Cavendish Financial plc
Climate Impact & Sustainability Data (2022, 2023, 2024)
Reporting Period: 2022
Environmental Metrics
Total Carbon Emissions:123 tCO2e (FY21)
Scope 2 Emissions:236,623 kWh (FY22)
Scope 3 Emissions:10,052 kWh (FY22)
Total Energy Consumption:246,675 kWh (FY22)
ESG Focus Areas
- Sustainability
- Diversity and Inclusion
- Net Zero
Environmental Achievements
- Reduced CO2 equivalent emissions to 123 tonnes in FY21 (FY20: 287 tonnes).
- Operates from a new, more sustainable building with high energy efficiency and a zero-to-landfill waste policy.
Social Achievements
- Launched employee volunteer scheme with over 300 volunteer hours.
- Acted as lead sponsor for the “Your Side Hustle” youth entrepreneurship competition.
- Created an Entrepreneurship Module with YourGamePlan for over 1,200 students.
- Supported various charities including icanyoucantoo and the Whitechapel Mission.
- Sponsored ten Ukrainian refugees for English language training and UK accreditation.
Governance Achievements
- Adopted the QCA Code of Corporate Governance for Smaller Companies.
- Established an ESG Committee.
- Appointed Annette Andrews as an independent non-Executive Director with substantial HR expertise.
Climate Goals & Targets
Long-term Goals:
- Net zero emissions (target year not specified).
Medium-term Goals:
- Acquire remaining interest in Energise Limited (2025/2026).
Short-term Goals:
- Not disclosed
Environmental Challenges
- Lower investor confidence due to the conflict in Ukraine, inflation concerns, and general economic uncertainty impacting equity market activity.
- Competition for talented professionals in the M&A sector.
Mitigation Strategies
- Strong balance sheet to withstand market volatility.
- Product diversification to reduce reliance on equity markets.
- Competitive remuneration and employment policies to retain staff.
- Investment in new office space with capacity for expansion.
Climate-Related Risks & Opportunities
Reporting Standards
Frameworks Used: QCA Code of Corporate Governance for Smaller Companies, UN SDGs (4, 5, 7, 8, 10), Greenhouse Gas Protocol
Certifications: B-Corp (Energise Limited)
Third-party Assurance: PlanetMark (for emissions)
UN Sustainable Development Goals
- SDG 4 (Quality Education)
- SDG 5 (Gender Equality)
- SDG 7 (Affordable and Clean Energy)
- SDG 8 (Decent Work and Economic Growth)
- SDG 10 (Reduced Inequalities)
FinnCap's initiatives contribute to these goals through various programs and partnerships.
Sustainable Products & Innovation
- Energise Limited's Net Zero Club online platform
Awards & Recognition
- B-Corp (Energise Limited)
Reporting Period: 2023
Environmental Metrics
Total Carbon Emissions:54 tCO2e/year
Scope 2 Emissions:266,753 kWh/year
Scope 3 Emissions:11,350 kWh/year
Total Energy Consumption:278,103 kWh/year
ESG Focus Areas
- Community Investment
- Diversity & Inclusion
- Environmental Impact (Carbon Emissions)
- Employee Volunteering
Environmental Achievements
- Reduced CO2 equivalent emissions to 54 tonnes in FY23 (from 53 tonnes in FY22), offset through UK woodland purchase.
Social Achievements
- Employee Volunteer Scheme with two paid leave days per year for volunteering.
- The Side Hustle competition, supporting youth entrepreneurs.
- Sponsorship of Ukrainian refugees for English language training.
- Volunteer support at Whitechapel Mission and East London canal cleanup.
Governance Achievements
- Established a People & Culture Committee.
- Updated graduate recruitment processes to improve diversity.
- Continued adoption of the QCA Code of Corporate Governance.
Climate Goals & Targets
Environmental Challenges
- Difficult equity market conditions impacting revenue.
- High fixed operating costs.
- Reduced equity issuance volumes.
Mitigation Strategies
- Cost restructuring program including headcount reduction (approx. 10%).
- Reduced discretionary spending.
- Merger with Cenkos Securities plc to improve efficiency and profitability.
Supply Chain Management
Climate-Related Risks & Opportunities
Reporting Standards
Frameworks Used: QCA Code of Corporate Governance
Reporting Period: 2024
Environmental Metrics
Total Carbon Emissions:73 tCO2e/year
Scope 2 Emissions:353,947 tCO2e/year
Scope 3 Emissions:11,350 tCO2e/year
Total Energy Consumption:353,947 kWh/year
ESG Focus Areas
- Sustainability
- Diversity and Inclusion
- Community Engagement
Environmental Achievements
- Reduced carbon emissions (though increased from 54 to 73 tonnes of CO2 equivalent, offset through carbon credits)
- Operates from highly sustainable premises with high energy efficiency and zero-to-landfill waste policy
- Encourages use of public transport and bicycles through incentives
Social Achievements
- Launched a firm-wide Share Incentive Plan
- Awarded bonuses to employees for strong post-merger performance
- Employee Volunteer Scheme enabling employees to take two days paid leave for charitable activities
- Matching contributions up to £250 for employee fundraising
- Lead sponsor of The Side Hustle, mentoring young entrepreneurs
Governance Achievements
- Successful merger of finnCap Group plc and Cenkos Securities plc
- Implemented a strong governance framework
- Combined Audit and Risk & Compliance Committees into a single Audit, Risk and Compliance Committee
- Developed data and analytics capability to improve operating effectiveness
Climate Goals & Targets
Environmental Challenges
- Challenging market conditions due to high interest rates and inflation
- Merger-related costs
- Increased employee costs as a percentage of revenue (73% in FY24 vs 69% in FY23)
Mitigation Strategies
- Achieved £7 million in annualised cost synergies
- Consolidated London operations into one location, saving £1.3m per year
- Migrated onto a single trading platform, saving £0.8m per year
- Decreased headcount, saving £4.9m per year
- Disciplined cost control and liquidity management
Supply Chain Management
Climate-Related Risks & Opportunities
Reporting Standards
Frameworks Used: QCA Code of Corporate Governance for Smaller Companies