9.6 TCFD disclosures

Corporate governance and management system

Role of the Management Board

Assessing and managing climate change risks and opportunities is an integral part of ERGO Hestia Group’s Strategy.

The Management Board oversees analytical activities related to climate change. All related relevant and strategic matters are dealt with by the Management Board or one of its subordinate departments.

The Management Board plays a key and overarching role in the risk management system aimed at ensuring that the Company’s strategic criteria are met:

maintaining a strong financial condition,
protecting and increasing the value of the Company,
protecting reputation.

The Management Board appointed:

Risk Management Committee – a collegiate body that oversees the organisation’s risk management processes and advises the Management Board on the risk management process. The rules of operation of the Committee are set out in the Rules of Procedure
Environmental Management Team to ensure the efficient functioning of the environmental management system. The rules for the functioning of the Environmental Management Team are set out in an internal regulation.

Director of the Risk Office

The positioning of the risk management function within the organisational structure ensures that it has adequate operational independence (an independent organisational unit within the line supervised by the Management Board Member for Finance and Organisation).

The person overseeing the risk management function is the Director of the Risk Office. The Director’s responsibilities include overseeing the performance of ERGO Hestia Group’s risk management activities, including overseeing the companies’ overall risk position and the early identification of significant risk factors.

List and verification of risks and opportunities

The ERGO Hestia Group performs ongoing monitoring of the risks in the business environment in accordance with the PESTEL methodology, understood as a cross-section of political, economic, social, technological, environmental and legislative conditions which may affect its operations.

An up-to-date list of environmental risks and opportunities for the ERGO Hestia Group is maintained by the Director responsible for Sustainability.

Risks are assessed by the Environmental Management Team.

The list of risks and opportunities is reviewed at least once a year during the review of risk management processes.

ESG education of employees

ESG activities initiated earlier continued in 2022. This is a result of changes in the business regulatory environment across the European Union which primarily impacts financial institutions, including companies offering life insurance. Accordingly, ESG, climate risks and non-financial disclosures have been the subject of many conferences, debates, training sessions and publications at the ERGO Hestia Group.

The individual business units are responsible for their activities both with regard to insurance, investments and operational aspects of ESG.

We offer targeted training programmes to upskill our employees and develop their ESG competences. They are tailored to individual business operations and regions, include training on the practical implementation of our underwriting guidelines and provide information on current sustainability topics.

Training is designed for managers, underwriters, account managers, business analysts and interns in business units.

Strategy

Scope and purpose of the strategy

Our holistic strategic approach to environmental and climate protection covers both business-related activities (i.e., insurance, investments and own emissions from operational processes) and corporate responsibility measures. Measures are aimed at mitigating the effects of climate change and supporting transition.

Aware of our responsibility and impact as an investor, we implement responsible investment guidelines. The integration of ESG (environmental, including climate, social and governance) criteria into the investment guidelines is an integral part of the investment strategy. This means that we take ESG criteria into account when making investment decisions.

Strategic commitments and projects

ESG factors, including the approach to climate change, are an important pillar of ERGO Hestia Group’s development and business strategy. The strategic commitments and projects include the following:

monitoring Carbon Intensity in the insurance and investment portfolio for greenhouse gas emissions,

implementing measures to achieve climate neutrality and limit the global temperature increase to below 2°C (including CO₂ emission reduction),

developing products and services which support the environment and climate change reduction,

implementing ESG factors in the risk and investment assessment process,

implementing environmental initiatives, raising awareness, sharing practices.

Risk management

Investing in accordance with the prudent investor principle as set out in Article 276 of the Act of 11 September 2015 on insurance and reinsurance activity (Journal of Laws of 2023, item 656, as amended).

The Company does not distinguish a separate category of risks for sustainability but views them as one aspect of the individual risks. Sustainability risks interact with the individual risks through different transmission channels and can have a significant impact on them.

The Company takes into account all relevant risks in its investment decision-making process, including, as far as possible, with particular reference to the availability of information published by financial market participants, climate risks.

Environmental risks, including climate risks, are identified on the basis of relevant direct and indirect environmental aspects; and analysis of insurance, investment, operational and own business portfolio data. As a result of the analysis, environmental objectives are set to minimise the emergence of a risk or to maximise the emergence of an opportunity and its appropriate use in environmental management. As part of the sensitivity analysis carried out, a scenario was analysed taking into account climate change which could result in a natural disaster.

In the identification of climate risks, according to the classification adopted among others by the Task Force on Climate-Related Financial Disclosures at the initiative of the Financial Stability Board, we distinguish between physical risk and transition risk associated with the transition to a low-carbon economy.

All relevant risks, including those related to climate change, are appropriately addressed in the risk reports provided to management.

Metrics and targets

12 ESG factors in risk assessment and investment transactions

We have identified 12 generally applicable ESG factors that are taken into account in our assessment of insurance business risks and investment transactions.

The ESG factors apply to corporate liability, reinsurance and investments in relation to:


1.	Natural resources and biodiversity
2.	Pollution
3.	Greenhouse gas emissions
4.	Political environment and public perception
5.	Human rights
6.	Working conditions
7.	Cultural heritage
8.	Resettlement of people
9.	Community health and safety
10.	Responsible planning and evaluation
11.	Compliance
12.	Consultation and transparency

Zarządzanie prywatnością

< Powrót

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Współadministratorami danych osobowych są:

Sopockie Towarzystwo Ubezpieczeń ERGO Hestia S.A z siedzibą w Sopocie, ul. Hestii 1, 81-731 Sopot,

Sopockie Towarzystwo Ubezpieczeń na Życie ERGO Hestia S.A z siedzibą w Sopocie ul. Hestii 1, 81-731 Sopot ,

a w zakresie korzystania z usługi Piksel Facebooka współadministratorem jest również Facebook Ireland Limited z siedzibą w Dublinie, 4 Grand Canal Square, Grand Canal Harbour, Dublin 2, D02X525 Dublin.

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9. Environmental impact

Corporate governance and management system

Strategy

Metrics and targets

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