2022 ESG Report Introduction ESG at Manulife ESG Governance Sustainable Investing ESG in Asset Management ESG in Asset Ownership Partnerships and Engagements Environmental Social Governance Performance Data Abbreviations and Acronyms Climate Risk Governance Climate-related risks are governed at various levels across the enterprise. In addition to the roles of the CGNC, ESC, CoE, and Climate Change Taskforce, the Executive Risk Committee (ERC) and the Board’s Risk Committee (BRC) consider climate-related risks and opportunities through the ongoing monitoring and reporting of emerging risks. • The BRC oversees the management of our principal risks and our programs, policies, and procedures to manage those risks. The BRC approves the company's risk appetite and enterprise-wide risk limits and monitors our overall risk profile, including key and emerging risks and risk management activities. • As part of its mandate, the ERC is responsible for: − Ensuring the implementation and effectiveness of environmental risk management frameworks and policies, as well as tools and metrics that monitor exposures to environmental risk. − Considering climate-related risks and opportunities through the ongoing monitoring and reporting of emerging risks. The ERC is supported by several oversight sub-committees that are increasingly considering climate-related risks and opportunities as part of longer-term business strategy and day-to-day risk oversight activities. • Credit Committee – establishes credit risk policies and risk management standards of practice, oversees the credit risk management program, and monitors Manulife’s overall credit risk profile and approves large individual credits and investments. • Product Oversight Committee – oversees insurance risk and reviews risks in new product and new business reinsurance initiatives, and monitors product design, new product pricing, and insurance risk exposures and trends. • Global Asset Liability Committee – oversees market and liquidity risk for insurance products, hedging, and asset liability management programs and strategies. The committee also monitors market risk profile, risk exposures, risk mitigation activities, and compliance with related policies. • Operational Risk Committee – oversees operational risk appetite, exposures and associated governance, risk processes, risk management activities, and compliance with related policies. • Segment-specific Risk Committees – oversees mandates like the ERC, but with a specific focus at a segment level. Oversight functions and teams, which include Global Risk Management, facilitate ongoing monitoring of our principal risks through practices such as risk assessment reviews, stress testing and scenario analysis, and controls testing. Oversight functions also work to integrate climate-related risks into existing risk and regulatory compliance frameworks and develop or enhancement internal guidelines, standards of practice, and other processes to provide more effective oversight. Audit Services provide independent assurance to ensure there is a demonstrated awareness of the risks inherent in the business, controls are effective and appropriate relative to the risks inherent in the business, and risk mitigation programs and oversight functions are effective in managing risks. Board Risk Committee Executive Risk Committee Credit Committee Product Oversight Committee Global Asset Liability Committee Operational Risk Committee Segment Specific Risk Committees Oversight functions Global Risk Management Global Compliance Audit Services 13