Strengthening trust through clear → and credible reporting Boards are accountable for climate- and nature-related disclosures that are transparent, are credible and reliably inform investment decisions. This includes overseeing what is disclosed, how information is prepared and verified, and whether disclosures are consistent with the organization’s commitments, strategy and legal obligations. Clear and consistent reporting builds stakeholder trust and reinforces organizational integrity by demonstrating that material risks are being actively managed and that progress is being tracked against stated goals. Investors continue to expect material climate- and nature-related risks to be disclosed as this provides confidence that the organization is navigating complex, long-term challenges. When disclosures are accessible and accurate, they enable stakeholders to assess performance over time and make more informed, forward-looking decisions. Building organizational preparedness → through effective oversight Disclosures offer boards a strategic lens to assess organizational preparedness in an increasingly dynamic operating environment and provide reasonable grounds for forward-looking statements on climate and nature. When approached with rigour and intent, disclosures may surface critical gaps in systems or capabilities, while also revealing emerging risks and opportunities. Disclosures signal how effectively an organization is navigating complexity and building resilience. They offer insight into the alignment between ambition and execution, helping boards evaluate whether the organization is equipped to deliver sustained performance in a changing context. By treating disclosure as a forward-looking discipline, boards can: –Sharpen oversight –Strengthen confidence in the organization’s capacity to adapt and lead –Evidence competitive advantage through consistent and comparable reporting –Improve access to and cost of capital Beyond compliance, robust reporting creates opportunity. By focusing attention on what matters most, disclosures can accelerate transformation, unlock insight and equip leaders to make smarter decisions that drive long-term resilience and growth.17 Guiding questions for board reflection Question 1: How well do we understand our responsibilities, potential liabilities and stakeholder expectations regarding the information disclosed on climate and nature? Question 2: How do we gain confidence that our sustainability disclosures are accurate, complete and consistent across all public communications, including filings, investor briefings, websites and financial statements? Question 3: How effectively do our disclosure processes reflect the organization’s actual performance, position and progress on climate- and nature-related topics, including areas where progress is limited? Question 4: How confident is the board in its ability to explain and stand behind information disclosed on climate and nature to regulators, investors or other stakeholders? Question 5: How do we remain aligned with evolving reporting requirements while staying mindful of differing or competing stakeholder expectations? Question 6: Who in management is responsible for climate and nature disclosures, and what accountability mechanisms are in place to ensure compliance with regulatory and stakeholder expectations? Guiding questions for boards to ask of management Question 1: What systems and internal controls are in place to verify the quality, consistency and reliability of climate- and nature-related data used in external disclosures, and how do these differ from our financial controls? Question 2: How does management determine which climate- and nature-related issues are material to disclose, and how is the board involved in that process? Question 3: How are climate- and nature-related disclosures assured or verified, and what information does the board use to be confident in areas of uncertainty or key management judgements? Question 4: How is consistency maintained between different forms of communication, including regulatory filings, investor briefings, annual reports and internal messaging? Question 5: Who in management is responsible for climate and nature disclosures, and what accountability mechanisms are in place to ensure compliance with regulatory and stakeholder expectations? Board Leadership for Growth and Resilience 22

Board Leadership for Growth and Resilience 2026