Environmental, Social and Governance

We measure the energy we use, the travel we take and the waste we produce, and we set a reduction target against a stated baseline year rather than a general commitment to improve.

Our environmental management follows the structure set out in ISO 14001: identify the impacts, set objectives, act, measure, and review. Where we set emissions targets we align them with the methodology of the Science Based Targets initiative so that the target means the same thing to a reader as it does to us.

The social side of our work is mostly about how we treat people: fair pay, safe conditions, and a workplace where raising a concern is straightforward. Our people page sets out what that means in practice.

It also covers who we do business with. We ask the companies we work with about their own employment practices and supply chains, and we do not present an offer from a company whose answers we find unsatisfactory.

Governance is the part of ESG that most directly affects an investor. It covers who makes decisions, how conflicts of interest are handled, and how the company is held to account.

We publish our governance framework separately and in full, including how we are paid and where that creates a conflict with your interests.

We report annually against the GRI Standards, which give a common vocabulary for disclosure so that our numbers can be compared with other organisations' rather than only with our own.

For climate-related disclosure we follow the TCFD framework as carried forward into the ISSB standards IFRS S1 and S2, covering governance, strategy, risk management, and metrics and targets.

We are a small organisation. We do not claim carbon neutrality, we do not buy offsets in place of reducing our own consumption, and we do not describe an investment as sustainable because the company operates in a sustainable sector.

Where we have not yet measured something, we say so rather than estimating it.