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. The implementation of responsibility programmes is supported by global policies, supported by cross-functional delivery groups, and guided by our Responsibility Advisory Committee, comprising external expert stakeholders from the NGO, social enterprise and academic sector. The committee should review the risk management plan at least once a year. Further information on the approach to corporate governance can be found in the Corporate Governance section. Acting responsibly and with integrity is in our DNA. MANAGEMENT RISK COMMITTEE (CHAIRED BY CHIEF OPERATING AND FINANCIAL OFFICER) ... RISK TOLERANCE. London SW1P 2AW, Registered in England and Wales Cyber and Information Security is one of the Group’s top principal risks, making this a critical position for Burberry. This Committee - monitors Burberry’s policies and processes for identifying, assessing and managing business risks including the area of health and safety. Discover trench coats, luxury clothing, leather bags, cashmere scarves and more. 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 cross-functional TCFD working group reports to the Risk Committee, which is chaired by the Chief Operating and Financial Officer. We admire the company's commitment to broader communication with all external stakeholders, to openly discuss challenges and celebrate progress and innovation. While working closely with our Profit Protection Manager, these reporting packs are also fed back to the Burberry Group Board Risk Committee. Committee members represent Elvis & Kresse, Forum for the Future, Oxfam GB and University of Leeds. See our Annual Report, page 44, for details on our broader stakeholder engagement approach. Chair of the Audit Committee. Last, but not least, the nature of Burberry's ownership model is that its primary purpose is geared to maximise returns for shareholders. Learn more . Blue and Black is sold in Japan, for younger individuals, and is a foreign product that diversifies the product risk. 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. Burberry Group Plc, In doing so, the board can ascertain that the risk committee has the composition, reporting relationships, … Learn more about our brand, our business and our heritage. 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 Audit Committee is comprised of independent nonexecutive directors. 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. Founded in 1856, Burberry today remains quintessentially British, with outerwear at its core. 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 A risk management committee should include risk management lessons and insights. The Burberry Foundation Board is responsible for upholding the Foundation’s vision and ensuring delivery of its charitable purpose. Horseferry Road, Our Responsibility agenda is designed to drive positive change and build a more sustainable future through partnership and innovation. 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. 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. 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. MANAGEMENT RISK COMMITTEE (CHAIRED BY CHIEF OPERATING AND FINANCIAL OFFICER) ... RISK TOLERANCE. London SW1P 2AW, Registered in England and Wales A key focus area is ensuring Burberry acts responsibly as a business. 8. From this month I'm very pleased to become a member of Newcastle University's Audit, Risk and Assurance Committee. A top Burberry competitor, Armani is a popular Italian fashion house that was formed during the year 1975 and is headquartered in Milan, Italy. The Group Risk Committee reports into the Group Audit Committee. The Board is collectively responsible for promoting Burberry’s long-term success, for setting its strategic aims and ensuring a framework of prudent and effective controls. Targets relating to our 2022 goals are owned by members of our senior leadership team. It is the biggest luxury brand with largest UK export share. To keep under review the leadership needs of, and succession planning for, the Group in relation to both its executive directors and other senior executives. 9. Review and approve minutes of the previous Enterprise Risk Committee Meeting. Transparency in the Supply Chain and Modern Slavery Statement. audit and risk committee), quite a few do not. 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. We will keep you up-to-date on our new runway collections, campaigns, events, product launches and services. 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. 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. The Board is also responsible for oversight of the Group’s systems of governance, internal control and risk management. Registered Number: 03458224. Progress against our responsibility goals is reviewed on a regular basis by our Executive Team. The External Advisory Committee is a group of leading independent stakeholders with expertise in different areas of sustainability. Burberry SWOT Analysis Burberry Strengths Below are the Strengths in the SWOT Analysis of Burberry: 1. Burberry’s Prorsum product line was introduced to secure their positioning in the niche and luxury market. Transparency in the Supply Chain and Modern Slavery Statement. Burberry is one of the biggest fashion houses in UK offering clothes, perfumes, beauty products etc. 2.2 The members of the Audit and Risk Committee shall be appointed by the Board. The Risk Committee reports into the Group’s Audit Committee. Investment needs to be made in how impact will be assessed, and new levels of meaningful transparency will be needed across the luxury industry. Horseferry House, Burberry’s positioning of functional luxury is extremely competitive and should sustain well over the long-term. The risk committee will report to the full board. 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. Starting in 2004, we established our ethical trade, community investment and environmental programmes and launched our first five-year responsibility goals in 2012. 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. 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. Today, these values serve as the foundation of the culture of our business, as we draw on the power of our heritage to positively influence our future. The Risk Committee is chaired by the Chief Operating and Financial Officer, who sits on the Burberry Group plc board. As part of this review, the Audit Committee considers the principal risks facing the Group and the nature and extent of … Rachel Wilshaw, Ethical Trade Manager, Oxfam GB. 3. The Audit Committee is chaired by an independent non-executive member of the Board. Learn more . Each Burberry product combines a distinctly British attitude with signature details. They have been informed by the Paris Climate Agreement and the UN’s 17 Sustainable Development Goals, resulting in, for example: the development of our Manufacturing Excellence programme focused on going beyond compliance and driving worker wellbeing in our supply chain (in support of SDG 8 – Decent Work and Economic Growth); or our commitment to 100% renewable energy (in support of SDG 13 – Climate Action); or our funding, through the Burberry Foundation, of a community programme in Afghanistan to promote both economic and gender equality (SDGs 5 and 10 – Gender Equality and Reduced Inequalities). 1.4 Training Team members are based in London, Leeds, Florence, Hong Kong and Tokyo. Risk management activities include identifying risks, undertaking risk assessments and determining mitigating actions. This committee of ‘critical friends’ meets several times a year to hear progress updates and comment on draft strategies. The Risk Committee reports into the Group’s Audit Committee. Responsibility Team: The Responsibility Team works with and supports internal teams to ensure implementation of the company’s Responsibility strategy … To review the balance and composition of the Board and its Committees, ensuring that they remain appropriate. To find out more or adjust cookie settings, click here. The risk committee will consider the appropriate reporting lines for the CEO, the company’s chief risk officer (CRO) and the company’s management-level risk committee - whether indirectly or directly - to the risk committee. The role of a risk expert on the board risk committee is comparable to that of a financial expert on the audit committee. 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. 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. Information on performance, AGM and shares. Learn about each of Burberry’s Board Committees below. Sally Uren, Chief Executive, Forum for the Future 10. The Audit Committee is chaired by an independent non-executive member of the Board. To find out more or adjust cookie settings, click here. Horseferry House, Registered Number: 03458224. Horseferry Road, Burberry's approach is founded on a recognition that the challenges faced by the global apparel sector are too big and too systemic for a company of its size to tackle alone, but that every business has its role to play in creating a sustainable present and future for the industry. Discover luxury outerwear, leather bags, cashmere scarves, beauty and more. Burberry does not seek to manage structural foreign exchange risk relating to its overseas retail operations. We use cookies to elevate your user experience and enhance the quality of our site. Cyber and Information Security is one of the Group’s top principal risks, making this a critical position for Burberry. Progress is reported publicly in our Annual Report and on burberryplc.com. The detailed terms of reference for this ommittee C are located here. Burberry has a huge network of retail, wholesale and licensing channels globally. A year into the new strategy, their comments and reflections are summarised below. Global board risk survey Today’s unprecedented scale and pace of market disruption requires a new way of thinking about risk and transformation. RISK APPETITE A summary of our progress during 2012-2017 can be found in our Responsibility Reflections report. Even since her arrival at Burberry as CEO in 1997, Rose Marie Bravo incorporated a slew of changes which, for the most part, itigated Burberry’s risk profile. 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.