Physical risks management Climate-related physical effects, such as those resulting from extreme weather events, have the potential to operationally disrupt business activities and impact livelihoods. An exercise aimed at identifying exposure of individual offices to the physical effects of extreme weather, the frequency of which is increasing due to a rapidly changing climate, is ongoing as part of the Group’s Business Continuity programme. Transition risks management Operational transition effects are likely to affect the Group’s operations in the form of, amongst others: expanded legal and compliance requirements, change in costs for energy and carbon offsetting, as well as reputational considerations. As a result of these climate-related impacts on its operations, the Group has implemented actions to monitor operational legal and regulatory requirements for all its offices; and minimise / neutralise its operational impact on a changing climate and proactively pursue operational adaptation opportunities. Supporting the low carbon transition in our supply chain The Group has formalised its expectations in a dedicated Supplier Code of Conduct, applicable to third parties who supply goods or services to the Group. The Code clarifies for its suppliers its expectations, including the requirement to conduct operations in a manner that is mindful of and proactively addresses their environmental impact. The Group has also implemented a group-wide Responsible Material Use guidance document aimed at reducing consumables, tracking their use and sourcing them responsibly.