DSW Capital plc

Climate Impact & Sustainability Data (2022, 2023, 2024)

Reporting Period: 2022

Environmental Metrics

Total Carbon Emissions:3.8 tCO2e

Scope 1 Emissions:2.8 tCO2e

Scope 2 Emissions:1.0 tCO2e

Total Energy Consumption:20,125 kWh

Carbon Intensity:1.28 Tonnes CO2e – per £m Revenue; 0.53 Tonnes CO2e – per Average FTE

ESG Focus Areas

Social & Environmental Impact
Diversity & Inclusion
Empowering Our People
Responsible Business Practices

Environmental Achievements

Undertook an exercise to collate data on Scope 1 and Scope 2 emissions and intends to monitor these regularly.

Social Achievements

Launched the DSW Mentoring programme (24% of fee earners signed up).
Provided access to a library of online training courses in March 2022.
Developing the DSW Future Leaders programme (expected launch Autumn 2022).

Governance Achievements

Rolled out a new compliance manual.
Exploring initiatives including increased Cyber Security training and aiming for Cyber Essentials accreditation.

Climate Goals & Targets

Medium-term Goals:

Reduce Scope 3 emissions to Net Zero by 2030

Short-term Goals:

Reduce Scope 1 & 2 emissions to Net Zero by 2025

Environmental Challenges

Capturing, reporting, and reducing Scope 3 emissions from licensees.
Impact of the Covid-19 pandemic on physical and mental wellbeing.

Mitigation Strategies

Target to begin collating and monitoring Scope 3 emissions in FY23.
Exploring initiatives to train mental health first aiders and increase social and wellbeing activities.
Signed up with Zellar to identify initiatives to reach Net Zero by 2030.
Planning to implement initiatives such as a behavioral actions survey, working with Net-Zero-ambitious suppliers, investing in carbon reduction technologies, and encouraging employee participation in local carbon offsetting projects.

Supply Chain Management

Responsible Procurement

Working with suppliers who share our Net-Zero ambitions

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: SASB, UN Sustainable Development Goals

Reporting Period: 2023

Environmental Metrics

Total Carbon Emissions:2.6 tCO2e/year

Scope 1 Emissions:1.5 tCO2e/year

Scope 2 Emissions:1.1 tCO2e/year

Renewable Energy Share:100% (electricity)

Total Energy Consumption:13,666 kWh/year

Carbon Intensity:0.86 tonnes CO2e per £m Revenue (2023); 1.28 tonnes CO2e per £m Revenue (2022); 0.25 tonnes CO2e per average FTE (2023); 0.53 tonnes CO2e per average FTE (2022)

ESG Focus Areas

Climate Change
Diversity & Inclusion
Empowering People
Responsible Business Practices

Environmental Achievements

Significantly reduced Scope 1 Emissions by 46.3%
Overall Scope 1 & Scope 2 emissions reduced by 32.1%
Switched to a 100% renewable energy tariff

Social Achievements

Launched the DSW Future Leaders Programme (12 participants)
Carried out the first annual DSW Engagement Survey (35 DSW Network Net Promoter Score)
93% of respondents agreed DSW has a culture of equality and inclusion
Attrition fell to 8.5% (2022: 16.1%)
Welcomed four apprentices and graduates to the Network in FY23
Invested in initiatives supporting employee health, safety, and well-being (training, mental health first aiders, wellbeing events)

Governance Achievements

Refreshed Risk Management Framework and rolled out additional resources to licensees
Introduced Risk Management Workshops for licensees
Rolled out Equality & Diversity training across the DSW Network
Rolled out a new compliance manual

Climate Goals & Targets

Medium-term Goals:

Reduce Scope 3 emissions to Net Zero by 2030

Short-term Goals:

Reduce Scope 1 & Scope 2 emissions to Net Zero by 2025

Environmental Challenges

Reducing Scope 3 emissions
Maintaining and improving employee engagement and inclusion scores

Mitigation Strategies

Working with licensees to identify initiatives targeting Scope 3 emissions
Working with ESG committee to maintain and improve inclusion score
Continuing to invest in and deploy resources across the DSW Network
Continuing agenda of events promoting mental health in the workplace
Target to begin to collate and monitor Scope 3 emissions
Working towards Net Zero by 2030 for Scope 3 emissions

Supply Chain Management

Responsible Procurement

Working with suppliers who share our values and ambitions

Climate-Related Risks & Opportunities

Reporting Period: 2024

Environmental Metrics

Total Carbon Emissions:1.9 tCO2e/year

Scope 1 Emissions:0.7 tCO2e/year

Scope 2 Emissions:1.2 tCO2e/year

Total Energy Consumption:9,431 kWh/year

Carbon Intensity:0.77 tonnes CO2e per £m revenue (2024), 0.86 (2023)

ESG Focus Areas

Community & Charity Engagement
Energy & Climate Change
Diversity & Inclusion
Empowering Our People
Responsible Business Practices

Environmental Achievements

Significantly reduced Scope 1 Emissions by 53.4%
Overall Scope 1 & Scope 2 emissions reduced by 31.0%

Social Achievements

Welcomed the 2nd Cohort of aspiring partners and leaders on the DSW Future Leaders Programme
Held our first DSW group wide conference which was attended by over 75 of our People and Partners.
Hosted our International Women’s Day event

Governance Achievements

Launched our ESG Committee made up of 10 volunteers from across the DSW Network

Climate Goals & Targets

Medium-term Goals:

Reduce Scope 1, 2 and 3 emissions to Net Zero by 2030

Short-term Goals:

Carbon Neutral (Scope 1 & 2 emissions) by 2025

Environmental Challenges

Subdued SME M&A market impacting confidence and company valuations
Lower levels of licensee activity
Reduced utilisation and revenue per fee earner due to protracted transactions

Mitigation Strategies

Significant investment in partner recruitment capabilities
Increased investment in central infrastructure (IT security and innovation)
Diversification into new service lines (Insolvency and Tax Services) through acquisitions and new teams
Adjusted dividend payout levels to reflect current trading position