Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 345

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 345
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 analysis, including through improvements to input data and models (e.g. for the power and utilities sector). For further details of scenario analysis, see page 253 . – We enhanced our approach to managing and mitigating the risk of greenwashing. – We developed climate risk guidelines for relationship managers to further embed climate risk considerations into credit risk assessments. While we have made progress, further work remains, including the need to develop additional metrics and tools to measure our exposure to climate-related risks. Governance and structure The Board takes overall supervisory responsibility for our ESG strategy, overseeing executive management in developing the approach, execution and associated reporting. The Group Chief Risk and Compliance Officer is the senior manager responsible for the management of climate risk under the UK Senior Managers Regime, holding overall accountability for the Group’s climate risk programme . The Sustainability Working Group, established in 4Q24, oversees and provides guidance on the Group-wide medium and longer-term sustainability strategy . The ESG Committee has oversight of ESG strategy, policy, material commitments and external disclosure. It is co-chaired by the Group CEO and the Group Chief Sustainability Officer. The Group Reputational Risk Committee provides recommendations and advice on significant reputational risk matters with impacts across the Group. The Environmental Risk Steering Meeting (formerly the Environmental Risk Oversight Forum) provides oversight of environmental risk and the risk of greenwashing. Equivalent forums have been established at a regional level. The Group Risk Management Meeting and the Group Risk Committee receive regular updates on our climate risk profile and the progress of our climate risk programme. For further details of the Group’s ESG governance structure, see page 72 . Risk appetite Our climate risk appetite forms part of the Group’s risk appetite statement and supports the business in delivering our net zero ambition effectively and sustainably. Our climate risk appetite statement is approved and overseen by the Board. Climate risk indicators are reported on a quarterly basis for oversight by the Group Risk Management Meeting and the Group Risk Committee. Policies, processes and controls We continue to integrate climate risk into policies, processes and controls across many areas of our organisation, and we will continue to update these as our climate risk management capabilities mature over time. For further details of how we manage climate risk across our global businesses, see page 58 .

| HSBC Holdings plcAnnual Report on Form 20-F | 251 |

Embedding our climate risk approach The table below provides further details of how we have embedded the management of climate risk across key risk types . For further details of our internal scenario analysis, see ‘Insights from