TCFD reporting

An overview of our reporting in line with recommendations outlined by the Task Force on Climate-Related Financial Disclosures (TCFD) is provided below.

Governance

Disclosure of the Board’s oversight of climate-related risks and opportunities.

Pandora’s Board of Directors has oversight duties for all the company’s activities, including those related to the management of sustainability subjects. It plans and reviews sustainability performance and reporting, while responsibility for the execution of the sustainability strategy and climate commitments lies with Pandora’s Sustainability Board, consisting of five Executive Leadership Team members and chaired by the Chief Human Resource Officer.

The Board of Directors is also involved in assessing our climate strategy and targets, and how we achieve them. Bi-annually, the Board of Directors receives updates on Pandora’s climate strategy and progress relative to targets.

For further details about Pandora’s Board of Directors and Sustainability Board’s roles on climate and sustainability matters, please refer to Pandora's Annual Report 2023, and Pandora's Sustainability Report 2023.

Strategy

Disclosure of the actual and potential impacts of climate-related risks and opportunities on the organisation’s businesses, strategy and financial planning where such information is material.

At Pandora, we aspire to be a low-carbon business, and assuming a leadership role in this issue is critical to future-proofing Pandora in a world where materials are becoming scarcer and regulations and stakeholder expectations are increasing.

Low-carbon business is a material and strategic priority and as such we have set ambitious climate targets, in order to further increase business resilience against future impacts of climate change.

For further details about Pandora’s climate targets and performance, please refer to Pandora’s Sustainability Report 2023 and for Pandora’s transitional and physical risks, please refer to Pandora A/S 2023 Climate Change response to CDP.

Risk management

Disclosure of how the organisation identifies, assesses and manages climate-related risks.

Pandora has an enterprise risk management process in place with management teams across our value chain responsible for the continuous identification, assessment, mitigation, and reporting of current and emerging risks.

All relevant areas of the business are required to report material risks to Risk & Insurance. Global Sustainability follows this process and reports sustainability risks bi-annually. Each of these risks are mitigated through the programmes and projects related to our sustainability strategy, and they are not assessed to be among Pandora’s 10 most material risks.

For further details about Pandora’s risk management on climate matters, please refer to Pandora A/S 2023 Climate Change response to CDP.

Metrics and targets

Disclosure of how metrics and targets are used to assess and manage relevant climate-related risks and opportunities where such information is material.

Pandora focuses on reducing our climate impacts through low-carbon targets and related initiatives.

Our Long-Term Incentive Programme (LTIP) for senior leadership includes sustainability performance, tied to our science-based target to reduce our greenhouse gas emissions, as one of three sustainability priorities.

For further details about climate targets and performance, please refer to Pandora’s Sustainability Report 2023.