Our approach
Pepco Group is committed to ethical conduct, honesty and integrity. The Audit Committee exercises oversight over the Group’s approach to ethical and responsible business practices and reports to the Board on topics as appropriate. The Group is committed to embedding ethical practices across its businesses.
Anti-bribery and corruption
Pepco Group has an Anti-Bribery and Corruption Policy which sets out the standards of conduct which we expect of our workforce and our business partners. The policy includes our procedure regarding hospitality and the giving and receiving of gifts and political donations, and the mechanisms through which our workforce can report concerns relating to misconduct, including confidential reporting.
Human rights
We recognise that whilst our business activities can contribute positively to the lives and livelihoods of our stakeholders, there is the potential for impacts on human rights and therefore we have a zero-tolerance approach toward any infringements or violations of human rights in our business or identified in our supply chain. All forms of modern slavery, including child labour, forced labour and human trafficking, are strictly forbidden by our Code of Conduct.
We have an Ethical Trading Code of Conduct for suppliers and compliance with this Code of Conduct is a key condition of doing business with us. The Code is closely based on the Core Conventions and the Fundamental Principles and Rights at Work of the International Labour Organization (ILO), a UN agency.
Grievance mechanisms and remediation
Pepco Group has a Speak Out Policy and provides colleagues across the Group various mechanisms by which to report inappropriate conduct, including an external independent reporting facility for whistleblowing.
Corporate governance
Strong corporate governance, business resilience, transparency and accountability are essential in the effective management of our business, promoting long-term sustainability and value creation. Governance frameworks are required to ensure the effectiveness of the Board and to protect the interests of our shareholders and other stakeholders, also helping to build trust, without which we would not be able to operate.
Data protection and privacy
Without core online operations, Pepco Group does not hold significant amounts of customer data. Nonetheless, strong data controls, which involve handling customer data with care and respect, are essential in protecting the information we do hold.
Implementing robust and responsible data protection and privacy measures are essential to ensure that Pepco Group meets regulations and protects customer and supplier confidentiality and security of personal information. We demonstrate commitment to our customers by prioritising data protection.
We are committed to delivering growth and long-term value for our stakeholders whilst also maintaining high standards of ethics, honesty and integrity, managing our impact on the environment, developing our colleagues, and enhancing the communities across our supply chain.
We apply a holistic approach in our assessment of risk and in the development of our ESG strategy, adapting our approach in response to the evolving regulatory landscape.
Stakeholder engagement
In FY23, we conducted our first double materiality assessment to determine the most material environmental, social, governance and human rights topics for the Group. This is a key foundational step for reporting under both GRI Standards and the EU’s Corporate Sustainability Reporting Directive (CSRD). Undertaking a materiality assessment helps us to identify and gain insight into the issues that matter the most to our key stakeholder groups. It enables us to assess which issues will have the greatest impact on our business and also supports us in identifying areas of emerging importance.