Climate Change Data

Tilney Smith & Williamson Limited

Climate Impact & Sustainability Data (2021)

Reporting Period: 2021

Environmental Metrics

Total Carbon Emissions:1602 tCO2e/year
Scope 1 Emissions:287 tCO2e/year
Scope 2 Emissions:1218 tCO2e/year
Scope 3 Emissions:97 tCO2e/year
Total Energy Consumption:7,699,130 kWh/year

ESG Focus Areas

  • Environment
  • Responsible Investment
  • People
  • Charities and Communities

Environmental Achievements

  • Achieved BREEAM ‘Excellent’ rating for newly refurbished London and Birmingham offices.
  • Reduced paper storage requirement by 89% (from 3,682 linear meters in 2018 to 387 linear meters in 2021).
  • Reduced office space by 7.8% (327,665 square feet in 2021 from 355,561 square feet in 2020).

Social Achievements

  • Launched a new purpose and values.
  • Implemented ‘Smart Working’ approach.
  • Launched colleague wellbeing strategy.
  • Donated £100,000 to Impetus and pledged £100,000 annually for three years.
  • Outsourced recruitment to increase efficiency and eliminate bias.

Governance Achievements

  • Formed a Corporate Responsibility Committee (CRC).
  • Integrated legacy Tilney and Smith & Williamson custody and investment systems.
  • Made changes in governance to fit with the new group structure and the integration of activities.

Climate Goals & Targets

Long-term Goals:
  • Achieve Net Zero carbon emissions on corporate operational footprint.
Medium-term Goals:
  • Develop science-based targets (SBTi) and initial roadmap to Net Zero emissions.
Short-term Goals:
  • Complete CDP questionnaire to become a CDP supporter in 2022.

Environmental Challenges

  • Supply chain disruptions due to extreme weather events.
  • Regulatory changes and market shifts related to ESG and climate change.
  • Understanding and measuring ‘Scope 3 financed emissions’.
  • Meeting client expectations and choices regarding ESG.
  • Adapting the investment process to reflect client ESG and climate requirements.
Mitigation Strategies
  • Implemented many initiatives to reduce carbon footprint (e.g., sustainable fit-outs, green energy, Smart Working, reduced paper usage).
  • Engaged climate consultants to aid in the development of science-based targets (SBTi) and roadmap to Net Zero emissions.
  • Developed supplier questionnaires to evaluate their ESG considerations.
  • Investing in tools to understand underlying data needed to manage clients’ portfolios.
  • Offering Sustainable Managed Portfolio Services and Tilney Sustainable TAP funds.

Supply Chain Management

Responsible Procurement
  • Commitment to Net Zero carbon emissions for all construction activity.
  • Ethical sourcing of materials (100% responsibly sourced).

Climate-Related Risks & Opportunities

Physical Risks
  • Extreme weather events (storms, flooding)
  • Rising temperatures and sea levels
  • Energy and water security
  • National infrastructure disruptions
Transition Risks
  • Regulatory changes
  • Market shifts
  • Technology costs
  • Reputational risks
Opportunities
  • Resource efficiency gains
  • Expansion of sustainable investment services and products
  • Increased market share
  • Attracting new clients

Reporting Standards

Frameworks Used: TCFD

Sustainable Products & Innovation

  • Sustainable Managed Portfolio Service (SMPS)
  • Tilney Active Portfolios (TAP) including two Sustainable TAP funds

Awards & Recognition

  • Tilney Sustainable Cautious Portfolio awarded Best ESG Investment Strategy at the 2021 City of London Wealth Management Awards