Strategic Report
Governance Report
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Summary disclosure against TCFD recommendations
This year, we are reporting against the TCFD for the third time. Given its scope and length, we have provided our detailed 2025 TCFD report as a separate disclosure. The full TCFD report is available on our website, in the Results centre.
In this section, we provide a summary of the key disclosures from the full TCFD report. The disclosures in the full TCFD report are consistent with the recommendations of the TCFD and the FCA listing rule UKLR 6.6.6R(8). Due consideration has also been given to aligning disclosures with those recommended by the TCFD’s ‘Guidance for All Sectors’ and ‘Asset Managers’. We have a fiduciary duty on behalf of our clients to consider all long-term risks that may impact their investments. By integrating climate considerations into our business strategy, governance structures and risk management processes, we are ensuring the long-term resilience of our organisation. The following table gives a summary of our disclosures and directs readers to the relevant pages in this report. This summary disclosure is structured around the four pillars of the TCFD framework: Governance, Strategy, Risk management, Metrics and targets, and the recommended disclosures within these.
Summary of disclosure
Governance The Board’s role in oversight Page 5 in full TCFD report
The Board has ultimate responsibility and accountability for the oversight and management of the Group. During the period, the Board and its committees have received and reviewed updates and reports on climate-related matters. This includes reviewing the TCFD report, establishing a programme of annual updates from the ESGAC and approving the annual Operational Resilience Self-Assessment. In addition, the Board has received updates on the ESGAC sustainability pillars, priorities and progress, as well an update on the Responsible Investment Service (“RIS”) and the FCA’s Sustainability Disclosures Regime (“SDR”). The Board has delegated overall responsibility for the delivery of the Group’s strategy to the Group CEO and Executive Committee (“ExCo”). The CEO and ExCo have ultimate responsibility for the integration of climate risks and opportunities across the business, and for bringing climate-related matters to the Board. The ExCo delegates responsibility to a range of management committees that operate across the Group and are accountable for managing the areas of the business that may affect, or be affected by, climate change. In the period, the ExCo has received updates from the ESGAC and the RI team. We consider the potential implications for all TCFD risks and opportunity categories. We distinguish between potential impacts on our investments (considering the impact on portfolio companies and the value of client assets), our investment propositions (considering their delivery, suitability for and perception by clients) and our direct business operations, across short, medium and long-term time horizons. Our view is that the Group is most vulnerable to climate risks through its investments and investment propositions. Operationally, we consider that the Group is more directly exposed to transition risk than the physical risks of climate change. The risks and opportunities identification exercise was completed through collaboration between the CIO team, Operational Resilience, Risk and Compliance and Workplace Facilities, with risks reviewed by the Executive Risk Management Committee (“ERMC”).
Management’s role in assessing risks and opportunities Pages 6 to 8 in full TCFD report
Strategy Climate-related risks and opportunities Pages 9 to 12 in full TCFD report
Brooks Macdonald Group plc Annual Report and Accounts 2025
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