Climate risk governance

Board oversight

Sampo plc's Board of Directors has ultimate oversight over group level sustainability, including environment and climate change. The Board has assigned its Audit Committee to monitor Sampo Group's sustainability reporting and activities. The Audit Committee reports to the Board of Directors quarterly. The Board of Directors approves, for example, the Code of Conduct, Risk Management Principles, and the Group Own Risk and Solvency Assessment (Group ORSA) as well as the Group’s sustainability and risk management reporting.

Management role

The Group Chief Financial Officer (CFO), who is a member of the Sampo Group Executive Committee, directs Sampo plc’s Sustainability unit. The CFO ensures that adequate reporting on environmental and climate matters is provided to the Group Chief Executive Officer (CEO). The Sustainability unit of Sampo plc, led by the Head of Sustainability, is responsible for the development and coordination of sustainability at group level. The Group CFO and Sampo plc’s Sustainability unit report to the Board of Directors and the Audit Committee on sustainability matters at least twice a year, and more frequently when deemed necessary.  

Insurance subsidiaries

Climate-related risks and opportunities are identified, assessed, and managed primarily in the insurance subsidiaries, where the actual business operations are being carried out. The Group companies operate in different geographical areas and in different customer and product segments, it is consequently the responsibility of the respective company boards and managements to manage climate-related risks and opportunities accordingly.