RECENT HIGHLIGHTS
MATERIALITY
Our Responsibility strategy was developed with the support of key stakeholders, to address the most material issues for our business, as well as the most pressing social and environmental needs along our value chain.
Our goals are informed by the Paris Climate Agreement and the UN’s Sustainable Development Goals (SDGs), resulting in, for example; our climate-related commitments to be net-zero by 2040, adopting science based targets and a 100% renewable electricity target (in support of SDG 13 – Climate Action); driving positive change through all of our products (in support of SDG 12 – responsible production and consumption); and contributing to several SDGs through our goal to positively impact 1 million people with the support of the Burberry Foundation all by 2022.
Our community focused programmes were established based on key locations along our value chain where we are uniquely placed to make a difference (and contribute to: SDG 1 – No Poverty, SDG 4 – Quality Education, SDG 5 – Gender Equality, SDG 8 – Decent Work and Economic Growth, SDG 10 – reduced inequalities).
When establishing these programmes we worked with expert non-governmental organisations, to identify local community needs and effective ways to address them. All of our targets to 2022 are underpinned by SDG 17 – Partnerships for the goals, as we recognise a collaborative multi-stakeholder approach is required to tackle some of the greatest global sustainability challenges faced today.
During FY 2021/22, we undertook an ESG materiality assessment review to identify the most material risks and opportunities for the business. This included assessing environmental and social topics based on their importance to our stakeholders and their impact on Burberry, and determining which topics were most material for Burberry. We also reviewed the Group’s governance of ESG topics to ensure appropriate oversight of ESG risks and opportunities.
EXTERNAL ASSURANCE OF CORPORATE RESPONSIBILITY DISCLOSURES
Burberry has appointed PricewaterhouseCoopers LLP (PwC) to provide limited assurance over selected Company, Product and Community information for FY 2021/22. Information forming part of the assurance scope is denoted with a ^ above. The full assurance statement and Burberry’s basis of reporting for the Responsibility KPIs are available here and independent assurance statement. Please click here for Burberry’s basis of reporting and the full independent assurance statement for scope 3 KPIs as detailed in the Climate Positive 2040 report.
GOVERNANCE
Environmental and social responsibility is an essential element of Burberry’s strategy for which the Board is responsible. The Board is also responsible for ensuring its approach to ESG topics is integrated into, and implemented across, the business. The governance framework of committees and advisory forums provide updates and key information to the Board to ensure it is able to make informed decisions. The Board receives updates on priorities relating to the environment, people, supply chain, communities, sustainable finance and communications regularly.
In FY 2019/20, a Sustainability Steering Committee chaired by the CEO was established to review and oversee the Group’s strategy on environmental and social issues. During FY 2021/22, we reviewed the governance of ESG topics. As part of this review, the Sustainability Steering Committee evolved to the Sustainability Committee, which will meet four times a year and is co-chaired by the CEO and CO&FO. The Sustainability Committee will report to the Board at least twice a year to enhance the Board’s monitoring of progress.
The Chief Supply Chain Officer, the Chief People Officer, the Head of Ready-to-Wear, General Counsel, Senior Vice President Strategy, Vice President Corporate Responsibility and Senior Vice President Corporate Relations and Engagement are also members of the Sustainability Committee. Senior leaders are responsible for ensuring all decisions are taken with environmental and social impacts in mind. The Company has a cross-functional working group responsible for delivering the recommendations of the TCFD and evolving the company’s TCFD disclosures. The TCFD working group includes members from the Risk Management, Finance and Corporate Responsibility teams, and reports to the Risk Committee, which is chaired by the CO&FO. The Ethics Committee covers topics relating to ethics, compliance, environment and communities, and reports to the Audit Committee. The remuneration of the Executive Directors is partly linked to our progress in building a more sustainable future, including progress towards the Group’s Responsibility goals.
SUPPLY CHAIN ANALYSIS
Our supply chain analysis for FY2021/22 looks at our business model and external supply chain composition. Please click here to find out more.
