Summary of the Work we Performed as the Basis for our Assurance Conclusion
We planned and performed our work to address the areas where we have identified that a material misstatement of the ESG KPIs is likely to arise. The procedures we performed were based on our professional judgment. In carrying out our limited assurance engagement on the ESG KPIs, we:
- Obtained an understanding of the circumstances in which the SLB is issued;
- Obtained an understanding of the signed issuance contract, any amendments thereto, the Sustainability‑Linked Financing Framework (in particular the list of key performance indicators, the methodology used to determine the indicators, the scope retained to calculate the key performance indicators, etc.) and the characteristics of the SLB;
- Obtained an understanding of the SLB pre-issuance Second Party Opinion;
- Assessed the consistency of the key performance indicators and calculation methods with the information published in the Sustainability Report;
- Assessed the suitability of the criteria used by the Company to prepare the ESG KPIs regarding the calculation methods, i.e. the Sustainability-Linked Financing Framework, with regard to their relevance, completeness, reliability, neutrality and understandability, taking into account, where applicable, best industry practice;
- Obtained an understanding of the Company’s internal control relevant to the preparation of the ESG KPIs, however we did not evaluate the design of particular control activities, obtain evidence about their implementation or test their operating effectiveness;
- Assessed whether the Company’s methods for developing estimates are appropriate and, where applicable, assessed the relevance of changes in methods and assumptions, and whether they have been consistently applied, however our procedures did not include testing the data on which the estimates are based or separately developing our own estimates against which to evaluate the Company’s estimates;
- Performed analytical procedures that may, in particular, enable us to identify unusual fluctuations, and request explanations from management concerning the unusual items identified;
- For each ESG KPIs:
-
- Assessed the compliance of the calculation methods applied with those described in the Sustainability-Linked Financing Framework;
- Verified the arithmetical accuracy of the calculations used to establish the ESG KPIs;
- Verified, on a sample basis and using other selection methods, the consistency of the underlying data with the supporting documentation;
- Inquired from management about the existence of any events subsequent to the closing date that could have an impact on the ESG KPIs, which is subject to the verification, or the presentation of this information in Section 4.16 of the Company’s URD.
The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement carried out in accordance with the professional standards of the Compagnie Nationale des Commissaires aux Comptes “CNCC” and International Standard on Assurance Engagements 3000 (Revised). Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had we performed a reasonable assurance engagement.
