Other Information ESG at Manulife We report on the economic, environmental and social dimensions of our products and services, operations and community activities in our annual ESG Report and Public Accountability Statement. These two reports provide information on priorities and performance and can be found on the Sustainability section of the company’s website at manulife.com/sustainability. You can read more about the board’s oversight of ESG in our annual ESG Report. In 2022, we launched our Impact Agenda, which outlines our key focus areas to drive sustained social and environmental impact through our business and our interactions with customers, communities and the environments in which we operate. There are three key areas of focus: empowering sustained health and well-being, driving inclusive economic opportunity and accelerating a sustainable future. To ensure our sustainability efforts make an impact beyond our business, we actively engage with recognized international initiatives and frameworks to help drive progress across industries and geographies. Since 2017, Manulife has been a supporter of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD) recommendations. In alignment with the TCFD recommendations, our 2022 Management’s Discussion and Analysis includes disclosures related to our climate risk governance, risk management, strategy, metrics, and targets in the Strategic Risk section, under Environmental, Social and Governance Risks. Please see our annual ESG Report, which will be published in the second quarter of 2023, for detailed disclosure about how Manulife is implementing the TCFD recommendations. Oversight of ESG strategy Climate Action Plan Manulife’s sustainability governance framework (our ESG We recognize the link between framework) is designed to help us achieve our environmental and financial stewardship, sustainability objectives across the enterprise by and have established a climate action plan facilitating strategic decision-making within the context to support the transition to a net zero of our business objectives. economy. We are actively incorporating Oversight of the ESG framework, including matters climate change considerations into our related to climate change, is included in the corporate decision-making, including how we manage governance and nominating committee’s mandate. The our operations, how we make investment committee receives regular updates on relevant ESG decisions, and how we develop and offer topics, including Manulife’s Impact Agenda and climate financial products and services. Although action plan. Manulife’s Executive Sustainability Council, addressing climate change and achieving which includes members of the Executive Leadership net zero will require a global effort, we hope Team and the Chief Sustainability Officer, is responsible to contribute to this effort by: for ESG-related strategy and disclosures. It meets • Operations: reducing Manulife’s scope 1 monthly and provides quarterly updates to the and 2 emissions by 35% by 2035 relative committee. The Executive Sustainability Council is to our 2019 emissions supported by an ESG Centre of Expertise that consists of • Investments: achieving net zero in our representatives from multiple businesses and functional General Account’s investment portfolio by areas and includes a Climate Change Taskforce. 2050 and actively investing our own assets in sustainable investments, such You can read more about the board’s oversight of as in renewable energy and sustainably sustainability and ESG initiatives on page 30. managed timberland, agriculture and real estate Executive compensation linked to ESG • Products and services: developing As part of our ESG strategy, Manulife sets enterprise innovative client solutions that contribute goals for ESG-related measures that are key to our to climate change mitigation and business strategy. These factor into executive resilience compensation in two ways: • The strategic focus component of the company You can read more about these performance score includes goals linked to commitments and the challenges we are diversity, equity and inclusion, climate action, navigating as we work towards them at employee engagement and customer satisfaction http://manulife.com/climate. (see page 46) 2023 Management information circular 135