Currys dissolves ESG committee and shifts oversight to existing teams

Currys has closed its board-level environmental, social and governance (ESG) committee and transferred oversight responsibilities to existing teams.

The committee, formed in 2023, had overseen the establishment of the retailer’s ESG strategy and goals.

The company said that its progress, together with upcoming sustainability reporting requirements, meant it was the “right time to evolve its governance structure”.

Day-to-day oversight of ESG targets and risks will now be managed by a group sustainability leadership team (GSLT) made up of functional leaders from executive teams.

The board and audit committee will take on remaining responsibilities previously held by the ESG committee.

The committee included non-executive directors Eileen Burbidge, Magdalena Gerger and Octavia Morley.

Burbidge stepped down from the board at the company’s annual general meeting on 4 September.

Meanwhile, Gerger will attend GSLT meetings to provide independent oversight and support reporting back to the board, while Morley continues as senior independent director and remuneration committee chair.

Currys recently reported that its group sales rose 3% for the 17 weeks ended 30 August, as it began its £50m share buyback programme.

The electronics retailer stated that its UK and Ireland like-for-like sales had been driven by market share gains with double-digit growth in new categories and b2b.

Overall, the group’s trading in the first four months of the financial year has been in line with expectations, and the company has stated that it is planning confidently for the year ahead and comfortable with market consensus.

Looking ahead, it is targeting continued growth in higher margin, recurring revenue services, including reaching at least 2.5m iD Mobile subscribers before year end.