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Announced new $100 billion social and environmental sustainability target to improve social and environmental outcomes for our customers.
Set sectoral pathway targets: • Oil and gas • Cement • Aluminium • Steel.
Joined the Taskforce on Nature-related Financial Disclosures (TNFD) Forum to support its work 2024.
New phase of our Large Emitters Engagement Program (LEEP), including focused engagement and raised expectations on our 100 largest emitting business customers 2030.
Aim to achieve targets for key sectoral pathways: • Thermal coal • Transport (Aviation, Auto Manufacturing, Shipping) • Cement • Large-scale commercial real estate • Aluminium • Oil and gas • Power generation • Large Institutional Agribusiness Customers data coverage target • Residential home loans baseline.
Overview.
About this report.
Disclaimer and important notices 2023 Climate snapshot.
ANZ Climate approach.
Governance.
Strategy.
Risk Management.
Metrics and Targets.
Appendix.
Assurance opinion.
ANZ 2023 Climate-related Financial Disclosures 7
GOVERNANCE.
Board and Executive oversight.
The ANZ Group Holdings Limited Board (Board) is responsible for oversight of the Group and its overall governance and performance, with specific duties as set out in its charter available at anz.com/corporategovernance.
The Board, with the support of the Board Committees, is also responsible for oversight of ANZ’s governance framework. The framework seeks to provide for effective and responsible decision making, assisting ANZ in delivering on its strategy and purpose.
There are six principal Board Committees: the Ethics, Environment, Social and Governance (EESG) Committee; the Audit Committee; the Risk Committee; the Human Resources Committee; the Digital Business and Technology Committee; and the Nomination and Board Operations Committee. Each Committee has its own charter setting out its roles and responsibilities.
At management level, the Group Executive Committee comprises ANZ’s most senior executives. A delegations of authority framework outlines matters delegated to our Chief Executive Officer (CEO) and other members of senior management. In addition, a number of formally established management committees deal with particular ongoing issues.
Our ESG approach, including how we manage our climate-related risks and opportunities, is primarily overseen by the Board and management through our Board EESG Committee and management Ethics and Responsible Business Committee (ERBC). Governance and oversight of risk management is the focus of committees and forums across the bank. See chart for our governance structure relevant to the oversight of climate-related risks and opportunities.
Ethics and Responsible Business Committee (ERBC)
Climate Advisory Forum (CAF)
Group Executive, Institutional – drives execution of the Group's Environmental Sustainability Strategy, including engagement and opportunities with our largest customers.
ESG Governance Team – supports effective identification and management of the Group's ESG risks and opportunities through our senior executive and Board decision making processes and structures.
Group General Manager, ESG – leads the Group ESG Team1 which guides and informs the Group's response to ESG issues and related market disclosures.
Chief Risk Officer – responsible for the Group’s Risk Management Framework, including the ownership of risk strategies, policies and procedures supporting the management of climate-related risks.
KEY MANAGEMENT COMMITTEES AND FORUMS.
KEY MANAGEMENT ROLES.
KEY SUPPORT TEAMS.
Board Ethics, Environment, Social and Governance Committee (EESG)
Board Risk Committee.
ESG Disclosures and Reporting Team – delivers the Group’s ESG disclosures, reporting, market briefings and oversight of forthcoming reporting standards, practices and frameworks.
ESG Analytics and Advisory Team – provides "subject matter expertise" advice on social and environmental issues affecting our business lending decisions, such as public policy, regulation, emerging community standards and expectations, and managing the development of climaterelated metrics and targets.
Social and Environmental Risk Management Team – provides risk oversight over the Social and Environmental Risk Policy and associated requirements and supports the delivery of workstreams to improve the Group's management of social and environmental impacts, including climate-related risks and opportunities.
Institutional Strategic Planning and Execution Team – supports our customer engagement program and the CAF.
KEY BOARD COMMITTEES.
ANZ GROUP HOLDINGS LIMITED BOARD.
OUR GOVERNANCE FOR OVERSIGHT OF CLIMATE-RELATED RISKS AND OPPORTUNITIES 1. Group ESG Team includes key support teams: ESG Governance Team, ESG Disclosures and Reporting Team and ESG Analytics and Advisory Team.
Board Human Resources Committee.
Overview.
Governance.
Board and executive oversight.
Board and Board committees.
Management committees.
Enhanced due diligence.
Executive remuneration.
Strategy.
Risk Management.
Metrics and Targets.
Appendix.
Assurance opinion.
ANZ 2023 Climate-related Financial Disclosures 8
Board and Board Committees.
ANZ’s Board.
The Board is responsible to shareholders for the governance of the Group and oversees its operations and financial performance.
The role of the Board is to promote the long-term interests of ANZ. To fulfil its role, the Board sets and monitors the long-term implementation of ANZ’s strategies and financial objectives. The Board has a specific responsibility to oversee and assess management’s performance in achieving strategies and budgets approved by the Board and in monitoring and managing risk across ANZ.
ANZ's strategy is to improve the financial wellbeing and sustainability of our customers. We are focused on integrating our purpose and ESG approach into our business strategy.
Through our purpose – we have elevated three areas facing significant societal challenges aligned with our strategy and reach, including supporting households, business and financial practices that improve Environmental Sustainability. The other two focus areas, Financial Wellbeing and Housing, are covered in detail in our ESG Supplement available at anz.com/esgreport.
Our purpose provides the context in which we make decisions and consider our overall strategy.
Further, specific updates on our Environmental Sustainability Strategy including the Group’s environmental priorities and related targets are presented periodically to the Board.
Board Ethics, Environment, Social and Governance (EESG) Committee.
The Board EESG Committee, chaired by ANZ’s Chairman, is responsible for assisting the Board by providing oversight of measures to advance ANZ’s purpose, focusing on ethical and ESG matters.
In undertaking this role, the Board EESG Committee is responsible for oversight, review and approval of ANZ’s ESG approach, objectives and performance, including climate-related targets.
The Board EESG Committee generally meets at least four times annually, meeting five times in 2023. Meetings typically open with an overview of the ESG operating environment, covering current and emerging issues, including regulatory and parliamentary inquiries, community sentiment, relevant international developments and our stakeholder engagement.
The Board EESG Committee also reviews ERBC meeting minutes and discusses material matters referred to the Committee from that body. The charter of the Board EESG Committee is available at anz.com/corporategovernance.
Board Risk Committee.
The Board Risk Committee (BRC) oversees the implementation and operation of the Group’s Risk Management Framework, including new and emerging risks, such as risks which are climaterelated. Climate is covered from time to time at the BRC, for example as part of the Chief Risk Officer’s report, via sector reports and updates to ANZ’s Risk Management Strategy.
The BRC meets at least four times annually, meeting eight times in 2023. The charter of the Board Risk Committee is available at anz.com/corporategovernance.
Board Human Resources Committee.
The Human Resources (HR) Committee supports the Board on remuneration and other HR matters. It reviews the remuneration policies and practices of the Group, and monitors market practice and regulatory and compliance requirements in Australia and overseas.
The HR Committee has a strong focus on the relationship between business performance, risk management and remuneration, aligned with our business strategy.
A concurrent meeting of the HR, Risk and Audit Committees was held to review 2023 performance and variable remuneration recommendations at both the Group (i.e. assessment of the ANZ Group Performance Framework which included sustainability-related objectives), CEO and Disclosed Executive level. Refer to our Remuneration Report within our Annual Report available at anz.com/annualreport.
Board skills.
The ANZ Board Skills Matrix, as set out in the 2023 Corporate Governance Statement, which is available at anz.com/corporategovernance, outlines the key skills and experience the ANZ Board is looking to achieve in its membership and the number of Directors with each skill/experience. Included in the skills matrix is Sustainability.
Our Directors collectively bring a broad range of skills, and current and prior experience which includes having held roles across sectors such as infrastructure, energy, mining, banking and agriculture. For further details on the experience of our Directors refer to anz.com/annualreport.
In addition to having individuals on the Board with a variety of technical skills and experiences, the Board seeks to ensure that the Directors operate as a team. The Board is focused on the long-term success of the Group. Each Director has an individual perspective which facilitates respectful and constructive challenge of management and each other and allows for robust debate that may be required when navigating complex issues.
The Skills Matrix is reviewed by the Nomination and Board Operations Committee on a regular basis.
Management Committees and Forums.
Ethics and Responsible Business Committee (ERBC)
The ERBC, chaired by the CEO, comprises Senior Executives and members from business divisions and Group functions.
The ERBC is a leadership and decision-making body that exists to advance ANZ’s purpose and seeks to ensure that ANZ operates responsibly and achieves fair, ethical and balanced stakeholder outcomes. The ERBC approves relevant ANZ policies, such as those policies identified in ANZ’s Climate Change Commitment. The ERBC provides leadership on our ESG risks and opportunities, monitoring progress (quarterly) against ANZ’s ESG targets which include those related to climate change.
The ERBC considers the social and environmental impacts of the industries, customers and communities ANZ serves. The ERBC is responsible for overseeing the ERBC Sub-Committee for sensitive wholesale transactions.
Overview.
Governance.
Board and executive oversight.
Board and Board committees.
Management committees.
Enhanced due diligence.
Executive remuneration.
Strategy.
Risk Management.
Metrics and Targets.
Appendix.