Corporate responsibility is important to Schroders. We want to ensure that the Group acts in a socially responsible way in its day-to-day operations.
The principles of corporate responsibility (CR) are embedded in the way we run our business. We have policies in place to ensure that Schroders behaves in a socially responsible way in its day-to-day activities. As a major investor, we also monitor the activities of the companies in which we invest and use our influence as a shareholder to encourage these businesses to act responsibly.
Schroders is committed to conducting its tax affairs in an open and transparent way. In 2012, we paid corporate income taxes of £81.6 million (2011: £78.5 million). Further information on tax can be found in our financial statements on page 102.
We aim to comply with our tax obligations worldwide and to maintain a good reputation with tax authorities in the key jurisdictions in which we operate. In the UK, Schroders was one of the first businesses to enter into a framework agreement with HMRC. We keep HMRC informed of business activities, results and key developments as they arise and proactively disclose issues, risks and uncertain tax positions.
We have also signed up to the Code of Practice on Taxation for Banks and comply with its requirements. During 2012, we engaged in dialogue with a number of external action groups to share details of our approach in this area.
The Corporate Responsibility Committee
This Committee oversees employee, environmental and community involvement issues and is responsible for the development of policies on corporate responsibility and their implementation throughout the Group.
In order to ensure that CR is embedded within our business, the Corporate Responsibility Committee is chaired by Philip Mallinckrodt, an executive Director.
Our approach to corporate responsibility is built around four main areas:
- Being transparent in our operations and reporting
- Encouraging and supporting these principles in the companies in which we invest
- Attracting, developing and retaining people of integrity
- Minimising our environmental footprint
- Supporting the communities in which we operate
Our behaviour is also influenced by our core values of integrity, passion, innovation, teamwork and excellence.
If you have any comments on what we have done so far or on how we can improve further, then please email us at email@example.com
At Schroders, our focus is always on the long term and we have recognised the importance of sustainability for many years; not only where our clients are concerned, but also in respect of our employees, investors and the wider community.
We are committed to acting in a responsible way and look to drive continuous improvement across the business through the identification and implementation of policies, schemes and behaviours to promote sustainability.
Schroders remains a member of the Dow Jones Sustainability and the FTSE4Good Indices, both of which identify companies that meet globally recognised corporate responsibility standards.
Recognising that our operations have a direct effect on the environment, we set a five-year target in 2007, to reduce energy usage in our London head office by 15%. We are pleased to have exceeded this target, with our energy usage having reduced by almost 25 per cent. Over the same period we have reduced our carbon output in London by just under 26 per cent., reflecting our continued investment in energy efficiency measures.
We focus on supporting the communities in which we operate and encourage employees globally to take a proactive approach to corporate responsibility by participating in community or environmental schemes, fundraising or volunteering. Employees in many of our offices are able to take up to 15 hours of paid leave per year for volunteering services.
We made charitable donations of £1.2 million in 2012, much of which was donated through matching of employee donations and sponsorship. In the UK, 25 per cent. of our employees made donations via payroll giving in 2012, in recognition of which Schroders received the newly-created Payroll Giving Quality Mark Platinum Award from the Charities Aid Foundation.
Schroders continues to invest for the long term, in support of future growth. Ensuring we continue to operate in a sustainable way is a key part of our future plans, to nurture success and secure a long-term sustainable future.
Head of Corporate Communications
[On behalf of the Corporate Responsibility Committee]