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1、WjORlOECONOMICFQRUMHowtoSetUpEffectiveClimateGovernanceonCorporateBoardsGuidingprinciplesandquestionsExecutiveCompensationGuidebookforClimateTransitionIncollaborationwithWorldEconomicForum,sPrinciplesforEffectiveClimateGovernanceWiH2021WilteTOWef8Watson.A11QhtsreservedClimatelSupportingchaptersChapt
2、erZero Brussels , DrdorsOrnate ForwnChapterZero Canada Tb Dirwctoa Cimt FoornAustralianInstituteofCompanyDirectorsChapterZeroBrazilhIBGCClwnateForumChapterZero ChileThpDirKionrClmatFFanjmChapterZeroFrance1.eRxumCtorwtCJeSAdrWiiSIraleUrSClimateGovernanceInitiativeGermanyClimate Guviknknle malariaChap
3、terZero Poland Tw DmlcnCimetsRvunriChapterZeroMdxicoIntcistivadaGoberwvaCimMca* CLIMATE GOVERNANCE INITIATIVE RUSSIANACDChapterZeroSwitzerlandTheDirectors,CfinateForumChapterZeroTnDiwctorsCHrrMFortIndustry deep-divesWBusiness,investorandIBestpracticesindrivingclimateMarketinsights:Climatemetricsinre
4、gulatorycontextobjectiveswithexecutivempensationexecutiveincentiveplans02021WillisTowersWatson.Allrightsreserved-ProprietaryandConfidential.ForWilfcSTowersWatscnandWiifcsTowersWatsonc*entuseonly.AboutthisguidebookAsorganizationsacknowledgetheneedtotransitiontoanetzerobusinessmodel,investorsexpectboa
5、rdmembersnotonlytodrivetheadoptionofacredibleclimatetransitionstrategy,butalsotoprovideclearevidencethatitsexecutionhasbeenembeddedeffectivelyacrossallkeymanagementprocesses,includingenterpriseriskmanagement,strategicplanning,innovation,capitalinvestmentandhumancapital.Onecriticalleverisformanagemen
6、ttobeheldaccountableforthedeliveryofthestrategyand,whereappropriate,thecapturingofopportunitiesinclimatetransition.WillisTowersWatson,partneringwiththeClimateGovernanceInitiative,hasdevelopedthisguidebooktoexplorehowtodrivetheclimatestrategybymeaningfullyembeddingitwithinexecutivecompensationframewo
7、rks.Ourworkisinformedbyfindingsofsurveysandinterviewswithinvestorsandboardmembersfromorganizationsacrosstheglobe.Epensation12Marketinsights:Climatemetricsinexecutiveincentiveplans23Industrydeep-divesEndnotesTableofcontentsBusiness,investorandregulatorycontextBestpracticesindrivingclimateobjectiveswi
8、thexecutiveThisguidebookissetupasaninteractivePDF.Eachofthesectionsmaybeaccessedbyclickingonthelinksbelow.Forexample,tojumptoourviewson“effectiveexecutivecompensationdesign；simplyclickonthebanneratthebottomofthepage.DeepdivesonselectindustriescanbeaccessedattheendofuMarketinsightssection.Simplyclick
9、ontheindustryonpage29,andthiswilltakeyoutoindustry-specificobservationsonhowtheindustryrelatestoclimatechangeatahighlevel,wherecompanieswithintheindustryareiritermsofincorporatingclimateintotheirexecutiveincentiveframeworks,commonchallenges,aswellasleading-companyexamples.Business,investorandregulat
10、orycontextBestpracticesindrivingclimateobjectiveswithexecutivecompensationMarketinsights:ClimatemetricsinexecutiveincentiveplansIndustrydeep-diveswiN心2OWillisTowersWats.Allnghtsreserved.ProprietaryandConfidential.ForWilbsToWerSWatsonandWilteTowersWatsonCfcentuseonly.TheWorldEconomicForumPrinciplesfo
11、rEffectiveClimateGovernanceIn2019,theWorldEconomicForumunveiledthePrinciplesforEffectiveClimateGovernanceforo-executiveboarddirectors.Theseprinciplessetouthowwell-governedboardsshouldincorporateaclimatelensintoallrelevantaspectsoftheiroversightfunctions.Oftheeightprinciples,Principle6focusesonincent
12、ivization.1Withinthisarea,executivecompensationisidentifiedasoneofthekeymechanismsthatdrivetherightbehaviorsandenablethecompanytodeliveronitsclimatetransitionstrategy.CLIMATEACUNTABILYSUeJECTCOMMANDSTRATEGICINTEGRATION*ooIC0MMC*QUMBOARDSTRUCTUREMaterimityASSESSMENTHowtoSetUpEffectiveClimateGovernanc
13、eonCorporateBoardsGuidingprinciplesandquestionsPrinciple6-IncentivizationTheboardshouldensurethatexecutiveincentivesarealignedtopromotethelong-termprosperityofthecompany.TheboardmaywanttoconsiderincludingClimate-relatedtargetsandindicatorsintheirexecutiveincentiveschemes,whereappropriate.Inmarketswh
14、ereitiscommonplacetoextendvariableincentivestonon-executivedirectors,asimilarapproachcanbeconsidered.Business,investorandregulatorycontextBestpracticesindrivingclimateobjectiveswithexecutivempensationMarketinsights:ClimatemetricsinexecutiveincentiveplansIndustrydeep-diveswiH2021WilllsTowersWatson.AJIghtsreserved.ProprietaryandConfidential.ForWdksTowersWatsonandVlksTowersWatsonckentuseonly.Don,tsManage annual reports, executive compensation disclosures and ESG/climate reporting in silosUse judgment-based or ambiguous clim
