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ESGBERT 29

The environment Details of our approach to responsible business and its aims and activities can be found on the Company’s website www.londonmetric.com, where a full version of the annual Responsible Business report can be downloaded.

Over the last number of years at AIB we have been working to build a more sustainable business.

Just days later, COVID-19 restrictions were in place across our locations and employee wellbeing came to the fore.

The environment Take a cautious and responsible approach to the environment; promote compliance with environmental law, improvement in management standards and the sustainable management of natural resources; and help combat climate change by supporting the development of products and services that are environmentally beneficial.

These values drive and influence activities of all employees, guiding the Group’s dealings with customers, each other and all stakeholders.

We believe our purpose – to create more joy in the world – will continue to fuel our ongoing growth and success, as it provides us all with a guidepost to decision making throughout our organisation, it sets expectations on how we treat each other – all those we serve and work alongside – and why we do what we do as an organisation.

In establishing the overall approach to the Group audit, we determined the type of work that needed to be performed by us, as the Group engagement team, or by auditors within Deloitte network firms operating under our instruction (“component auditors”).

The training covered a variety of topics, which included password complexity, tailgating, risks of USB devices, data classification, suspicious emails, and phishing.

In March 2018, we launched AIB Together, a bankwide community programme focusing on core themes of Youth & Education and Entrepreneurship.

This was awarded in recognition of AIB’s Staff Wellbeing Programme, which has the key objective of providing a health and fitness at work programme that supports early intervention, supporting the fact that prevention is better than cure.

Executive Directors, as employees of the Group, are also subject to the Group’s Code of Conduct and Conflicts of Interests Policy for employees.

As a listed company, it has a duty to consistently monitor its own sustainability management and raise its profile through holistic corporate reporting in order to establish itself as an exemplary player in the market.

Last year, we volunteered and provided funds to over 200 community organizations.

Basis of audit opinion We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board.

The Company continues to comply with HMRC rules in order to maintain its status under Venture Capital Trust legislation as highlighted on page 16.

Environmental risk is mitigated by requiring assessments performed by qualified inspectors whenever the current or previous uses of the property or any adjacent properties are likely to have resulted in contamination of the property financed.

When we read the annual report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance.

Succession planning and diversity remain key areas of focus for the Board and the Nomination and Governance Committee as we seek to ensure that the composition and balance of the Board is reviewed and refreshed where necessary; that continuity is maintained, and that Directors with the appropriate skills and experience and from a diverse range of backgrounds join the Board to bring fresh perspective and challenge to the Group’s strategy in the markets in which it operates.

We also report to the Audit Committee on disclosure matters that we identified when assessing the overall presentation of the financial statements.

The main focus area for the Board and the Investment Manager is the development and integration of the data, tools and capabilities needed to support disclosure, risk identification and monitoring for ESG- related risks, including climate-related risks across the whole portfolio.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group and Company’s internal control.

In addition, the selection of Ms Yip enables the Nomination Committee to pursue the Supervisory Board’s goal of increasing the proportion of female Supervisory Board members.

Based on the assurance obtained, the Audit Committee recommended to the Board a resolution to re-appoint BDO LLP as Auditor at the forthcoming Annual General Meeting.

To offset our 2019 carbon footprint, we have chosen to support a project in India which provides renewable energy through the installation and maintenance of wind turbines.

Through a series of informal visits known as ‘Out and Abouts’ as detailed in this Corporate Governance report, branch visits and various staff events, the Board took the opportunity to increase face-to-face meetings with employees throughout 2019.

NonExecutive Directors are appointed so as to maintain an appropriate balance and to ensure a sufficiently wide and relevant mix of backgrounds, skills and experience to provide strong and effective leadership and control for the Group.

Further information on the role of the audit committee is set out above.

The Audit Plan contains the comprehensive programme of individual audits that provide an independent assessment of key governance, risk management and control processes.

Our Appraisal Reports comply with the reporting requirements set forth under the generally accepted appraisal standards and principles.

In so far as each of the Directors is aware: there is no relevant audit information of which the Company's auditors are unaware; and the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

Our facilities team are exploring ways in which a third party can verify our emissions in 2020.

Performance Management In line with the Group’s Talent and Culture strategic priority, the Board continued to focus on building a strong culture which aligned with the Group’s brand values.

As at 31 March 2016, the India Fund was invested in a portfolio of six assets in the power and transportation sectors.

We gained an understanding and tested relevant General IT Controls for systems we considered relevant to the financial reporting process, including access management, programme development and change management.

Meeting investor expectations on Responsible Business As shareholder expectations on corporate governance and sustainability increase, we undertook our first Responsible Business survey of investors in the previous year.

The Code sets out how employees are expected to behave in terms of the business, customer and employee.

At Schwab, we believe that we earn client loyalty through our actions each and every day.

This year we reviewed our responsible investment policy with regard to our ESG positioning.

We identify closely with these communities and are delighted to sponsor the Welsh Rugby Union strip for the next three years.

We have considered quantitative and qualitative factors such as understanding the entity and its environment, history of mistatetements, complexity of the company and the reliability of control environment.

Subsequently, (1) ‘The Combined Code: Principles of Good Governance and Code of Best Practice’, adopted in 1998 by the Irish Stock Exchange and the UK Listing Authority. 51 Directors must submit themselves for re-appointment at intervals of not more than three years; however, Directors who have served more than nine years are subject to annual re-election by shareholders.

Already we are successful at exporting our award-winning culture.

Our purpose is to help our customers create and build sustainable businesses in their communities.

However, a small part of its business has been impacted by the marketwide drop in fuel oil storage rates.

This addresses the need for an improved work/life balance which the Company believes is important to help alleviate the high-stress work environment, and also responds to staff requests for support with physical exercise and certain outdoor pursuits.

We also assessed Management review controls and governance controls including attendance and observation of Board Risk Committee and Credit Committee meetings.

In 2007 we also signed up to the Lloyd’s Climate Wise principles.

Remuneration committee effectiveness The Remuneration Committee undertook a review of its own effectiveness during 2019/20 as part of the wider Board and Committee evaluation exercise.

Supporting art in the community AIB has an extensive art lending programme, with artworks constantly on loan to public institutions.

The level of reporting is expected to build over time as the range of factors to consider increases and as our compliance with the UN PRI guidelines becomes apparent.

We also report to you if, in our opinion, the directors' report is not consistent with the financial statements, if the company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding directors' remuneration and transactions with the group is not disclosed.

She will be leading the Board’s sustainability agenda.

Reviewed and recommended to the Board the Policy on Employment of Former Employees of the External Auditor.

Climate risk and its impacts are being assessed in the Group’s 2020 Material Risk Assessment process.

Customer bills will fall by an average of 8.8% in real terms next year, the largest decrease of all water and sewerage companies.

The report on controls is also evaluated by the internal auditors.

We asked our stakeholders: “In your opinion, what actions can be undertaken within the bank to continue to rebuild trust through responsible banking practices and operations?” We compared the choices of our people with responses from our external stakeholders and made the 14 material topics of greatest significance to both groups our priority focus.

Two preservation projects managed by the World Land Trust in South America were supported by the ‘Add more green’ fund.

In line with the relevant EU regulatory requirements, and strong corporate governance practices, the next tendering process for a new Group Auditor will be no later than 2023.

In 2007, we sent volunteers to a school to help students understand the process of getting paid.

Anti-facilitation of tax evasion policy The Company has a zero tolerance approach with regards to the facilitation of criminal tax evasion and has a robust risk assessment procedure in place to ensure compliance.

Risk monitoring and reporting Regulatory Compliance undertakes risk-based monitoring of compliance with relevant policies, procedures and regulatory obligations.

The Audit Committee has reviewed the level of non-audit services fees and is satisfied that it has not affected the independence of the Auditor.

These schemes have promoted wider employee involvement in the Group.

We continued to grow our employee wellbeing offering this year with the launch of our Employee Assistance Programme, which gives our people access to independent confidential advice and support should they need it.

Mine Safety Disclosures Executive Officers Part II Item 5.

We then formatted our Sustainability Report around the 11 chosen macroeconomic issues, illustrating how we are addressing each in our business and operations.

This is once again due to our people.

Various initiatives across the Group promote diversity and inclusion, such as our headline sponsorship of Pride Cymru over the summer.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

In addition, the Board, Group Audit Committee and the Executive Committee receive summary information on significant operational incidents on a regular basis.

All GHG emissions figures are in tonnes of carbon dioxide equivalents (CO 2 e) and include all six GHGs covered by the Kyoto Protocol.

We published both a detailed and summary report, which are available for download on aib.ie/sustainability.

For example, the business is looking at more responsible sourcing solutions, including fully renewable electricity, in order to reduce its greenhouse gas emissions.

This provides our Customer Services staff with the opportunity to demonstrate that they have the right skills, knowledge and behaviours to progress their career with us.

Within this overall NPS score, we track, on an ongoing basis, specific customer engagement journeys.

Investor appetite remains strong, particularly in areas such as renewables and digital infrastructure.

Since 2005, all the Directors retire from office at the AGM and offer Governance & oversight - 3.

As part of our assessment of the IT environment, we considered privileged user access management controls to be critical in ensuring that only appropriately authorised changes are made to relevant IT systems.

This is an ambitious commitment which places the Group at the forefront of Irish banks leading the way in supporting the transition to a low carbon economy in Ireland.

The existing guidance and disclosure requirements for separate financial statements are unchanged.

We held our second annual Diversity & Inclusion Week in March, during which all AIB employees were encouraged to Pledge for Inclusion.

It now has a membership of over 3,900, although its value has fallen slightly since last year, in line with a general softening of values in the health and fitness market.

We aim to maximise the local benefits from our activities and work hard to develop relationships with local authorities, schools, charities, residents and businesses.

We continue to make every effort to ensure that all of our people are aware of our strategy and understand the Group’s performance objectives as this drives our success.

Our success is built on delivering a first-class service through the skills and passion of staff who bring our values to life across the business.

To publish our first Sustainability Report, clearly articulating our approach, highlighting both what we already do well, and where we have more to do.

Environment As an investment company with no employees, governed by a non-executive Board of Directors, 3i Infrastructure has no direct material impact on the environment.

Consideration of corporate responsibility issues is embedded as a mandatory part of this process.

AIB Ireland also includes the costs for the workout unit for loan restructuring as sustainable customer solutions are worked through.

We believe that a responsible approach to investment will add value to our portfolio and that the effective assessment of ESG risks and opportunities has a positive effect on the value of our investee companies.

Doug Bannister Non-executive Director Doug has over 25 years of experience in the transportation sector, having led businesses trading around the world for P&O Nedlloyd and Maersk Line.

In addition we report to you if, in our opinion, the Company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding Directors’ remuneration and other transactions is not disclosed.

Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose.

The Committee is chaired by the Group CRO (the Group CEO is the co-chair) and includes all members of the Group Executive Committee as well as the Group Internal Auditor and the Group Head of Regulatory Compliance and Business Ethics.

In June 2019 we created a Workplace Support Team to provide support for those with physical disabilities, neurodiversity and short-term mental health problems.

We review whether the Corporate Governance statement on pages 58 to 63 reflects the Company’s compliance with the nine provisions of the 2003 Combined Code specified for our review by the Listing Rules, and we report if it does not.

The efficacy of related policy and practices and the embedding of Company values is overseen by the Board.

The Committee conducted its annual effectiveness review in July 2020, which confirmed the Committee is operating effectively.

Our responsibility is to express an opinion on these financial statements and an opinion on the Company’s internal control over financial reporting based on our audits.