Marketplace
We recognise the importance of engaging in responsible procurement that delivers not only long-term benefits to us as a firm, but will also benefit our stakeholders. We are committed to the procurement of environmentally sustainable products and services where possible, by ensuring consideration is given to service partners’ environmental credentials and track record in the selection process. We want our suppliers to demonstrate their sustainable credentials because, when we can, we want to work with organisations and suppliers that share our sustainable business ethos.
As part of our ISO27001 certification process, we have a Supplier Code of Conduct for our firm. This outlines the standards that we expect from vendors in our supply chain. We want to understand and fully assess those we are working with, as this ensures that we can actively manage our suppliers in what is an increasingly complex supply chain environment. With this in mind, we have developed standard ESG commitments that we seek from our suppliers and look to include in our contracts with key suppliers where possible. As part of our supplier assessments, we also ask suppliers about their ESG commitments and look to ensure that we obtain appropriate assurances from suppliers in relation to ESG. We do all of this because we want to establish that each of our key suppliers is the right partner for us.
We have also made concerted efforts over the past 12 months to enhance our level of visibility on key suppliers’ public-facing ESG commitments and on the level of specific commitments that they provide to us from an ESG perspective. In particular, these efforts include developing standard ESG contractual commitments for suppliers and conducting an updated ESG review of our 50 largest suppliers. In light of these efforts, we are pleased to report that 64% of our 50 largest suppliers have made public-facing ESG commitments and/or specific ESG contractual commitments to our firm.
Next year our focus will be on extending our ESG review to more of our key suppliers and continuing our efforts to obtain ESG commitments in our key supplier contracts where possible. We will also continue our positive engagement with suppliers on ESG issues to identify further opportunities to help meet our firm’s ESG objectives through positive contributions and developments in our supply chain.
of our 50 largest suppliers have made public-facing ESG commitments and/or specific ESG contractual commitments to our firm.
Looking Ahead
We will continue our ESG commitment review of all our material supplier relationships.