NWG // SUSTAINABILITY STATEMENT
Core elements of |
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due dilligence |
Paragraphs in the sustainability statement |
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Embedding due diligence in governance, strategy and business model
- Role of the administrative, management and supervisory bodies- Material impacts, risks, and opportunities
34 42-45
Engaging with affected stakeholders in all key steps of the due diligence
- Role of the administrative, management, and supervisory bodies- Interests and views of stakeholders- Description of the processes to identify and assess material impacts, risks and opportunities- Processes for engaging with own workforce- Processes for engaging with value chain workers- Processes for engaging with consumers and end-users
36 41 50 79 84 87
Identifying and assessing adverse impacts
- Description of the processes to identify and assess material impacts, risks and opportunities- Material impacts, risks, and opportunities- Supplier audits, active participation in Amfori, the International Accord, and MADE in Myanmar
50 42-45 61,84
Taking actions to address those adverse impacts
- Supplier follow‐ups, active participation in Amfori, the International Accord, and MADE in Myanmar- Management of relationships with suppliers- Prevention and detection of corruption and bribery
61,84 90 91
Tracking the effectiveness of these efforts and communicating
- Assessment carried out as part of internal follow-up – and governance processes- Supplier follow‐ups, active participation in Amfori, the International Accord, and MADE in Myanmar- Communicated through this sustainability statement as well as interaction and communication with stakeholders
34-35, 37 61,84
GOV-5: Risk management and internal controls over sustainability reporting The Group Management, together with the CSR and Sustainability Manager, is responsible for identifying, control and prioritizing risk areas through a mapping of the processes underlying the reporting, such as data collection, processing, analysis, and the integration of corporate governance into the Group’ s strategy and operational processes.
Risks related to sustainability reporting are assessed on an ongoing basis and include, among other things, insufficient data quality, incorrect methodologies, unclear allocation of responsibilities, and inadequate documentation. The Audit Committee is responsible for ensuring the quality of the Group’ s internal governance and control and oversees risk management and risk control. These risks are reported to the Board on an ongoing basis.
As actions taken to address reporting‐related risks, the Group has allocated additional resources to improve quality assurance and has implemented system support enabling digitalized and automated data collection from the Group’ s companies. Additional system solutions aimed at improving data quality as well as traceability and transparency in the value chain are currently being implemented.
Furthermore, work is underway to expand the internal control processes for financial reporting to also encompass sustainability data and sustainability reporting. Information regarding risk management and internal control related to financial reporting can be found in the corporate governance Report.
ANNUAL REPORT // 037