The GRMC provides oversight on all the risks to which the Group is exposed, except for those expressly covered by the Finance Committee. It includes divisional chief executives, is chaired by the Finance Director and reports to the Board via the Audit Committee.
- Reviews divisional risk registers which set out current and emerging risks, including ESG risks
- Sets group risk management policies and strategies
- Oversees functional committees and working groups
In 2020, the GRMC met three times and its functional committees and working groups met 36 times.
The members of the functional committees and working groups are specialists in their respective areas. Each committee is chaired by an individual with relevant experience. The role of the functional committees and working groups is to identify risks and opportunities which fall within their respective areas and to draw up policy recommendations for GRMC review and approval.
The policies approved by the GRMC apply to all companies in which Swire Pacific has a controlling interest. The boards of these operating companies are required to adopt these policies and to establish procedures to ensure compliance. Joint venture and associated companies are encouraged to adopt Group policies.