Supporting resilient and informed oversight → Climate- and nature-related risks and opportunities are increasingly recognized as strategic business issues. They may emerge from direct impacts or from complex and indirect dependencies, and they can unfold gradually or manifest in sudden, compounding ways. Board oversight should reflect this complexity. It requires diligent consideration of how material climate- and nature- related issues are identified, assessed and prioritized, how they influence strategy and planning, and how they inform judgement in the face of uncertainty and competing pressures. This includes testing how materiality thresholds are set and interrogating the scenarios management has selected to assess whether the parameters and assumptions reflect plausible futures. Boards that actively oversee climate- and nature-related risks and opportunities, both in terms of their impact on the organization and the organization’s impact on the environment and society, are better positioned to build long-term resilience. This oversight supports adaptation to a rapidly changing operating context and helps identify potential sources of innovation, efficiency and value creation.Turning complexity into opportunity → Boards are increasingly called on to oversee decisions that involve trade-offs between near-term pressures and long-term resilience or that require navigating imperfect information and differing stakeholder priorities. This includes oversight of how opportunities are identified and prioritized and how climate and nature considerations are embedded within core governance and decision-making in ways that create value. Opportunities emerge when boards look closely at where their organizations depend on climate and nature and how these dependencies might shift (see the LEAP framework16 for identifying and assessing nature-related risks and opportunities). For example, evaluating investment in low- carbon technologies can reveal efficiency gains, lower exposure to future carbon costs and access to new markets. Assessing supplier practices may highlight opportunities to reduce nature-related risks by working with partners using regenerative approaches, strengthening supply chain resilience and building brand trust. Preparing for such shifts can unlock operational, reputational and commercial value. By approaching climate and nature through this lens, boards move beyond managing trade-offs to uncover pathways that build resilience, open growth opportunities and contribute to enhanced long-term performance. Guiding questions for board reflection Question 1: How do we identify and prioritize the climate and nature risks most likely to affect our business, including longer-term and less predictable impacts? Question 2: How do we assess which opportunities from climate action and natural capital management can deliver the greatest strategic and financial value? Question 3: How effectively are we testing our ability to adapt and respond under different climate and nature scenarios, and how does this inform our risk appetite? Question 4: How do we balance protecting the organization from climate and nature risks while investing in the opportunities they create for growth and resilience? Question 5: How does the board gain confidence that management is effectively monitoring emerging climate and nature risks and escalating material issues for oversight? Guiding questions for boards to ask of management Question 1: What are our most material climate- and nature-related risks and opportunities, how are these built into our risk framework and how are they tracked over different time horizons? Question 2: How are we measuring, assessing and managing climate- and nature-related risks and opportunities across our full value chain, including suppliers and customers? Question 3: What opportunities have been identified that could deliver business value, and how are we positioned to capture them? Question 4: How are climate- and nature-related risks and opportunities prioritized, what drives those decisions, and how are the most material issues addressed to inform strategy? Question 5: What are the financial and resource implications of the identified climate- and nature-related risks and opportunities? Board Leadership for Growth and Resilience 20

Board Leadership for Growth and Resilience 2026