Corporate Sustainability Report - Flipbook - Page 75
Sustainability Report
75
impacts by adapting our operations and
engaging with our customers and suppliers to
maximise opportunities as we transition to net
zero. We are focused on reducing our global
carbon emissions as quickly as possible.
In FY24, we consolidated our corporate real
estate footprint. As well as savings from
reduced rental costs, the Group will also
bene昀椀t from reduced energy and heating
costs, and commuting to and from the o昀케ces.
As part of our goals, we are driving emissions
out of our business through a range of
initiatives including improving energy
e昀케ciencies, using renewable energy, reducing
waste, reducing travel, the availability of
homeworking, and developing a socially
responsible suppliers’ network.
However, with energy cost and heating costs
expected to increase (from either increased
demand for renewable energy sources or from
carbon taxes on traditional energy sources),
any saving here may be o昀昀set.
We manage the risks of climate change, as
mentioned previously, with oversight by the
Board and the Audit & Risk Sub-Committee
We are tracking and reporting on our carbon
emissions globally.
We are starting to work with our suppliers to
ensure that their carbon management ethos
matches our own, having recently rolled out a
Supplier Code of Conduct.
Similarly, the Group insurance premiums
may reduce as the number of o昀케ces in the
Group reduces, however, insurance premiums
may rise as a result of increasingly extreme
weather events and rising sea levels.
For locations where an o昀케ce is required to
continue serving our customers e昀昀ectively, the
Group will continue to prioritise o昀케ces that
possess the highest environmental ratings
possible in that jurisdiction.
This will expand our in昀氀uential reach beyond
that of just our company and demonstrates
that a consistent and truthful message is
shared with our stakeholders regarding our
own environmental management practices.
Any savings made arising from reducing the
Group’s o昀케ce footprint shall be used to cover
the cost of moving and setting up new o昀케ce
locations or making further improvements
to our existing o昀케ce locations that we are
retaining.
As noted earlier, we have seen an increased
demand for companies to show e昀昀ective
management of their climate change impact,
for example, requests from the market, and
existing and upcoming legislation.
It is not possible to estimate the full 昀椀nancial
impact of the above, other than to con昀椀rm
that the costs of transitioning toward net zero
will be mitigated partly by other initiatives that
the Group is implementing.
This supports our e昀昀orts in demonstrating
that we are an ethical, responsible, and
trustworthy company.
Risk management
As such we review our operations regularly
to ensure that we operate as e昀케ciently as
possible. This risk is considered over short-,
medium-, and long-terms (one to 10+ years).
Over the next 10-year period, signi昀椀cant
investment will continue to be made by the
company in a number of areas.
The Group has previously set out plans to
reduce its global o昀케ce footprint which will
reduce our Scope 1 and Scope 2 emissions
signi昀椀cantly, as well as impact our Scope 3
emissions.
The processes for identifying and assessing
climate-related risks
Subject matter experts and the Access
Management Team assist with the
identi昀椀cation of risks through horizonscanning sessions. Potential risks related to
existing and future regulation, reputation
and markets, potential 昀椀nancial impacts, and
physical climate change are all considered
carefully.
Once identi昀椀ed, risks are prioritised using
a risk matrix approach which assesses
the potential impact, both 昀椀nancial and
reputational, on the Group and the likelihood
of occurrence. Risks are assessed in the short-,
medium-, and long-term both on a gross basis
