for board directors to effectively govern.For example, the Paris Agreement signals a transition to anet zero emissions economy in the second half of the 21stcentury, whereas current domestic policies signal a muchslower transition in most cases. While the information thatdirectors have available is far from perfect, they remainaccountable for identifying potential risks and opportunitiesand using the best available information to make informeddecisions that will leave their companies resilient in the faceof a variety of different policy and economic outcomes.Guiding questions1. Do your board directors consider the risks andopportunities associated with climate change to be anintegral part of their accountability for the long-termstewardship of the organization?2. To what extent are climate risks and opportunitiesincorporated into your board’s understanding ofdirectors’ duties?How to Set Up Effective Climate Governance on Corporate Boards11
3. Do your board directors undertake decisions that areinformed by the best available information on climaterisks and opportunities (see Principle 4)?4. Do your directors feel confident in their abilities toexplain their decisions as informed by the best availableinformation on climate risks and opportunities?5. Does the board conduct internal performance reviews?Is accountability for climate risks and opportunitiesconsidered during internal evaluations of the board?6. Are independent performance audits undertaken? If so,do these include climate considerations?Climate change is one of the most urgentchallenges facing the world today. With amere twelve years to save the planet, now isthe time for corporate directors to step up, becourageous and ensure the long-term resilienceof their organisations for the good of societythrough effective climate governance.Katherine Garrett-Cox, Chief Executive Officer, Gulf International Bank UK;Member of the Supervisory Board, Deutsche BankPrinciple 2 – Command of the (climate) subject2 - SUBJECTCOMMANDThe board should ensure that its composition is sufficiently diverse in knowledge,skills, experience and background to effectively debate and take decisions informedby an awareness and understanding of climate-related threats and opportunities.Climate change is a disruptor to business as usual. Aswith any form of disruption, boards should be composedof directors who collectively have sufficient awarenessand understanding of the ways in which climate changemay affect the business. Sufficient awareness at theboard level will also set the tone for the organization anddrive greater awareness for senior management and staff.Executive and non-executive directors can contribute togood climate governance in different ways. While nonexecutive directors are not operationally responsiblefor the business, they may bring specific knowledgeto certain subject matter or perspectives in relationto the risks and opportunities of climate change.Executive directors, on the other hand, are operationallyaccountable and should have greater insight into howclimate risks and opportunities are managed within theorganization:Board composition and agenda1. To what extent does your board have a robustawareness and understanding of how climate changemay affect the company?2. What steps has your board taken to test that itscomposition allows for informed and differentiateddebate as well as objective decision-making on climateissues?3. Has an assessment of climate-competence gaps takenplace? If so, who is conducting such gap analysis andwhat recommendations does it contain?4. Who is responsible for climate change at board level andare these individuals in positions that will allow them toinfluence board decisions (e.g. committee chairs)?12How to Set Up Effective Climate Governance on Corporate BoardsMaintaining and enhancing climate competenceEven once a board has a sufficient composition ofdirectors who bring the required skills to address climateat the company, measures should be taken to maintainand enhance the board’s command of the subject – tofurther diversify the perspectives and allow for richerdiscussions and reviews on climate issues:5. What steps is your board taking to ensure it remainssufficiently educated about the relevant climate-relatedrisks and opportunities for its business?6. Has your board considered whether it would benefitfrom the advice of external experts? If so, has the boardconsidered which experts would be most well suited?7. How can your board plan for succession to ensurethat climate awareness does not stop if an importantindividual or a vocal climate champion leaves theorganization or the board? What kind of skills do youincorporate into the desired profile for a new boarddirector?It took us much too long – more than 30 years– to bring women on boards, we cannot affordlosing another 30 years before climate gets onthe board agenda.David Crane, former CEO of NRG Energy and B-team Leader
Principle 3 – Board structure3 – BOARDSTRUCTUREAs the stewards for long-term performance and resilience, the board shoulddetermine the most effective way to integrate climate considerations into itsstructure and committees.To maintain oversight of the company’s climate resilienceand governance, a board should determine how to mosteffectively embed climate into its board and committeestructures.Given that board structures vary across jurisdictions(e.g. one-tier vs two-tier boards – see glossary fordefinition), there are numerous ways to embed climateinto these structures. Regardless of the board structure,the approach to embedding climate considerationsshould enable sufficient attention and scrutiny toclimate as a financial risk and opportunity. The selectedstructure should also allow for effective connectionand communication with the relevant members of theexecutive management.play complementary roles in meeting the board’saccountability with regards to climate?4. Has the way your board embedded climate allowfor effective interaction with relevant members of theexecutive management (e.g. if climate is embedded inthe risk committee, does this committee ensure thatclimate is also addressed by the Chief Risk Officer)?5. Has the board considered appointing a climate expert,or creating an informal or ad-hoc climate advisorycommittee of internal and external experts?As climate change presents an unprecedentedchallenge to our society and businesses, weGuiding questionsneed all hands on deck to steer our companies1. Has your board determined how to effectively integrate through what needs to be an orderly transition.climate considerations into the board committeeCommitted Boards can play a crucial role tostructures? Are they integrated into (an) existingmake the 2015 Paris commitments a reality.committee(s)? Or, are they addressed by a dedicatedspecific climate/sustainability committee?2. How does your board ensure that climateconsiderations are given sufficient attention acrossthe board (e.g. being discussed in the audit, risk,nomination or remuneration committees)?3. How can executive and non-executive directorsEmma Marcegaglia, Chairman of the Board, EniPrinciple 4 – Material risk and opportunity assessment4 - MATERIALITYASSESSMENTThe board should ensure that management assesses the short-, medium- and longterm materiality of climate-related risks and opportunities for the company on anongoing basis. The board should further ensure that the organization’s actions andresponses to climate are proportionate to the materiality of climate to the company.Assessment purposeClimate change has the potential to drive material (seeglossary for definition) impacts for any type of company.However, the materiality of these impacts will be unique to eachcompany, depending on a number of factors, including sector,size and jurisdiction of operation. Therefore, the materiality ofclimate-related risk and opportunities in the short, medium andlong term should be assessed at the company and understoodby the board. This materiality should then inform the level ofaction and response to climate change at the company:1. Is climate considered in company-wide assessments ofmaterial risks and opportunities in the short, medium andlong term?2. How does your board verify that the company hasembedded effective materiality assessment processes inrelation to climate risks and opportunities?How to Set Up Effective Climate Governance on Corporate Boards13
3. How does your board ensure that the company’s responseto climate change is aligned to the materiality andproportionality of the issue to the business?business risks and opportunities under different time horizonsand climate outcomes. These materiality assessments andscenarios should be updated sufficiently frequently and on anongoing basis.19Assessment process: time horizons and scenario analysisAs climate change is expected to affect the businesslandscape over a longer term than most typical companybudgeting and reporting cycles, it can lead some companies tooverlook risks or opportunities that may become material in themedium to long term.4. Are short-, medium- and long-term time frames consideredin materiality assessments at your organization? Arethe definitions of these time frames appropriate for yourorganization specifically (depending on the sector, size,investment time frames etc. of your organization)?5. How are climate-related materiality assessmentsconducted? Are they integrated into budget or operatingcycle planning?Given the highly uncertain and variable nature of how climatechange will affect the business landscape over these timeframes (in terms of policy, technology, extreme weather etc.),materiality assessments should contain scenario analyses(see glossary for definition) to understand potential major6. Are different climate scenarios being included to informthe assessment of climate change materiality at yourorganization?7. How often are climate-related scenario analyses repeated?Does your board feel this frequency is proportionate to the
governance guidance is not necessarily sufficiently detailed or nuanced for effective board governance of climate issues. This work seeks to provide useful guidance to boards, acknowledging that climate governance is both integral to basic good governance and fraught with complexity. The result is a set of principles and questions to guide
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