ENVIRONMENTAL, SOCIAL AND GOVERNANCE

Environmental

Our priorities

We recognise that our operations contribute to climate change, and we are committed to playing our part in addressing climate change through reducing our emissions to mitigate global temperature rise.

Efficiently managing our shared natural resources and disposing of toxic waste and pollutants are important targets to achieve this goal. Equally important is encouraging industries, businesses, and consumers to recycle and reduce waste.

Balmoral is aligned with the UK’s net zero by 2050 target. To achieve this, we will invest in technology and systems, such as the full or partial electrification of our operations, required to reduce carbon output.

Protecting the environment and its biodiversity in ecosystems is a fundamental component of sustainable development. The company is fully aligned with the best environmental practices and monitors all activities that may impact the environment.

Limiting impacts to the environment

• Prevent spills to the environment, whilst ensuring effective preparedness and response
• Enforce principles of circular economy
• Achieve ISO 14001:2015 certification in Q1 2023
• Minimise our wider environmental impact and protect the biodiversity in which we operate

Reducing emissions from operations

• Set targets for reduction in Scope 1 and 2 emissions by 2030 compared to the 2022 baseline
• Establish systems on how we measure progress in achieving this goal
• Reduce our energy consumption per unit, of output
• Track and target CO2 reductions
• Use renewable energy sources
• Use of best available technology (BAT)

Addressing climate change

• Deliver a clear plan for a net zero emissions future
• Use of R&D within our business and key stakeholders to prioritise sustainable practices and technology-based solutions
• Provide education and awareness programmes aimed at reducing waste
• Reduce waste from our operations

Social

Our priorities

We adopt a proactive approach towards our social responsibilities and are dedicated to creating a positive impact for our people and communities. We are committed to playing an active role in society by employing and investing in people and driving economic growth. We also hold our suppliers and business partners to the same expectations.

Our social responsibility encompasses our employees, supply chain, and the communities in which we operate. We will continue to prioritise health, safety and wellbeing. Our business contributes to improving health and wellbeing in various ways, including providing energy and caring for the health and safety of our workers while ensuring decent work for all by adhering to best practices in labor, health, and safety.

In 2022, as part of our Employer of Choice Strategy, the company conducted its first employee engagement survey. This survey serves as a baseline for monitoring progress and promoting a diverse and inclusive workplace. Our people are essential to the success of our strategy, and we remain dedicated to building and developing critical skills and capabilities. We are committed to ongoing improvement in diversity and inclusivity, as demonstrated in the Balmoral Group Gender Pay Gap reporting.

Achieving a better gender balance benefits our company, colleagues and the broader industry. It reduces bias in our hiring practices and creates an inclusive and flexible work environment. We take pride in supporting women in leadership roles across the company, spanning all disciplines from design to HSE, and we continue to provide opportunities for women.

Protecting health and safety

• Promote health and well-being and implement our safe systems of work to strengthen our capacity to manage risk
• Survey and act to foster employee satisfaction
• Review our employee benefits programmes

Promoting diversity and equality

• Provide a balanced place of work and support local communities
• Review our diversity and inclusion policies and provide training and awareness
• Review our recruitment policies and social engagement programmes to address gender equality
• Strategy focused on promoting opportunities for women at all levels

Respecting labour and human rights

• Zero tolerance of child labour and modern slavery
• Ensure all relevant personnel receive appropriate Equality, Diversity and Inclusion training
• Enhance how we evaluate and select our supplier to ensure compliance with appropriate Modern Slavery

Governance

Our priorities

Responsible business practices contribute to stability by following the law, adhering to anti-bribery laws, and conducting regular and inclusive engagement with stakeholders.

We are committed to ensuring an excellent code of conduct throughout the business, which is fundamental to our culture. This commitment involves maintaining the highest standards in ethics, integrity, and transparency at all levels.

Delivering responsible business practices

• Zero tolerance to bribery and corruption, ensuring employees in relevant roles complete annual anti-bribery and corruption training
• Support local economic growth opportunities
• Enhance our environmental, social and governance KPIs and report quarterly
• Ensure all relevant personnel receive appropriate cyber awareness training and incident response exercises are regularly conducted

Demonstrating integrity and transparency

• Enforce robust board oversight, management accountability, and internal controls.
• Apply reporting practices in accordance with national and international reporting standards
• Robust data protection and privacy systems and procedures
• Review our diversity and inclusion policies and provide training and awareness
• Ensure equal opportunity and reduce inequalities of outcome, including by eliminating discriminatory policies and practices and promoting appropriate legislation, policies and action in this regard
• Adopt policies, especially fiscal, wage and social protection policies, and progressively achieve greater equality