Now in their 19th year, our Building Public Trust Awards celebrate organisations who are leading the way in fair, open and insightful reporting and communications. The winners are announced across our dinner and other events which will be taking place in Autumn this year.
Click on the award titles shown below for more information on each of the categories and their criteria.
Registered Charities in the Charity Finance ‘Charity 100 Index’ published in April 2021 will automatically be reviewed. There is no need to self-nominate.
We will review the latest publicly available trustees’ annual report and accounts, and associated year end reporting documents, up to the reporting period ended 31 March 2021.
There is a continuing need for the Charity sector to work hard to maintain its trusted status with the public and demonstrate its purpose and wider societal impact. This award recognises high quality and innovative reporting by Charities, which should make an impact on readers of its annual report and accounts. The principles of high quality reporting should result in better - not necessarily more - information, and tell the reader a clear and compelling story about what the Charity does, why its activities are important and what its impact has been.
Questions continue to rage over the role of business in society. Investor, regulator and wider societal attention remains focused on how companies balance the needs of stakeholders in their decision-making while navigating the impact of the pandemic and recognition of the growing urgency of climate change.
This award celebrates those companies that present a clear, coherent and integrated strategic narrative across their channels of communication which acknowledges the challenges, and opportunities, presented by the pandemic; recognises their wider impact and the value they create for their key stakeholders; and presents a resilient strategic vision of their short-term actions and longer-term priorities to ensure the sustainability of their business model.
The FTSE 350 as at 31 March 2021 will automatically be reviewed. The companies reviewed will be those with year ends from 1 April 2020 to 31 March 2021, and we will review the annual report, sustainability report and other reporting channels such as preliminary results, investor presentation and corporate website. There is no need to self-nominate.
Social and environmental enterprises trade to tackle social and environmental issues, improve communities and people's life chances. Measuring impact is the recognised way in which a social enterprise can demonstrate how it’s delivering on its mission and the value created for its beneficiaries and society.
This award recognises social enterprises demonstrating a positive social or environmental impact. Applications are open to all UK-based social enterprises. To enter the awards, applicants must state how they demonstrate a positive social or environmental impact in 500 words or less, with the additional support of up to two pieces of evidence e.g. impact report, annual accounts, testimonials, case studies etc. We will be interested to hear from applicants as to how they have responded or adapted through COVID-19.
Prior to presenting the short list to the independent judging panel we consult representatives from the School for Social Entrepreneurs, other stakeholders and social enterprises. Our subject matter experts use the following principles to screen applications. These include that the social enterprise:
* ‘Impact’ has different definitions in the fields of impact measurement, evaluation, and accounting for social or environmental value, and we’re open to different approaches to the topic. When reviewing impact reports and evidence the judging panel will take into account the focus area and size of enterprise applying e.g. we wouldn't expect an in depth counterfactual impact evaluation from a small start up organisation.
** Although not essential we are interested in how social enterprises have responded or adapted through Covid-19 to create positive impact (which may or may not include changes to impact measurement or evaluation methods).
The largest overseas-headquartered companies, based on number of employees and turnover at 31 March 2021, will automatically be reviewed. There is no need to self-nominate. We will review the latest annual report, sustainability report and supporting reporting documents such as impact reports that are accessible through the company's website.
This award recognises high quality reporting by overseas-headquartered companies on their impact and strategy related to the UK Leading reporters will be those that communicate their economic, social, environmental and tax impact in the UK. The shortlisted companies will stand out from their peers in reporting on their contribution and impact in the UK.
Our criteria are mapped against four key areas (economic, social, environmental and tax reporting), and we have provided some examples of sub-criteria included against each of these four themes below:
1. Economic impact:
2. Social impact:
3. Environmental impact:
4. Tax impact:
Scoring guidance: Scoring will be based on a set of criteria across the four key areas listed above. Each criteria will receive a rating (with a range of 0 up to 4 points) depending on the nature of the criteria. Higher points will be awarded for reporting that is UK-focussed, quantitative, and looks beyond outputs to outcomes and impacts.
The assessment will review the latest publicly available annual report and accounts, and associated year end reporting documents, for the largest privately owned companies, up to the reporting period ended 31 March 2021.
This award recognises those companies that present a clear, concise and integrated narrative through their corporate reporting. A narrative that reflects on progress as well as plans for the future, balances shareholder and other key stakeholder needs, and takes an innovative approach to the way they communicate their key messages.
The particular focus of the award will be on those companies that demonstrate:
The Public Sector award focuses on all entities which are consolidated into the Whole of Government Accounts (“WGA”) up to the reporting period ended 31 March 2021. These entities are at the heart of public affairs and the provision of public services and effective reporting of the use of taxpayers’ monies is fundamental to our democracy in being able to hold bodies to account for what they do.
There is no need to self-nominate for this award. However, if you wish to highlight your entity, please share it with us together with your reason as to why prior to 30 June 2021.
Underpinning our assessment of excellence in reporting in the Public Sector is the concept of innovation – entities who lead the way with a fresh approach to meeting the varied needs of their key stakeholders. Our award continues to give credit to those making real inroads in adopting these concepts and in driving forward fresh thinking and innovation. Transparent and insightful reporting is not necessarily about more information being included but about decluttering existing structures, taking a new and more effective approach to traditional disclosures.
Specific areas we focus on include:
This is the first year that this award will be made and will cover the FTSE 350 as at 31 March 2021. There is no need to self-nominate.
The period reviewed will cover reports with year ends from 1 April 2020 to 31 March 2021, and we will review: annual reports, TCFD/ climate reports, corporate ESG/ sustainability reports (or micro-sites) and corporate responsibility websites.
This award aims to assess the depth and relevance of climate-related reporting offered throughout the publicly available information provided to stakeholders.
The focus of this award will be on companies that are reporting on the impact climate change and the transition to a low carbon society will have on their business, as well as the impact their business has on climate change. Assessment will use the TCFD recommendations and structure of reporting as a leading global framework, and an assessment of whether companies have demonstrated a clear Climate Strategy, and how they intend to deliver this over the short, medium and long term, with appropriate targets aligned with Net Zero and/or the Paris Agreement.
Scoring will be underpinned by four key themes:
The FTSE 350 as at 31 March 2021 will automatically be reviewed. There is no need to self-nominate.
The period reviewed will be 1 April 2020 to 31 March 2021, and we will read the corporate governance report, other relevant parts of annual reports (including separate committee reports), and linked website content.
This award, like the others, sets a high bar and takes technical excellence as a given, with robust explanations for any departures from the Code. Governance reporting should be about activities and outcomes – how governance has been applied – not just process and procedure, and this will be a key differentiating factor for us.
We will also focus on how companies have responded to the changes introduced by the 2018 version of the UK Corporate Governance Code. Meaningful information on purpose, culture and diversity will be important here, and we will particularly be looking for good reporting of how, against the background of the COVID-19 crisis, boards are promoting the long-term success of companies and taking into account the interests of a range of stakeholders across society.
After the diagram can you please add the line: 'Find out more information on our criteria' and link through to the pdf that I'm getting created. I will send through once done - thank you. The FTSE 350 as at 31 March 2021 will automatically be reviewed. There is no need to self-nominate.
Each report shall be assessed by how well it demonstrates security metrics. For each metric, it shall be assigned a maturity score, either:
The report will be given an aggregate score equal to the sum of each of these maturity scores. The top five reports will be shortlisted for the final stage of the process, which involves holistically analysing them to determine how well they communicate their message to their audience. The metrics discussed and examples are outlined below.
Companies in the FTSE 350 as at 31 March 2021 will automatically be reviewed. There is no need to self-nominate.
Reporting will be reviewed for financial years ending in the period 1 April 2020 to 31 March 2021. For this award, we shall review the remuneration report and other parts of the annual report or linked website content as relevant.
This year for the award we will assess the extent to which companies explain and justify the remuneration of executive directors in the context of corporate performance, longer-term company strategy and pay arrangements for the wider workforce.
Underpinning the award will be a focus on fairness: we’ll look for transparent disclosures which demonstrate how the remuneration of the executive directors is appropriate. Our criteria will also focus on how well companies explain the alignment of executive director remuneration with the experience of shareholders, employees and other stakeholders, particularly in light of the impacts of the COVID-19 pandemic.
The FTSE 350 as at 31 March 2021 will automatically be reviewed. There is no need to self-nominate.
The companies reviewed will be those with year ends from 1 April 2020 to 31 March 2021, and we will review those companies’ strategic reports and consider how their strategic themes are then woven through the remainder of their annual report, corporate website and results announcements.
This award takes compliance as given and recognises those companies that present a clear, concise and integrated strategic narrative through their corporate reporting. A narrative that reflects on strategic progress to date as well as plans for the future, balances shareholder and other key stakeholder needs and takes an innovative approach to the way they communicate their key messages.
Given the unprecedented impact of COVID-19, the increased focus on ESG issues - including climate change and social inequality - and continued interest in how stakeholders have been factored into key strategic decisions, there will be a particular focus on how companies have provided a clear, succinct and integrated strategic narrative while balancing a focus on short-term actions and performance with an emphasis on the longer-term sustainability of the business model.
The FTSE 350 and Public Interest Entities as at 31 March 2021 will automatically be reviewed. There is no need to self-nominate.
The period reviewed will cover reports with year ends from 1 April 2020 to 31 March 2021, and we will review corporate ESG or sustainability reports (or micro-sites), corporate responsibility websites as well as annual reports.
This award aims to assess the depth and relevance of broader purpose and impact reporting offered throughout the publicly available information provided to stakeholders. The particular focus of this award will be on those companies that demonstrate that their financial performance is connected with delivering a clear societal contribution and impact, that this is recognised in their purpose and delivered in a sustainable manner.
This will be assessed by focusing on organisations that clearly identify the key parts of society they impact, how sustainability is factored into the business model, how key risks and opportunities are identified, with balanced performance monitoring and effective targets set, how governance is effective and focused on material issues, and finally that there is evidence to support these features.
The FTSE 350 as at 31 March 2021 will automatically be reviewed. The period reviewed was 1 April 2020 to 31 March 2021. We reviewed the annual report and other disclosures such as statements made on a company's website, corporate responsibility reports, sustainability reports and standalone tax reports. There is no need to self-nominate.
The pace of change in the tax transparency landscape is accelerating and continues to be a focus for large businesses.Tax transparency is increasingly seen by businesses as a method of demonstrating their contribution to society, reflecting growing social and political concerns that some companies are not paying their fair share. Together with the guidance released by the Global Reporting Initiative (GRI) and the International Business Council (IBC), it is more important than ever for companies to be able to communicate their approach to tax.
There has been an increasing focus on ESG (environmental, social and governance) by analysts and investors. The debate over public country-by-country reporting and tax disclosure principles released by The B Team, GRI and IBC means that tax teams, corporate responsibility teams and the Board will have to align with the broader sustainability strategy.
The Building Public Tax Award recognises those companies that present their tax affairs in a clear and innovative way, while responding to stakeholder interest and the developments above. Our review focuses on disclosures around tax strategy; tax risk management and governance; tax performance; and total tax contribution.
Upskilling people around the world has never been more important. According to recent research, half of all employees will need reskilling by 2025 to remain employable. Wide-scale upskilling and reskilling will lead to greater economic growth and shared prosperity across geographies and sectors, boosting global GDP by $6.5 trillion by 2030 and creating 5.3 million net new jobs.
For all these reasons, and to mitigate the risks of getting this wrong, the skills challenge is moving up the board agenda. Eyes are increasingly turning towards businesses to understand how they are responding to this crisis and how they will play their part in solving it.
The Upskilling Reporting Award will shine a light on those organisations who are leading the way and clearly articulating why and how they are upskilling their people and communities. Not only will we review what is said, but also the tone from leadership and how integrated plans are into the wider organisational strategy. Our goal is to identify the organisations which are driving the most innovative change, not simply those who are investing more capital.
All UK-based organisations are invited to self-nominate for this award, to guarantee entry into the review process. Applicants must state how they have demonstrated upskilling in their organisation in 1,000 words or less, with the opportunity to attach supporting evidence.
We will also be undertaking a cross-sector scan of publicly available reports (any year end between 1 April 2020 to 31 March 2021), to identify organisations for consideration in the awards.
Marketing Executive, Client Relationship Programmes, PwC United Kingdom
Tel: +44 (0)7702 698860
Marketing Manager, Client Relationship Programmes, PwC United Kingdom
Tel: +44 (0)7595 849974