Nature in the Boardroom - Guidance for boards of financial institutions in asking the right questions

Nature in the Boardroom Guidance for boards of financial institutions in asking the right questions to identify, manage, and report on nature-related risks and opportunities October 2024 Nature in the Boardroom i Contents | Disclaimers The designations employed and the presentation of material in this publication do not imply the expression of any opinion whatsoever on the part of the Secretariat. [...] The CFO plays a crucial role in understanding the financial implications of the risks and mitigation activities together with the CRO, evaluating the financial impacts of these efforts and reporting accurately and efficiently to both internal and external stakeholders. [...] The information in the remainder of this paper is suitable for both the board and other actors (reporting to and interacting with the board). [...] To achieve this, the board should discuss the practical processes, context and frequency, ensuring that the board remains up to date with the latest developments and challenges from outside and within the organisation. [...] Dedicated nature committees or exist- ing committees with nature embedded into them can assist the board in the above and can be given the responsibilities to design and implement the institution’s strategy and risk management (ECB, 2022) and report to the board.