Our governance to deliver on this plan
Tackling climate challenge is very complex, partly because its worst effects will be felt over a long-term time horizon. Pictet’s governance and core business model are well suited to managing the required transition.
Our Managing Partners’ long-term thinking
The average tenure of our Managing Partners is 21 years, making them accountable over multiple decades for decisions taken today. Some of Pictet’s current Managing Partners will still hold their positions when we reach our 2025 and 2030 targets. For 217 years, Pictet’s core business has been in managing assets on behalf of private and institutional clients investing for the long term, meaning success is measured over decades and generations. Tackling climate change is part of our fiduciary duty to these clients, for whom the impacts are highly material, particularly in light of their long-term investment horizons. To this end, we will continue to upskill leadership (including our non-executive directors and board members) and other key group functions on the climate issues most material to our business model.
Group Sustainability and Stewardship Board
Pictet’s Group Sustainability and Stewardship Board (GSSB) is a dedicated decision-making body, responsible for:
- setting ESG, stewardship and sustainability strategy for the Pictet Group; climate mitigation is the GSSB’s strategic priority within Pictet’s 2025 “Responsible Firm” ambition
- providing overall supervision of the Group ESG and Stewardship activities
- ensuring alignment across the Pictet Group with the Vision 2025
- supervising the alignment of each business line with the Vision 2025 and the ESG strategy set by the GSSB
- overseeing and tracking the strategic ambitions and monitoring ESG risks
When necessary, the GSSB escalates to the Board of Managing Partners, which has ultimate oversight of our Responsible Vision initiative and must validate any major decisions and recommendations made by the GSSB. The partners get updated on ESG topics at least twice yearly. The governance around ESG issues, including climate matters, will be reviewed on an ongoing basis.
The Group's various legal entities are responsible for overseeing and coordinating the implementation of the Climate Governance through their respective bodies (boards of directors, executive committees, risk committees, etc.).
Group ESG Data Commitee
Drives ESG data, scorecard and portal strategy & development, including guaranteeing data quality
Corporate Sustainability Advisory Committee
Identifies & recommends corporate sustainability initiatives for operations
Group ESG and Stewardship
Coordinates firm’s ESG, stewardship & sustainability strategy & its implementation
BL ESG Teams / Leads
Implement the firm’s ESG, stewardship & sustainability strategy within their respective business lines, and drive business line-specific actions
Serve as intermediaries between their teams and ESG teams, both to relay relevant information on ESG to their teams and to relay their teams ESG needs