8. Cyber and Information Security is one of the Group’s top principal risks, making this a critical position for Burberry. Prior Burberry Group Plc, 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 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. A key focus area is ensuring Burberry acts responsibly as a business. 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. Horseferry House, Acting responsibly and with integrity is in our DNA. It is also responsible for oversight of the five strategic pillars: Product Focus; Productive Space; E-Commerce Leadership; Operational Excellence; Inspired People. 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. plan for succession of risk committee members. 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. This includes the identification and assessment of potential Board candidates and making recommendations to the Board for its approval. Burberry is currently valued at £2.5 Billion. Registered  Number: 03458224. A year into the new strategy, their comments and reflections are summarised below. 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. To review the balance and composition of the Board and its Committees, ensuring that they remain appropriate. This is a sub-committee of the… Liked by Craig Thompson ... EY supports Tapestry Networks in bringing together audit committee chairs for timely, substantive discussions on issues affecting committees, boards and management today. 9. Review and approve minutes of the previous Enterprise Risk Committee Meeting. MANAGEMENT RISK COMMITTEE (CHAIRED BY CHIEF OPERATING AND FINANCIAL OFFICER) ... RISK TOLERANCE. Leading cybersecurity audits across the group, you’ll engage with our Leadership Team and the Audit Committee, contributing to the wider Internal Audit Strategy. audit and risk committee), quite a few do not. 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. Horseferry Road, Kresse Wesling, Co-Founder, Elvis & Kresse To find out more or adjust cookie settings, click here. Gucci, Louis Vuitton, Caroll are some of its competitors. The role of the Nomination Committee is the following. 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. Transparency in the Supply Chain and Modern Slavery Statement. 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. 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. 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 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. RISK APPETITE Burberry has a huge network of retail, wholesale and licensing channels globally. She served as Executive Vice President, Chief Financial Officer of Burberry Group plc until July 2013. The detailed terms of reference for this ommittee C are located here. It is also their responsibility to ensure that remuneration received by the executive directors is aligned with the levels of performance achieved and the value delivered to shareholders. 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. The Board is responsible for the Group’s risk management and internal controls system. Rachel Wilshaw, Ethical Trade Manager, Oxfam GB. The Audit Committee is chaired by an independent non-executive member of the Board. Learn more about our brand, our business and our heritage. The Group Risk Committee reports into the Group Audit Committee. Learn more . Registered  Number: 03458224. 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. The Audit Committee is chaired by an independent non-executive member of the Board. Burberry SWOT Analysis Burberry Strengths Below are the Strengths in the SWOT Analysis of Burberry: 1. The main committee is responsible for setting the strategic direction of The 100 Group. 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. Progress against our responsibility goals is reviewed on a regular basis by our Executive Team. 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. Founded in 1856, Burberry today remains quintessentially British, with outerwear at its core. 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 part of this review, the Audit Committee considers the principal risks facing the Group and the nature and extent of … The role of a risk expert on the board risk committee is comparable to that of a financial expert on the audit committee. To find out more or adjust cookie settings, click here. 2.2 The members of the Audit and Risk Committee shall be appointed by the Board. The irony of Burberry’s partnership with footballer turned food poverty campaigner Marcus Rashford to support youth charities won’t be lost on many. Matthew Key. To achieve these, we are investing in the communities at the heart of our business through a series of bespoke programmes, delivered in partnership with expert organisations; we are driving new approaches to some of the most pressing problems faced by our industry, and leading by example to champion more sustainable resources. The Board is also responsible for oversight of the Group’s systems of governance, internal control and risk management. ... by management. You provide your personal information voluntarily and Burberry can only send you updates with your consent. To do this teamwork is, again, vital. A top Burberry competitor, Armani is a popular Italian fashion house that was formed during the year 1975 and is headquartered in Milan, Italy. Horseferry Road, 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. When developing our community focused programmes, we first worked with our Product Development, Sourcing and Business Strategy teams to identify key locations along our value chain where we have the biggest impacts and where we are uniquely placed to make a difference. Also, companies that do have risk committees may benefit from revisiting their risk committee charters and activities. Further information on the approach to corporate governance can be found in the Corporate Governance section. 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. Burberry’s positioning of functional luxury is extremely competitive and should sustain well over the long-term. To ensure the business delivers benefits to a wider group of stakeholders than shareholders and consumers, and to safeguard the company's commitments to sustainability and corporate responsibility, we encourage the company to investigate ways to 'hard-wire' these into the purpose and DNA of the business and we stand ready to support the company in the necessary innovation to achieve this. We have since completed nearly 3,000 supply chain audits and assessments, donated more than £30 million to charitable causes, and reduced our market-based CO2e emissions by over 50%. We admire the company's commitment to broader communication with all external stakeholders, to openly discuss challenges and celebrate progress and innovation. Burberry Responsibility Advisory Committee – A collective comment on progress and challenges. Burberry Group Plc, The Risk Committee is chaired by the Chief Operating and Financial Officer, who sits on the Burberry Group plc board. London SW1P 2AW, Registered in England and Wales An overview of our responsibility strategy. Burberry is one of the 100 most trusted brands of the world. 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. 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. 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. A summary of our progress during 2012-2017 can be found in our Responsibility Reflections report. 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. Learn more . Discover trench coats, luxury clothing, leather bags, cashmere scarves and more. From this month I'm very pleased to become a member of Newcastle University's Audit, Risk and Assurance Committee. The Risk Committee reports into the Group’s Audit Committee. See our Annual Report, page 44, for details on our broader stakeholder engagement approach. A basic tenet of risk management to be remembered, even if a risk committee is created and designated as part of the board, is that the full board should retain the overall responsibility for risk management. 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. The Risk Committee reports into the Group’s Audit Committee, which is chaired by an independent non-executive director. Learn about each of Burberry’s Board Committees below. This Committee - monitors Burberry’s policies and processes for identifying, assessing and managing business risks including the area of health and safety. Learn more about our brand, our business and our heritage. An overview of our responsibility strategy. ... EY supports Tapestry Networks in bringing together audit committee chairs for timely, substantive discussions on issues affecting committees, boards and management today. Burberry is one of the biggest fashion houses in UK offering clothes, perfumes, beauty products etc. Blue and Black is sold in Japan, for younger individuals, and is a foreign product that diversifies the product risk. Our targets have also been influenced by a multi-stakeholder event we convened in July 2015. MANAGEMENT RISK COMMITTEE (CHAIRED BY CHIEF OPERATING AND FINANCIAL OFFICER) ... RISK TOLERANCE. The External Advisory Committee is a group of leading independent stakeholders with expertise in different areas of sustainability. Investment needs to be made in how impact will be assessed, and new levels of meaningful transparency will be needed across the luxury industry. Burberry’s Prorsum product line was introduced to secure their positioning in the niche and luxury market. 11. Burberry Group Plc can closely analyze the following factors before entering or investing in a certain market- Political stability and importance of Personal & Household Goods sector in the country's economy. 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. It shows consumers that Burberry competes with the latest fashions, and represents the highest end of luxury items. We have set ourselves ambitious goals for 2022 that address key risks and opportunities across the entire footprint of our operations. The committee should review the risk management plan at least once a year. Suggestions regarding a risk expert are also offered in the guide. Chair of the Audit Committee. The risk committee will report to the full board. Last, but not least, the nature of Burberry's ownership model is that its primary purpose is geared to maximise returns for shareholders. A robust governance framework is in place to ensure effective internal oversight, ownership and accountability, as well as external challenge and input: Burberry follows the Turnbull Report guidance and UK Corporate Governance Code. This included experts from academia, NGOs and businesses from a variety of industries, with whom we shared our early plans and whose input and comments we used to shape our journey ahead. Responsibility Team: The Responsibility Team works with and supports internal teams to ensure implementation of the company’s Responsibility strategy … Global board risk survey Today’s unprecedented scale and pace of market disruption requires a new way of thinking about risk and transformation. Our Responsibility agenda is designed to drive positive change and build a more sustainable future through partnership and innovation. Leading cybersecurity audits across the group, you’ll engage with our Leadership Team and the Audit Committee, contributing to the wider Internal Audit Strategy. 10. Burberry has a strong track record of caring for the environment and our communities. Global board risk survey Today’s unprecedented scale and pace of market disruption requires a new way of thinking about risk and transformation. Learn more about the COSO ERM Certif i cate Program Enterprise Risk Management — Integrated Framework (2004) In response to a need for principles-based guidance to help entities design and implement effective enterprise-wide approaches to risk management, COSO issued the Enterprise Risk Management — Integrated Framework in 2004. We use cookies to elevate your user experience and enhance the quality of our site. Risk of military invasion; Level of corruption - especially levels … 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. Our 2022 goals were developed with the help of key stakeholders, to address the most material issues for our business, as well as the most pressing social and environmental needs along our value chain. Risk management activities include identifying risks, undertaking risk assessments and determining mitigating actions. Team members are based in London, Leeds, Florence, Hong Kong and Tokyo. The Risk Committee reports into the Group’s Audit Committee. Burberry was founded by Thomas Burberry in Hampshire, England and has its headquarters in London, UK. Thanks for signing up. 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. Each Burberry product combines a distinctly British attitude with signature details. 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. 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. 3. We will keep you up-to-date on our new runway collections, campaigns, events, product launches and services. 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 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). Sally Uren, Chief Executive, Forum for the Future While working closely with our Profit Protection Manager, these reporting packs are also fed back to the Burberry Group Board Risk Committee. The Risk Committee is chaired by the Chief Operating and Financial Officer, who sits on the Burberry Group plc board. 2. Choose your location and shop Burberry.com for innovative menswear and womenswear. Starting in 2004, we established our ethical trade, community investment and environmental programmes and launched our first five-year responsibility goals in 2012. 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). Burberry uses your personal information to offer an enhanced customer service tailored to your preferences. Cyber and Information Security is one of the Group’s top principal risks, making this a critical position for Burberry. This may include discussions on past or current problems. The Audit Committee is chaired by an independent non-executive member of the Board. Targets relating to our 2022 goals are owned by members of our senior leadership team. Our 2022 goals and commitments were assessed for materiality and signed off by our senior leadership team and company Board. Progress is reported publicly in our Annual Report and on burberryplc.com. 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. Committee members represent Elvis & Kresse, Forum for the Future, Oxfam GB and University of Leeds. A cross-functional TCFD working group reports to the Risk Committee, which is chaired by the Chief Operating and Financial Officer. The Board meets four times a year. Burberry does not seek to manage structural foreign exchange risk relating to its overseas retail operations. The Group Risk Committee is chaired by the Chief Operating and Financial Officer, who sits on the Burberry Group PLC Board. We use cookies to elevate your user experience and enhance the quality of our site. The main committee is responsible for setting the strategic direction of The 100 Group. Digital luxury positioning and the optimisation across innovative mediums of the trench coat, trademark check and Equestrian Knight Device heritage icons, Burberry’s Chief People, Strategy and Corporate Affairs Officer Burberry’s oversees Responsibility Programme, including its activitiesethical trading in the supply chain and mitigation of forced labour risks, and regularly reports on these topics to the Group Risk Committee and the BurberryGroup PLC Board. Information on performance, AGM and shares. London SW1P 2AW, Registered in England and Wales 1.4 Training The risk committee charter should be developed as a group, referred to by the committee when uncertainties arise, and should be reviewed annually. 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. Horseferry House, 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 then liaised with external expert organisations, to identify local community needs and effective ways to address these. The company designs various products like leather goods, watches, goods, accessories, cosmetics, and many more.Their products are available with multiple labels like Armani Jeans, Giorgio Armani Prive, and Giorgio Armani. Mark Sumner, Lecturer in Sustainability, Retail & Fashion, University of Leeds 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. As part of this review, the Audit Committee considers the principal risks facing the Group and the nature and extent of these risks. This committee of ‘critical friends’ meets several times a year to hear progress updates and comment on draft strategies. It is the biggest luxury brand with largest UK export share. The Responsibility Team works with and supports internal teams to ensure implementation of the company’s Responsibility strategy and progress against goals. The Burberry Foundation Board is responsible for upholding the Foundation’s vision and ensuring delivery of its charitable purpose. A risk management committee should include risk management lessons and insights. Discover luxury outerwear, leather bags, cashmere scarves, beauty and more. 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. 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. In doing so, the board can ascertain that the risk committee has the composition, reporting relationships, … 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. Transparency in the Supply Chain and Modern Slavery Statement. The Audit Committee is comprised of independent nonexecutive directors. Information on performance, AGM and shares. Burberry does not seek to manage structural foreign exchange risk relating to its overseas retail operations. Shop Burberry.com official site. 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. By a multi-stakeholder event we convened in July 2015 relating to our 2022 goals are owned members! Be found in the niche and luxury market British, with outerwear at its core burberry ’ s Committee. Challenges and celebrate progress and challenges your preferences the Group ’ s top principal risks facing Group. Kresse, Forum for the environment and our heritage a huge network of retail, and! And build a more sustainable future through partnership and innovation risks and opportunities across the entire of! Key focus area is ensuring burberry acts responsibly as a business burberry risk committee headquarters in London UK... 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