Equiniti Group plc
Climate Impact & Sustainability Data (2020)
Reporting Period: 2020
Environmental Metrics
Total Carbon Emissions:1,655 tCO2e/year (2020)
Scope 2 Emissions:1,289 tCO2e/year (2020, Buildings)
Scope 3 Emissions:366 tCO2e/year (2020, Business travel)
Total Energy Consumption:17,201k kWh/year (2020, Global Scope 2)
Carbon Intensity:3.5 tonnes CO2 per £m revenue (2020)
ESG Focus Areas
- Climate risk
- Net zero carbon emissions
- Vulnerable customers
- Workplace wellbeing
- Diversity & Inclusion
- Community engagement
- Supplier management
Environmental Achievements
- Reduced Scope 2 emissions from buildings by 74% (1,289 tCO2e vs 5,013 tCO2e in 2019).
- Reduced business travel emissions by 67% (car) and 82% (air) due to the pandemic.
- Reduced carbon intensity by 71% (3.5 tonnes CO2 per £m revenue vs 12.3 tonnes in 2019).
Social Achievements
- Successful transition to home working during the pandemic, maintaining service delivery.
- Introduced regular Group-wide communication and wellbeing initiatives, leading to increased employee engagement.
- Gave a £400 pay rise to UK employees earning under £30,000 and offered £300 of free shares to employees who had been with the company since the start of the pandemic.
- Launched a vulnerable customer strategy and vulnerability awareness week.
Governance Achievements
- Implemented a new supplier relationship management (SRM) framework and Supplier Code of Conduct.
- Completed a CDP disclosure and reviewed TCFD recommendations to benchmark climate-related performance.
- Continued to comply with the UK Corporate Governance Code.
Climate Goals & Targets
Long-term Goals:
- Achieve net zero carbon emissions.
Medium-term Goals:
- Organic revenue growth of 3–7% per annum.
- Gradual margin improvement of c25 basis points (bps) per annum.
- Average operating cash flow conversion of c90%.
Short-term Goals:
- Set targets for net zero carbon emissions in H1 2021.
Environmental Challenges
- COVID-19 pandemic significantly impacted financial performance due to reduced interest rates, lower market-paid and discretionary revenues.
- Reduced corporate activity, fewer share dealing programs, and reduced dividend commissions.
- Delays in customers' approval of new projects and reduced remediation volumes.
- Uncertainty in capital markets resulting in lower corporate actions and project work.
Mitigation Strategies
- Swift action taken to reduce costs and preserve cash, including cost savings of £15m in 2020 and a further £15m identified for 2021.
- Suspended dividend payments, paused acquisition activity, and reprioritized capital expenditure.
- Successful transition to home working, maintaining service delivery.
- Implemented cost efficiency programs and reviewed property portfolio, resulting in the closure of 17 out of 38 properties.
Supply Chain Management
Responsible Procurement
- Supplier Code of Conduct
- Supplier relationship management framework
Climate-Related Risks & Opportunities
Transition Risks
- Digitization affecting Scope 3 emissions