Our governance framework underpins the resilience, integrity, and long-term sustainability of our business.

Throughout the last financial year, we continued to strengthen the structures, processes and oversight that support transparency, accountability, and effective decision-making across the Group. Over the past year, we advanced our preparations for evolving sustainability regulation, strengthened our climate-related governance, and maintained robust ESG oversight at management and Board level. Our governance framework supports not only compliance, but the integration of sustainability considerations into long-term strategic decision-making.

Embedding materiality outcomes into strategy, reporting, and oversight

Our ESG governance structure ensures clear accountability for sustainability across the business. During the last financial year, we continued to embed the outcomes of our double materiality assessment, finalised in FY2024/25 and reconfirmed with senior management in January 2026, into our strategic priorities and reporting approach.

The material issues identified through this process continue to inform the structure of our ESG framework and guide decision-making across multiple areas, including risk management and strategic planning. We expect to conduct further work during FY2026/27 to align financial materiality considerations with anticipated UK SRS requirements and updated management perspectives on the key ESG drivers for our business.

Oversight of ESG remained active at both Board and management levels. The Sustainability & Ethics Committee, Audit Committee and ESG Working Groups continued to provide structured governance, supported by regular reporting from the CEO and Chief Marketing & Impact Officer.

Strengthening climate-related governance, scenario analysis, and risk management

We continued to deepen our alignment with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) during the past financial year. A senior management workshop in January 2026 reviewed climate-related risks and opportunities, with outputs from this process, together with a follow-up survey, shaping the refreshed TCFD disclosures that are included in this year’s Annual Report. The assessment reaffirmed that our most material climate-related issues include the interlinked areas of asset valuation and resilience, policy and regulatory change, and physical climate risks. These are reflected in our governance and oversight approach to managing climate-related risks and opportunities.

Across all climate topics, management continues to play an active role in identifying and assessing risks, ensuring climate considerations are integrated into operational planning and long-term strategy.

Engaging with stakeholders through transparent dialogue and collaborative action

We continued to strengthen stakeholder engagement with employees, tenants, and rating agencies throughout the year. Employee engagement remained a focus, supported by the CEO Forums, Board site visits and engagement platforms and programmes such as Workvivo and Teams@Work. The annual employee survey continued to provide valuable insights into colleague sentiment, helping management to monitor engagement levels and shape discussion at both executive and Board levels.

The 2026 tenant survey was conducted during February and March 2026, achieving good response rates in both the UK and Germany. Management will continue to review the feedback and use these insights to guide engagement, operational planning, and decision-making across the Group.

Preparing for evolving sustainability reporting requirements

During the last financial year, we advanced our preparations for the UK Sustainability Reporting Standards (UK SRS), which are aligned with IFRS S1 and S2, and were published by the Department for Business and Trade in February 2026. The FCA also launched its consultation on mandatory adoption for listed companies, with requirements currently expected to apply to financial periods beginning on or after 1 January 2027. This would make FY2027/28 Sirius’ first in-scope reporting year, subject to final FCA requirements.

To prepare, we completed a high-level gap analysis of the new standards and will develop a more detailed roadmap. This early preparation ensures we remain well-positioned for a smooth transition, and we expect to progress work during FY2026/27 to support the enhanced disclosures required under UK SRS.

In parallel, the Group was confirmed as out of scope of the EU Corporate Sustainability Reporting Directive (CSRD), following updated thresholds under the EU Omnibus Directive. We continue to monitor for any future implications.

Maintaining high standards of disclosure and external performance

We maintained strong ESG performance across major rating frameworks during the past financial year, including:

Upholding policies, business conduct, and data protection

More details on our policies can be found on our dedicated Policies page here.

Cybersecurity remains a governance priority, with oversight provided by the IT Committee, which meets regularly and reports quarterly to the Board. We continue to strengthen our approach to ensure that potential threats related to data and cyber are identified and mitigated proactively. Compliance with EU and UK GDPR regulations remains a focus, with regular reviews to ensure we meet data protection requirements. We have experienced no material information security breaches during the prior financial year.