Orano - Annual Activity Report 2024 143 SUSTAINABILITY STATEMENT 4 Environmental information The reliability of the portfolio of actions to achieve decarbonization objectives is analyzed every year when the industrial master site plans are updated. The greenhouse gas emissions trajectories are presented to the Executive Committee and the Board of Directors at the end of the strategic action plan exercise. The subject of adaptation to climate change has also been presented regularly since 2021. An internal carbon price was introduced in 2021 in the assessment of investments. Climate risks were included in the risk mapping exercise and in the feedback provided to the Executive Committee and the Board of Directors. The compensation of the Chief Executive Officer and 3,200 group managers includes a carbon target. The subject is now one of the topics for discussion with Orano’s suppliers. Information on the progress of actions is provided at each managerial conference. Awareness campaigns are being run on this topic. Since 2021, nearly 800 managers have been trained in the Fresque du climat (Climate Fresk), including all of the group’s Management Committees. The group’s Stakeholders’ Panel includes an expert on the subject of climate change. Mitigation and adaptation are on the agenda of the Board training sessions. Role of the Board of Directors and its specialized committees in terms of Climate The Strategy, Investment and Sustainability Committee is responsible for analyzing the main strategic directions of the group’s development, taking into account its CSR policy and taking the most important strategic investment decisions. It examines the implementation of the company’s strategy at its level and at the level of its subsidiaries, taking into account the impacts of climate change. The Audit and Ethics Committee monitors issues relating to the preparation and control of accounting and financial information, in particular the process for preparing financial and nonfinancial information, the effectiveness of internal control and risk management systems (including those of a social and environmental nature), the statutory audit of the annual and consolidated financial statements by the Statutory Auditors and the consistency of accounting methods, the procedure for selecting the Statutory Auditors and their independence, the approval of additional services provided by the Statutory Auditors, the independence of the Statutory Auditors, the proper valuation of mining resources and reserves, the monitoring of the execution of major projects and the mapping of business risks. On climate-related issues, the Audit and Ethics Committee ensures that climate risks are addressed in the group’s internal control and risk management systems. It also ensures that climate-related information is published externally in accordance with regulations. The Compensation and Nominating Committee is responsible for the compensation policy, including the compensation of officers. On climate-related issues, the Compensation and Nominating Committee ensures that the compensation policy includes an objective linked to the implementation of the CSR, climate and business ethics approach within the group. It also suggests changes to be made to the Board and its committees on climaterelated governance. Each year, the Board of Directors approves the climate strategy proposed by Executive Management (greenhouse gas emissions transition plan). Integration of sustainability-related performance in incentive schemes Directors receive fixed compensation and attendance fees. In France, directors of listed companies do not receive variable compensation linked to performance objectives. The variable compensation of the Chief Executive Officer in 2023 includes greenhouse gas reduction targets. In 2024, they will be enhanced with an objective on adaptation to climate change. 4.2.1.2 Climate change related Impacts, Risks and Opportunities (IROs) Orano uses the classic definitions of climate change mitigation and climate change adaptation: ● Climate change mitigation: the process of reducing GHG emissions and containing the rise in global average temperature from pre-industrial levels to 1.5° C, as provided for in the Paris Agreement. ● Climate change adaptation: adjustment process to current and expected climate change and its impacts. For its materiality analysis and the identification of Impacts, Risks and Opportunities (IRO), Orano relied on its existing mapping (risks, duty of vigilance), the knowledge of its experts and existing studies (impact studies, specific studies, etc.) as well as interviews with 150 stakeholders, as described in Section 4.1.5.2 Double materiality analysis methodology . On the specific topic of climate, the group drew on the work of the IPCC and the IEA on the role of nuclear energy and on the group’s work in terms of identifying physical and transition risks. These analyses are summarized in six material IROs related to climate. Detailed analyses are presented in Section 4.2.1.3.
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