The Board takes account of social, environmental and ethical considerations when managing the Group and when considering new investment opportunities. This is monitored as part of the Group’s annual risk assessment process. The direct environmental impact of the Group’s activities is limited, however the Group considers the environmental impact of all significant investment opportunities and is engaged in a continuing effort to improve the environmental performance of all of its businesses. The Group aims to reduce its impact on the environment by controlling energy usage, which may be achieved by avoiding any unnecessary expenditure, improving cost-effectiveness or taking any other appropriate steps to reduce energy consumption levels. The Group is a member of the FTSE4Good Index.
Health & safety remains a key component of the Group’s corporate social responsibility strategy. Reporting of health & safety matters is made to the Board every month. The Group’s health & safety policy statement is regularly updated and circulated to the Group’s operating companies. Specialised staff at each of these companies ensure compliance with this statement. Root cause analysis and similar investigative work is carried out following all health & safety incidents. The Group maintains accident reporting systems which are primarily used to identify trends with a view to developing strategies for reducing the number of accidents.
The Group’s current system of risk management and control, which includes social responsibility matters, is led by each of the Group’s operations. Senior staff at these companies are responsible for complying with the relevant environmental regulations in all the geographical areas in which they operate. They report to the Board on such issues through the Chief Operating Officer, who has ultimate responsibility for such matters, as part of the Group’s system of internal control and risk management reporting. Overall the Group continues to believe that it has limited environmental impact. However the Group recognises that it has a responsibility to understand the impact that its activities have at local, national and global level. These have been monitored and assessed, and solutions have been implemented as appropriate according to best practice, local legal and other requirements.
The Group continues to focus attention on areas where its impact on stakeholders is most beneficial, by delivering an improved and more secure environment for our employees, customers and suppliers, and by operating ethically as an international Group. The Group’s values statements, set out below, are key to the Group’s success and the way in which it conducts business:
- build with integrity, fairness and trust
- challenge and innovate
- always put delivery first
- make ambition work.
Employment
Employment policies throughout the Group have been established to comply with relevant legislation and codes of practice relating to employment, health & safety and equal opportunities. The Group provides high quality working environments and facilities for employees, and training and development appropriate to each of their roles. The Group does not discriminate against employees in any way and provides a competitive range of employee benefits. The Group keeps employees informed on matters relating to their employment and on financial and economic factors affecting the Group. This is achieved through management briefings, the Group’s website and by distribution of press releases and internal announcements. This enables employees to gain a better understanding of the Group’s business objectives and their roles in achieving them. Building and developing the skills, competencies, motivation and teamwork of employees is recognised by the Board as being key to achieving the Group’s business objectives.
The Group’s commitment to rewarding employees and valuing qualities such as determination are enshrined in the Group’s values statements. Encouragement is given to all UK employees to participate in the Group’s SAYE Share Option Scheme under which options over the Company’s shares are granted to employees who enter into contracts to save agreed amounts each month.
Ability and aptitude are the determining factors in the selection, training, career development and promotion of all employees. The Group provides a range of training and development opportunities for employees, including induction training, health & safety training and support with programmes leading to relevant professional or academic qualifications, in addition to specific training related to the role of each employee. The Group recognises its responsibility under the UK’s Disability Discrimination Act 1995 and does not discriminate against disabled people. If an employee is, or becomes, disabled during their period of employment, the Group will, if necessary and to the extent possible, adapt the working environment to enable the employee to continue in their current position or retrain the employee for duties suited to their abilities following disablement. It continues to be the Group’s policy to consider applications for employment from disabled people on the same basis as other potential employees. Health & safety training is part of the induction process for new employees. Specific training is given where relevant, for example regarding forklift truck operation and chemical handling, as well as fire safety and first aid matters. Risk assessments are used in all parts of the Group, with these being updated on a regular basis and also when new equipment or machinery is acquired or new processes are introduced.
Environment
Umeco operates at the leading edge of environmental change in its principal markets, with the Group’s advanced composite materials and services being used to improve fuel efficiency and reduce emissions. The Group’s customers operate in industries that demand high environmental standards from their suppliers and the Group continually raises its standards in response. Well established environmental management systems and comprehensive policies are in place. The Group strives to make continuous improvements to its usage of natural resources, in areas such as recycling and the efficient use of energy and water. Recycling processes have been in use in the Group for many years, and recycled materials are used wherever possible. Improvements to reduce the environmental impact of the Group’s operations are regularly implemented.
Community impact and involvement
The Group contributes to local worthwhile causes and charities, and ensures that the Group’s operations cause minimal negative impact within the community. In common with all companies, the Group has limited resources and the amount of money available for charitable purposes varies over time.
Relationships with suppliers, customers and other stakeholders
The Group recognises the obligations it has towards the parties with whom it has business dealings including customers, shareholders, employees, suppliers and advisers. Dealings with these parties depend upon the honesty and integrity of the Group’s staff and every effort is made to ensure that a high standard of expertise and business principles is maintained in such dealings. Where appropriate, training is given to maintain and to raise standards.
The Group’s policy towards suppliers is that each operating company is responsible for negotiating the terms and conditions under which they trade with suppliers. Once terms are agreed, payments to suppliers are made in accordance with those terms and conditions, subject always to the supplier having complied with them.
Ethics
Download Umeco's Code of Ethics