Taking action against climate change

The Society acknowledges climate change as a matter of scientific fact. Climate change presents a risk to the Society as a whole, as well as specific financial risk which may result in damage to some of its objectives.

In response, the Society is assessing the steps it has already implemented in terms of physical and transitional risks and what further steps it can take to mitigate these risks, as well as measures it can undertake to reduce the overall impact the Society has on climate change.

Responsibilities

The PRA & FCA Senior Managers & Certification Regime (SM&CR) requires the Society to allocate the ‘Responsibility for managing financial risks from climate change’ (Prescribed Responsibility) to a member of its Senior Management Team. The Society’s Board agreed that this Prescribed Responsibility should rest with the Society’s CEO.