Sustainability governance

The Board is responsible for overseeing the development and implementation of the Group Sustainability Strategy including climate-related policies. It has assigned detailed sustainability-related responsibilities to the Board committees.

The GNSC regularly monitors initiatives related to the Group Sustainability Strategy. It oversees the Group’s approach to sustainability matters and related principles, and how they are embedded at all levels of the Group. The GNSC keeps abreast of the Group Sustainability Council’s activities and oversees the integration of governance and operational aspects of sustainability, including initiatives and actions specifically addressing climate change.

The AC assists the Board in ensuring the integrity of Swiss Re’s financial and non-financial reporting, and overseeing compliance with legal and regulatory requirements.

The CC establishes and reviews the compensation framework, guidelines and performance criteria. The performance criteria for allocating the short-term incentive pools as well as those criteria impacting Group EC members’ short-term incentive payouts include sustainability topics such as diversity, equity & inclusion.

On 13 April 2023, the Finance & Risk Committee and the Investment Committee were combined to form the Risk Committee. The RC supports the Board in ensuring the Group’s risk management and control framework, risk appetite and risk-taking principles are adequate, aligned with the business strategy and properly applied. The RC also monitors the Responsible Investing strategy as part of its asset management oversight.

While the Board is responsible for oversight, implementation of the Group Sustainability Strategy is the responsibility of the Group EC. The Group EC approves sustainability policies. It also sets and monitors risk capacity limits, including for natural catastrophes, and determines product policy as well as underwriting and investment standards. In addition, the Group EC monitors performance in the area of sustainability.

The Group CEO is responsible for overseeing the implementation of Swiss Re’s Group Sustainability Strategy, including the progress towards external commitments and Swiss Re’s internal compensation-linked sustainability criteria framework. The Group CEO engages with external stakeholders to advance Swiss Re’s sustainability ambitions and represents Swiss Re in leading sustainability-related organisations.

As the Group EC delegate for sustainability, the Group CRO chairs the Group Sustainability Council (GSC) and guides sustainability activities across the Group. He is responsible for developing and driving the Group Sustainability Strategy, and for the compilation of Swiss Re’s Sustainability Report. As Group CRO, he is responsible for establishing the Group’s risk management framework for all risk categories, including sustainability risks. In addition, he is responsible for Swiss Re Institute and oversees its research agenda, including sustainability topics.

The CEO P&C Reinsurance is responsible for ensuring the consistent integration of sustainability aspects across P&C Reinsurance, ensuring progress is made against Swiss Re´s net-zero and societal resilience ambitions, and managing sustainability-related risks and opportunities.

The CEO L&H Reinsurance is responsible for ensuring the consistent integration of sustainability aspects across L&H Reinsurance, in particular for advancing the societal resilience ambition, and managing sustainability-related risks and opportunities.

The CEO Corporate Solutions is responsible for ensuring the consistent integration of sustainability aspects across Corporate Solutions, ensuring progress is made against Swiss Re´s net-zero and societal resilience ambitions, and for managing sustainability- related risks and opportunities. He also leads the origination of sustainability-related risk services and risk covers for corporates.

The CEO GCS is responsible for ensuring the consistent integration of sustainability aspects for Globals, Reinsurance Solutions, Public Sector Solutions and iptiQ, including progress against Swiss Re´s net-zero and societal resilience ambitions, and for managing sustainability-related risks and the delivery of sustainability-related products and solutions.

The Group CIO is responsible for the development and systematic integration of sustainability aspects along the entire investment process. As Group CIO, she is responsible for investment decisions related to the implementation of the Strategic Asset Allocation. This also relates to Responsible Investing. She is informed about sustainability developments through various channels, including the Asset Management Investment Committee.

The Group CHRO & Head CS is responsible for the Corporate Real Estate & Services, Group Communications and Human Resources division, steering and monitoring Swiss Re’s direct environmental footprint toward the related targetswithin the Group’s
CO2NetZero Programme, and overseeing Swiss Re’s diversity, equity & inclusion strategy.

The Group CDTO is responsible for advancing sustainability in the Group’s supply chain, particularly with respect to increasing vendor compliance with ESG criteria, and for providing data and technology services to develop sustainability-related metrics.

The Group CFO is responsible for Swiss Re’s investor relations activities and public disclosures, including the Financial Report. The Group CFO also supports the fulfilment of sustainability and climate-related reporting requirements at the legal entity level.

The Group CLO is responsible for advising on and assisting to mitigate sustainability-related legal and compliance risks. He supports the Group as a strategic business partner in the implementation of the Swiss Re Group’s Sustainability Strategy and assists in ensuring good corporate governance.