Information on performance, AGM and shares. The Board is also responsible for oversight of the Group’s systems of governance, internal control and risk management. Cyber and Information Security is one of the Group’s top principal risks, making this a critical position for Burberry. RISK APPETITE The main committee is responsible for setting the strategic direction of The 100 Group. As Burberry progresses its new strategy, we recommend that the company continues to build on its commitments to the UN Guiding Principles on Business and Human Rights and to report on both its progress in achieving positive impact and steps taken to identify and address negative impacts. Learn about each of Burberry’s Board Committees below. MANAGEMENT RISK COMMITTEE (CHAIRED BY CHIEF OPERATING AND FINANCIAL OFFICER) ... RISK TOLERANCE. Burberry was founded by Thomas Burberry in Hampshire, England and has its headquarters in London, UK. We set up a cross functional team comprising colleagues from Responsibility, Risk, Investor Relations and Group Finance to help map out a long-term approach to implementation and presented our findings to Burberry’s Risk Committee. An overview of our responsibility strategy. Further information on the approach to corporate governance can be found in the Corporate Governance section. To find out more or adjust cookie settings, click here. Registered  Number: 03458224. Responsibility Team: The Responsibility Team works with and supports internal teams to ensure implementation of the company’s Responsibility strategy … It may also include a discussion about recent issues on risk management that have been brought to light in the media or risk topics that have affected similar industries and how they handled them. Progress against our responsibility goals is reviewed on a regular basis by our Executive Team. Transparency in the Supply Chain and Modern Slavery Statement. Burberry’s Prorsum product line was introduced to secure their positioning in the niche and luxury market. Progress is reported publicly in our Annual Report and on burberryplc.com. A top Burberry competitor, Armani is a popular Italian fashion house that was formed during the year 1975 and is headquartered in Milan, Italy. Sally Uren, Chief Executive, Forum for the Future Burberry’s Chief People, Strategy and Corporate Affairs Officer is responsible for all internal people and health and safety matters, as well as the delivery of our responsibility goals for 2022 (covering community, product and climate change related risks and opportunities), and regularly reports on these topics to the Group Risk Committee and the Burberry plc Board. In early 2017 we shared our draft strategy with our External Advisory Committee, comprising experts from the NGO, social enterprise and academic sectors, to solicit their comments on materiality and ambition of our goals. It is also their responsibility to ensure that remuneration received by the executive directors is aligned with the levels of performance achieved and the value delivered to shareholders. The Group Risk Committee is chaired by the Chief Operating and Financial Officer, who sits on the Burberry Group PLC Board. Burberry’s Chief People, Strategy and Corporate Affairs Officer Burberry’s oversees Responsibility Programme, including its activitiesethical trading in the supply chain and mitigation of forced labour risks, and regularly reports on these topics to the Group Risk Committee and the BurberryGroup PLC Board. This Committee - monitors Burberry’s policies and processes for identifying, assessing and managing business risks including the area of health and safety. Our founder, Thomas Burberry, was a man of strong philanthropic principles; he donated clothes and materials to the Red Cross and was known for welcoming those in need into his home. The role of the Nomination Committee is the following. 2. 11. The Audit Committee is chaired by an independent non-executive member of the Board. An overview of our responsibility strategy. Burberry uses your personal information to offer an enhanced customer service tailored to your preferences. The Burberry Foundation Board is responsible for upholding the Foundation’s vision and ensuring delivery of its charitable purpose. It is the biggest luxury brand with largest UK export share. Shop Burberry.com official site. While working closely with our Profit Protection Manager, these reporting packs are also fed back to the Burberry Group Board Risk Committee. Burberry does not seek to manage structural foreign exchange risk relating to its overseas retail operations. Learn more about the COSO ERM Certif i cate Program Enterprise Risk Management — Integrated Framework (2004) In response to a need for principles-based guidance to help entities design and implement effective enterprise-wide approaches to risk management, COSO issued the Enterprise Risk Management — Integrated Framework in 2004. Registered  Number: 03458224. Information on performance, AGM and shares. We use cookies to elevate your user experience and enhance the quality of our site. The company has a plan that is highly collaborative, but with Burberry firmly in the driving seat and with a clear view of the road ahead. The role of the Remuneration Committee is to ensure that remuneration for the executive directors and other senior executives enables them to be completely focused on driving the Company’s performance and delivering the key strategies in a responsible way. Starting in 2004, we established our ethical trade, community investment and environmental programmes and launched our first five-year responsibility goals in 2012. The irony of Burberry’s partnership with footballer turned food poverty campaigner Marcus Rashford to support youth charities won’t be lost on many. When developing our community focused programmes, we first worked with our Product Development, Sourcing and Business Strategy teams to identify key locations along our value chain where we have the biggest impacts and where we are uniquely placed to make a difference. London SW1P 2AW, Registered in England and Wales The systemic nature of in-work poverty, gender inequality, and even modern slavery in global supply chains, together with the industry's significant material consumption and waste production and poor record of supply chain transparency, set a challenging scene for Burberry's achievement of its strategy. Our 2022 goals and commitments were assessed for materiality and signed off by our senior leadership team and company Board. We use cookies to elevate your user experience and enhance the quality of our site. We set up a cross functional team comprising colleagues from Responsibility, Risk, Investor Relations and Group Finance to help map out a long-term approach to implementation and presented our findings to Burberry’s Risk Committee. Burberry is currently valued at £2.5 Billion. Matthew Key. The Risk Committee is chaired by the Chief Operating and Financial Officer, who sits on the Burberry Group plc board. Chair of the Audit Committee. Our Responsibility agenda is designed to drive positive change and build a more sustainable future through partnership and innovation. Burberry Luxottica Group is a leader in premium, luxury and sports eyewear with over 7,400 optical and sun retail stores in North America, Asia-Pacific, China, South Africa, Latin America and Europe, and a Choose your location and shop Burberry.com for innovative menswear and womenswear. Committee members represent Elvis & Kresse, Forum for the Future, Oxfam GB and University of Leeds. Acting responsibly and with integrity is in our DNA. Blue and Black is sold in Japan, for younger individuals, and is a foreign product that diversifies the product risk. Burberry does not seek to manage structural foreign exchange risk relating to its overseas retail operations. To be responsible for overseeing the Board’s succession planning requirements in light of the Group’s strategy and the Group’s position on diversity and inclusion. We admire the company's commitment to broader communication with all external stakeholders, to openly discuss challenges and celebrate progress and innovation. It regularly meets with representatives from the UK Government, the International Accounting Standards Board, the Institute of Chartered Accountants of England and Wales, the Financial Reporting Council, investor groups and similar bodies across Europe. The shift in emphasis away from traditional supply chain audits to surveying and promoting workers' wellbeing is timely, and the stronger alignment between the company’s responsibility goals and the Burberry Foundation’s social purpose are enabling a more long-term approach, leveraging combined resources for greater impact. The Risk Committee reports into the Group’s Audit Committee. Burberry has a strong track record of caring for the environment and our communities. In the era of #metoo, all companies need to work harder to demonstrate dignity and respect in the way they interact with employees, customers, and the people who help develop and deliver their products and services. A summary of our progress during 2012-2017 can be found in our Responsibility Reflections report. Suggestions regarding a risk expert are also offered in the guide. audit and risk committee), quite a few do not. Burberry’s finances have been impacted by a slower than expected performance in one of its key markets, China – which is not an issue exclusive to this British founded global luxury giant. 2.2 The members of the Audit and Risk Committee shall be appointed by the Board. A robust governance framework is in place to ensure effective internal oversight, ownership and accountability, as well as external challenge and input: Burberry follows the Turnbull Report guidance and UK Corporate Governance Code. Our targets have also been influenced by a multi-stakeholder event we convened in July 2015. In doing so, the board can ascertain that the risk committee has the composition, reporting relationships, … Risk of military invasion; Level of corruption - especially levels … Burberry Group plc Pursuant to Listing Rule 9.6.1, Burberry Group plc (the "Group") has today submitted two copies of the following documents to the Financial Services Authority (the "FSA"): ... Risks are formally reviewed by the Group Risk Committee (the 'Committee') who meet at least three times a year. Risk management activities include identifying risks, undertaking risk assessments and determining mitigating actions. The role of the Audit Committee is to monitor the integrity of financial information and to provide assurance to the Board that the Group’s internal controls and risk management systems are appropriate and regularly reviewed, together with overseeing the work of the external auditors, approving their remuneration and recommending their appointment. The Risk Committee is chaired by the Chief Operating and Financial Officer, who sits on the Burberry Group plc board. See our Annual Report, page 44, for details on our broader stakeholder engagement approach. The Board has delegated to the Audit Committee the responsibility for reviewing the effectiveness of the Group's systems of internal control and risk management methodology. Learn more about our brand, our business and our heritage. A risk management committee should include risk management lessons and insights. Leading cybersecurity audits across the group, you’ll engage with our Leadership Team and the Audit Committee, contributing to the wider Internal Audit Strategy. It shows consumers that Burberry competes with the latest fashions, and represents the highest end of luxury items. Learn more about our brand, our business and our heritage. The company designs various products like leather goods, watches, goods, accessories, cosmetics, and many more.Their products are available with multiple labels like Armani Jeans, Giorgio Armani Prive, and Giorgio Armani. Horseferry House, The Board meets four times a year. Cyber and Information Security is one of the Group’s top principal risks, making this a critical position for Burberry. Committee membership Member of the Audit & Risk and Finance Committees Skills and experience Stacey is a Chartered Accountant and has extensive experience of global consumer businesses and of corporate finance. Horseferry Road, The External Advisory Committee is a group of leading independent stakeholders with expertise in different areas of sustainability. Burberry’s positioning of functional luxury is extremely competitive and should sustain well over the long-term. A basic tenet of risk management to be remembered, even if a risk committee is created and designated as part of the board, is that the full board should retain the overall responsibility for risk management. As a global luxury retailer and manufacturer with more than 10,000 employees, over 400 retail locations and a supply chain that touches the lives of thousands of people worldwide, we are passionate about driving positive change for our industry, our communities and the environment. Global board risk survey Today’s unprecedented scale and pace of market disruption requires a new way of thinking about risk and transformation. We have since completed nearly 3,000 supply chain audits and assessments, donated more than £30 million to charitable causes, and reduced our market-based CO2e emissions by over 50%. Global board risk survey Today’s unprecedented scale and pace of market disruption requires a new way of thinking about risk and transformation. The role of a risk expert on the board risk committee is comparable to that of a financial expert on the audit committee. Our product, energy and waste goals have been informed by science and by over ten years of experience in developing and implementing social and environmental programmes. Team members are based in London, Leeds, Florence, Hong Kong and Tokyo. Burberry’s Chief People, Strategy and Corporate Affairs Officer is responsible for all internal people and health and safety matters, as well as the delivery of our responsibility goals for 2022 (covering community, product and climate change related risks and opportunities), and regularly reports on these topics to the Group Risk Committee and the Burberry plc Board. plan for succession of risk committee members. Discover luxury outerwear, leather bags, cashmere scarves, beauty and more. Burberry Responsibility Advisory Committee – A collective comment on progress and challenges. The role of the Audit Committee is to monitor the integrity of financial information and to provide assurance to the Board that the Group’s internal controls and risk management systems are appropriate and regularly reviewed, together with overseeing the work of the external auditors, approving their remuneration and recommending their appointment. We will keep you up-to-date on our new runway collections, campaigns, events, product launches and services. The Audit Committee is chaired by an independent non-executive member of the Board. To do this teamwork is, again, vital. Define the agenda for the next Enterprise Risk Committee Meeting based on the current environment within the company, risk assessment, risk mitigation plan and action item due dates. The Audit Committee is comprised of independent nonexecutive directors. 9. Review and approve minutes of the previous Enterprise Risk Committee Meeting. Our 2022 goals were developed with the help 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. Each Burberry product combines a distinctly British attitude with signature details. The main committee is responsible for setting the strategic direction of The 100 Group. Mark Sumner, Lecturer in Sustainability, Retail & Fashion, University of Leeds 1.4 Training To ensure the business delivers benefits to a wider group of stakeholders than shareholders and consumers, and to safeguard the company's commitments to sustainability and corporate responsibility, we encourage the company to investigate ways to 'hard-wire' these into the purpose and DNA of the business and we stand ready to support the company in the necessary innovation to achieve this. Burberry SWOT Analysis Burberry Strengths Below are the Strengths in the SWOT Analysis of Burberry: 1. Last, but not least, the nature of Burberry's ownership model is that its primary purpose is geared to maximise returns for shareholders. This committee of ‘critical friends’ meets several times a year to hear progress updates and comment on draft strategies. These activities are reviewed by our Internal Audit and other control functions, which provide assurance to our Risk Committee, and ultimately to our Board and Board Committees, as shown in the diagram on page 102.