WTW announces tool to bridge climate skills gap in boardrooms

WTW announces tool to bridge climate skills gap in boardrooms | Insurance Business New Zealand

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WTW announces tool to bridge climate skills gap in boardrooms

48% lack the skills and expertise to effectively manage climate risks

Insurance News

By
Kenneth Araullo

WTW has announced the launch of a new engagement tool tailored specifically to help company boards and senior management suits better understand their exposure to ESG and climate-related risks and opportunities.

The tool, called Climate Vista, was designed to help firms respond to increasing shareholder, investor, and regulatory pressure as well as the growing demand for climate risk and transition plan disclosure.

A recent survey from the global insurance group and the Nasdaq Center for Board Excellence revealed that 48% of boards lack the skills and expertise needed to provide effective oversight of the climate risks facing their companies. While this figure is still expected to improve over the next three years, gaps are still likely to exist.

There is also continued momentum around emerging reporting frameworks such as the International Sustainability Standards Board’s IFRS S2 Climate-related Disclosures, a framework which will build on and supersede TCFD. Through WTW’s Climate Vista, boards can access tailored solutions specific to a company’s geography and sector as well as promote alignment between board members and between the board and senior leadership teams.

“Regulations and best practices across Asia Pacific are increasingly requiring Boards to demonstrate climate skills. Our insurance partners are also setting expectations for those seeking insurance protection, with board training being a desirable characteristic in assessing the overall risk profile. The survey we have conducted with Nasdaq Center for Board Excellence demonstrates there remains a deficit between expectations and skills. Improved climate governance is a defining trend to support responsible stewardship of a company,” WTW Asia Pacific climate and resilience hub director Christopher Au said.

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