City - "those who own shares and provide us with capital"

Overview

Most investors do not want us to generate profits in the short term at the expense of damaging our reputation and long term prospects of growth. Such investors expect us to demonstrate that the business is well run and that we take proper account of all the risks and opportunities that may affect our performance. Increasingly this includes environmental, social and governance (ESG) factors commonly considered part of the CR agenda.

And this makes sense to us too. We know that our customers are increasingly interested in our Corporate Responsibility. They want to know we operate in a way that considers the environment and that the products we sell are sourced from ethical suppliers. If we fail to understand this or fail to respond in an appropriate way, we could damage our brands and reputation, and the high level of trust we have worked hard to build with our customers.

Moreover, if we can identify real shifts in social attitudes on certain issues, such as climate change, and respond quickly to them, we will be better placed to take advantage of new markets and opportunities as they arise. A company with a positive social reputation will benefit from increased customer and employee loyalty, leading in turn to advocacy on its behalf from these important groups.

Effective management of Corporate Responsibility can increase shareholder value. For example, in the area of eco-efficiency, rising prices for energy and waste disposal make efficiency savings increasingly attractive. We have annual targets to reduce energy consumption, transport impacts, materials use and waste volumes.

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