Governance

The Board and committees provide leadership to implement the principles of good corporate governance across Mondi, ensuring all decisions and actions are based on integrity, responsibility, accountability, fairness and transparency. The Board reviews our approach to sustainability and the performance against our commitments.

The sustainable development (SD) experts within Mondi provide guidance and support actions required across our business to achieve our sustainability targets. This includes monitoring and assessing risks and opportunities facing the Group along with emerging changes to the regulatory environment, developments in our social and environmental operating context, and evolving stakeholder needs and expectations. The SD experts inform, challenge and support our businesses to respond to stakeholder needs and expectations, and shape our long-term response to relevant global trends. 

The Group SD team oversees the management of the Sustainable Development Management System (SDMS) and facilitates all Group sustainability reporting and external assurance. Internal and external engagement is a key responsibility. Internally, this means supporting businesses to better identify, understand and address relevant sustainability-related topics, business risks and opportunities, as well as reporting our positions and performance against our commitments. 

Externally, it involves overseeing and fostering collaboration with stakeholders to develop a shared understanding of the SD landscape and tackle the issues no single sector or organisation can solve alone. This engagement leverages Mondi’s influence through sharing best practice, knowledge and resources, and by supporting and collaborating with scientific and academic institutes, underlining our belief that science plays a crucial role in creating a more sustainable and equitable world. 

Our Group Internal Audit function provides independent assurance and reports to the Audit Committee. The team performs Group-wide reviews of key processes, projects and systems, based on Mondi’s strategy and most significant risks. Our system of internal controls comprises policies, procedures and practices.

Group Internal Audit brings a systematic and structured approach and covers a number of areas to evaluate and improve our governance, risk management and internal control processes. Its main objective is to assist the Board in carrying out its responsibilities, including its duties and obligations under the UK Corporate Governance Code.

Our Sustainable Development Management System (SDMS) guides the effective governance of our activities and supports the practical implementation of our policies and standards. It covers all facilities and activities that we manage and operate (including those in which we hold a controlling interest), new developments, and mergers and acquisitions. Activities undertaken by contractors, either on Mondi sites or while under our management, are covered by the SDMS. This requires them to comply with our policies, standards and requirements, particularly in relation to safety and health at work. 

Our Group Sustainable Development Policies are reviewed and approved by the Board to ensure that our policies remain relevant, comprehensive and aligned with global best practice and stakeholder expectations. We continue to review our operating standards and seek appropriate expert input into the standards to be in line with industry good practice and to assess our operations’ readiness to meet the upcoming requirements contained in the standards. 

Mondi employs a variety of due diligence processes to identify, prevent, mitigate and track actions related to actual and potential impacts on people and the environment. We address sustainability risks and opportunities as part of our Group-wide risk management framework, as well as strategic, financial, operational and compliance-related risks that could undermine our ability to achieve our business objectives. We exercise due diligence prior to the introduction of new operations, practices, processes and products. 

Our risk management approach – particularly relating to environmental issues and climate-related risks – incorporates the precautionary principle, which implies our responsibility to protect the natural environment from harm where there is a plausible risk. 

As part of the annual, detailed review of the Group’s principal and emerging risks and related mitigation, the SD risk register is reviewed by relevant experts in the Group to ensure mitigation plans are in place for those risks with a high likelihood of occurrence and/or impact potential. These risks include inherent operational and strategic risks. We also identify sustainability trends and opportunities to create competitive advantage for Mondi and improve our financial performance.