Burberry does not seek to manage structural foreign exchange risk relating to its overseas retail operations. To find out more or adjust cookie settings, click here. The main committee is responsible for setting the strategic direction of The 100 Group. Cyber and Information Security is one of the Group’s top principal risks, making this a critical position for Burberry. The committee should review the risk management plan at least once a year. 2.2 The members of the Audit and Risk Committee shall be appointed by the Board. Mark Sumner, Lecturer in Sustainability, Retail & Fashion, University of Leeds Burberry is one of the 100 most trusted brands of the world. The focus on driving positive change through their products and the bold emphasis on circularity should speed up change as the company approaches 2022.In the company’s efforts to achieve carbon neutrality, energy saving initiatives are gaining more traction across the business, shown by progress to date. 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 To find out more or adjust cookie settings, click here. Learn more about our brand, our business and our heritage. Learn about each of Burberry’s Board Committees below. Choose your location and shop Burberry.com for innovative menswear and womenswear. See our Annual Report, page 44, for details on our broader stakeholder engagement approach. Last, but not least, the nature of Burberry's ownership model is that its primary purpose is geared to maximise returns for shareholders. The Group Risk Committee is chaired by the Chief Operating and Financial Officer, who sits on the Burberry Group PLC Board. 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. She served as Executive Vice President, Chief Financial Officer of Burberry Group plc until July 2013. 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. Suggestions regarding a risk expert are also offered in the guide. 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. Burberry has a huge network of retail, wholesale and licensing channels globally. Burberry is one of the biggest fashion houses in UK offering clothes, perfumes, beauty products etc. The main committee is responsible for setting the strategic direction of The 100 Group. Additional individuals shall be invited to attend any Audit and Risk Committee meeting as required by the Audit and Risk Committee Chair (including but not limited to, the chief financial officer, head of quality and risk and head of functional departments). As Burberry's 'critical friends', acting in an independent advisory capacity to the business, we welcome the bold new strategy which represents a step change in ambition and approach, aiming to make a meaningful difference in the areas where the company has the biggest impacts. Responsibility Team: The Responsibility Team works with and supports internal teams to ensure implementation of the company’s Responsibility strategy … Transparency in the Supply Chain and Modern Slavery Statement. To review the balance and composition of the Board and its Committees, ensuring that they remain appropriate. 1.4 Training MANAGEMENT RISK COMMITTEE (CHAIRED BY CHIEF OPERATING AND FINANCIAL OFFICER) ... RISK TOLERANCE. Progress against our responsibility goals is reviewed on a regular basis by our Executive Team. Risk management activities include identifying risks, undertaking risk assessments and determining mitigating actions. As part of this review, the Audit Committee considers the principal risks facing the Group and the nature and extent of these risks. 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. Burberry’s positioning of functional luxury is extremely competitive and should sustain well over the long-term. London SW1P 2AW, Registered in England and Wales 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. Founded in 1856, Burberry today remains quintessentially British, with outerwear at its core. 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. We have set ourselves ambitious goals for 2022 that address key risks and opportunities across the entire footprint of our operations. 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. 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. 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. Burberry Responsibility Advisory Committee – A collective comment on progress and challenges. Burberry has a strong track record of caring for the environment and our communities. It shows consumers that Burberry competes with the latest fashions, and represents the highest end of luxury items. 2. Blue and Black is sold in Japan, for younger individuals, and is a foreign product that diversifies the product risk. The risk committee charter should be developed as a group, referred to by the committee when uncertainties arise, and should be reviewed annually. Sally Uren, Chief Executive, Forum for the Future The Risk Committee reports into the Group’s Audit Committee, which is chaired by an independent non-executive director. The Board is responsible for the Group’s risk management and internal controls system. plan for succession of risk committee members. 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. Registered  Number: 03458224. The Risk Committee reports into the Group’s Audit Committee. Leading cybersecurity audits across the group, you’ll engage with our Leadership Team and the Audit Committee, contributing to the wider Internal Audit Strategy. This Committee - monitors Burberry’s policies and processes for identifying, assessing and managing business risks including the area of health and safety. Rachel Wilshaw, Ethical Trade Manager, Oxfam GB. 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. A top Burberry competitor, Armani is a popular Italian fashion house that was formed during the year 1975 and is headquartered in Milan, Italy. Burberry Group Plc, These include the recognition that whilst fashion can play a positive role in consumers' lives the unsustainable nature of how brands deliver fashion to their consumers must be recast. Our Responsibility agenda is designed to drive positive change and build a more sustainable future through partnership and innovation. 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