Governance

Richemont’s Board of Directors is responsible for the overall strategic direction of the Group, capital allocation and the appointment of senior management.

The 2020 Annual Report contains an extensive description of the mechanisms used by the Board to exercise its governance duties: more detail can be found in the 2020 Corporate Governance Report. Our 2020 Sustainability Report has been prepared in accordance with the Core option of the Global Reporting Initiative’s (GRI) Standards. Our full GRI Index (pages 102-113 of the 2020 Report) provides an overview of our reporting against the GRI Standards.

Our processes

We implement a risk management process which gives consideration to strategic and operational risks across all Group functions, including sustainability risks such as sourcing and supply chain risks. These risks are annually reviewed by the Board of Directors and are reflected in our materiality assessment. We seek to eliminate or mitigate sustainability risks where identified, in partnership with our employees and other stakeholders through the application of good practices.

Responsibility for sustainability lies with the Group Chief Finance Officer, who is a member of the Board of Directors and the Senior Executive Committee. He regularly liaises with Maison CEOs, function and regional heads and reports directly on sustainability matters to the Board of Directors. The CFO is supported by the Director of CSR, the Group’s CSR function and the Group’s CSR Committee, comprising representatives from other Group functions and our Maisons. The Committee has established terms of reference and meets quarterly to review progress of the Group’s Sustainability Plans and Strategy, and to agree activities to support relevant programmes. Each of the four strategic focus areas of the strategy – People, Sourcing, Environment and Communities - is led by a director within the business.

Creativity, innovation and craftsmanship are core values for Richemont and its Maisons and businesses. These values are shared by our clients and are the lifeblood of our day-to-day business. They offer a sustainable future for the men and women who dedicate their talent and passion to help build on our heritage.

The growth in counterfeiting puts all of this at risk and threatens authenticity and quality. Richemont Maisons have a longstanding commitment to combatting counterfeits around the world. We are vigilant in actively pursuing those who seek to deceive clients and compromise our integrity and values. those who seek to deceive clients and to compromise our integrity and values.

If you think you have seen counterfeit products, please alert g-fakes@richemont.com

The 2030 Sustainable Development Goals were set by the United Nations in 2015. Richemont’s Sustainability Strategy includes a commitment to identify and align its operations with selected Global Goals. A detailed mapping will be conducted in the coming year, based upon our materiality assessment and matrix. In addition, the RJC’s Code of Practices used throughout Richemont’s fine jewellery and watch operations, is also aligned to the SDGs. By aligning initiatives to specific Global Goals, Richemont’s impact as a Group will be more significant.

Our standards of behaviour

Our activities are guided by a common framework that reflects our values. The framework includes our Corporate Responsibility Policy, as well as codes of conduct for employees, suppliers and the environment, together ‘the Codes’. Our sustainability strategy provides an overarching framework, which helps Richemont’s managers, employees and suppliers to understand our expectations.