Award categories and criteria 2018

Start adding items to your reading lists:
or
Save this item to:
This item has been saved to your reading list.

Each of the Building Public Trust Awards is judged using a set of criteria designed to reflect openness in an organisation's communications to stakeholders

To mark the 16th anniversary, we will be celebrating those organisations leading the way in the openness of their communications to stakeholders. Awards will be presented for Charities, the FTSE, Private Business and the Public Sector (awarded jointly with the National Audit Office). And, for the first time this year, there will also be awards for Cyber Security in the FTSE, Overseas Investment, and Impact in Social Enterprise. Winners and highly commended organisations will be announced at our Building Public Trust dinner on 4 October 2018.

At our Building Public Trust Awards lunch on 29 November 2018, we will be celebrating openness in stakeholder communications in relation to Corporate Governance, Executive Remuneration, Purpose and Impact, Strategic reporting, Tax, Workforce Fairness – and, for the first time this year, Reporting in the Financial Services in the FTSE. Prior to the lunch, workshops will take place covering these areas.

Click on the award titles shown below for more information:

Charities

Registered Charities in the Charity Finance ‘Charity 100 Index’ published in April 2018 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 2018.

The focus of the award will be on charities which can clearly articulate what they do, why their activities are important, what their outcomes have been and what their plans are for the future. Wider considerations include how charities have explained their societal contribution and impact to their stakeholders in the context of the environment in which they operate, their viability and governance and key ‘hot topics’ facing the sector.

For the full criteria, please contact: building.public.trust@uk.pwc.com

View more

Cyber security

The FTSE 350 as at 31 March 2018 will automatically be reviewed. There is no need to self-nominate.

The period reviewed will be 1 April 2017 to 31 March 2018, and we will review the annual report and linked website content as relevant.

Criteria to follow shortly, in the meantime if you have a query please contact: building.public.trust@uk.pwc.com

View more

FTSE

The FTSE 350 as at 31 March 2018 will automatically be reviewed. There is no need to self-nominate.

The period reviewed will be 1 April 2017 to 31 March 2018, and we will review the annual report, sustainability report and supporting year end reporting documents such as preliminary results and accompanying investor presentations on the company's website.

This award recognises those companies that clearly articulate their purpose and the societal impact they hope to have, and demonstrate progress against it. Particularly, we will look for reporting that balances shareholder and other key stakeholder needs and takes an innovative approach to the way they communicate their key messages.

We will consider whether a company that demonstrate these themes consistently across all aspects of their reporting and the shortlist will be drawn from those companies that have performed well across the range of BPTA categories - showing an ability to build trust with their stakeholders and excellence in all areas of reporting.

If you have a query please contact: building.public.trust@uk.pwc.com

View more

Impact in social enterprise

Social enterprises trade to tackle social problems, improve communities, people's life chances, or the environment. 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. Application is open to members of the PwC Social Entrepreneurs Club, our UK-wide network of over 250 social enterprises. To enter the awards, applicants must state how they demonstrate a positive social impact in 500 words or less, with the additional support of quantitative and qualitative evidence e.g. annual accounts, impact report and testimonials.

Subject matter experts from PwC, Social Enterprise UK and the School for Social Entrepreneurs use the following principles to screen applications and generate the shortlist of organisations whose overall excellence in delivering social or environmental impact is then considered by the independent judging panel.

Key principles:

  • The social enterprise demonstrates a positive social impact in line with its social mission and objectives
  • The social enterprise demonstrates thorough measurement and evaluation processes
  • The social enterprise clearly communicates its objectives and impact to stakeholders
  • The social enterprise includes good quantitative and qualitative evidence of its impact

If you have a query please contact: building.public.trust@uk.pwc.com

View more

Overseas investment

The largest overseas-headquartered companies, based on number of employees and turnover at 31 March 2018, will automatically be reviewed. There is no need to self-nominate.  We will review the following publicly available statements for each company: Tax Strategy, Modern Slavery Act and Gender Pay Gap.

In many countries around the world, there is a move towards greater transparency.  It’s being seen in various parts of the business – in sustainability, human resources and tax, through disclosure requirements in areas such as modern slavery and human trafficking, gender pay gap and tax strategy.

This year, for the first time, we will focus on UK reporting by overseas corporate investors, looking at three new areas of disclosure: modern slavery act, gender pay gap and tax strategy reporting. 

The UK Modern Slavery Act is a global-leading piece of legislation that sets out a requirement for business to report on its efforts to address modern slavery and human trafficking risk in operations and supply chains worldwide.  Obligated businesses need to publish a ‘slavery and human trafficking statement’ for each financial year, which must be prominently linked on the company’s website homepage.

The gender pay gap measures the difference between the average male and female employee pay. The regulations require employers in the scope of the legislation to publicly disclose information on their gender pay and bonus gaps, as well as certain other diversity metrics.

UK tax strategy legislation requires qualifying groups to publish their approach to tax in the UK, covering areas such as tax governance, tax risk management and relations with tax authorities. Companies are required to make their tax strategy available free of charge on a publically available website.

We will be looking for disclosures that go beyond the legislative requirements, where companies have taken an innovative and broad approach to transparency.

For the further details please contact: building.public.trust@uk.pwc.com

View more

Private business

The largest private businesses, including co-operatives, as at 31 March 2018 will automatically be reviewed. There is no need to self-nominate.

The assessment will review the latest publicly available annual report and accounts, and associated year end reporting documents, for privately owned companies, including co-operatives, up to the reporting period ended 31 March 2018.

The focus of the award will be on those companies that demonstrate a clear articulation of the company purpose and the societal need it hopes to address, as well as clearly articulating a forward looking strategy, business model and description of the key market-shaping trends. The governance aspects of the company and how a balanced discussion of progress, performance and impact to society is delivered will also be considered.

For the full criteria, please contact: building.public.trust@uk.pwc.com

View more

Public sector

This award will be presented jointly with the National Audit Office

We will review the annual report and supporting year end reporting documents such as business plans.

The Public Sector award this year will focus on the bodies at the heart of government and hence of public reporting: All Ministerial departments and the largest Agencies and Arm’s Length Bodies. There is no need to self-nominate for this award.

Corporate reporting excellence is demonstrated when engaging, relevant, reliable and timely information is provided without unnecessary clutter with clear linkages to the strategic priorities; when a balance is achieved between the three pillars of reporting - content, quality and integration. Within content we look at the information the organisation has chosen to report – does it include all the critical, and relevant, including reporting on aspects of performance that did not go so well – transparency and honesty? Quality refers to the depth and materiality of the information – does the organisation use only qualitative information or is narrative supported with quantitative data, when relevant, benchmarks and targets? Does the reporting cover the past, present and future? Finally, for integration, we consider how well an organisation demonstrates a clear, consistent and balanced message across its communication channels and the linkage and inter-dependencies between the different elements reported, as well as relating them back to the strategic themes set out as key to success in the short, medium and longer-term. Clear reporting involves narrative but fuller use of diagrams and key aspects of data to help present a picture in an easy form for a reader to quickly grasp the messages being conveyed.

Underpinning our assessment of excellence in reporting is the concept of innovation – organisations who lead the way with a fresh approach to meeting the needs of Parliament, the public and other key stakeholders. We are also mindful of the FRC’s focus on “Clear and Concise” reporting (as well as ‘fair, balanced and understandable’) and will look to organisations trying to provide transparency and clarity to their reporting. Our award continues to give credit to those making real inroads in adopting these concepts and leading the way in driving fresh thinking and innovation. Transparent and insightful reporting is not necessarily about more information but about de-cluttering existing structures, taking a fresh approach to traditional disclosures.

Specific areas we focus on include:

  • A clear and balanced explanation of the impact (both positive and negative) of trends and factors shaping the organisation’s current and future operating environment.
  • A description of the long-term direction of the organisation, supported by the short-term strategic priorities, actions and resources needed to pursue this, with clear use of specific targets and resulting impact on society
  • A consistent strategic narrative.
  • An insight into the organisation’s business model and the key resources and relationships managed by organisation in order to fulfil its strategic objectives.
  • A clear analysis of how for some expenditure only organisations, how the costs have been managed and what value has been generated from the expenditure.
  • A clear analysis of the profile and dynamics of the principal risks the organisation faces, including how they are managed and mitigated.
  • An explanation of how strategic performance is measured over time, accompanied by supporting trend data and future targets.
  • Clear and accessible disclosures of key financial measures that drive underlying performance.
  • Governance reporting that focuses on substance over form – balancing compliance with insight into the culture and values of the entity and how they drive its governance and "tone from the top"
  • How the Accounting Officer has evaluated what is to be included/excluded from its reporting (materiality process, stakeholder responsiveness, etc.).
  • That the reporting is understandable and accessible to stakeholders, including Parliament and the general public.

If you have a query please contact: building.public.trust@uk.pwc.com

View more

Corporate governance

The FTSE 350 as at 31 March 2018 will automatically be reviewed. There is no need to self-nominate.

The period reviewed will be 1 April 2017 to 31 March 2018, and we will read the corporate governance report, other relevant parts of annual reports (including separate committee reports), and any linked website content.

This award, like the others, sets a high bar and takes compliance as a given. For us, governance reporting should be about activities and outcomes, not just process and procedure. As well as the core governance and committee reports we look closely at the audit committee report and the viability statement. There will also be a particular focus this year on board and senior management diversity. And, in the light of the ongoing debate on corporate governance reform we will expect to see more evidence of how directors, through their governance activities and reporting, are promoting the long-term success of companies and taking into account the views of a range of stakeholders across society.

For the full criteria, please contact: building.public.trust@uk.pwc.com

View more

Executive remuneration

The FTSE 350 as at 31 March 2018 will automatically be reviewed. There is no need to self-nominate.

Reporting will be reviewed for financial years ending in the period 1 April 2017 to 31 March 2018. For this award, we shall review the remuneration report and other parts of the annual report or linked website content as relevant.

This year the award will assess the extent to which companies explain and justify the remuneration of executive directors in the context of corporate performance and longer-term company strategy. Our criteria will look for transparent disclosure of both the internal and external context to the remuneration of the executive directors and which provides a clear explanation of how the exercise of discretion has influenced their remuneration outcomes.

Underpinning the award will be a focus on fairness: we’ll look for disclosures which demonstrate how the remuneration of the executive directors is aligned with the experience of shareholders, employees and other stakeholders, while being fair to the individual director.

For the full criteria, please contact: building.public.trust@uk.pwc.com

View more

Purpose and impact

The FTSE 350 and Public Interest Entities as at 31 May 2018 will automatically be reviewed. There is no need to self-nominate.

The period reviewed will be 1 June 2017 to 31 May 2018, and we will review corporate responsibility reports (or micro-sites), corporate responsibility websites and 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 they are 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 core business processes, 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.

For the full criteria, please contact: building.public.trust@uk.pwc.com

View more

Reporting in the Financial Services in the FTSE

The FTSE 350 as at 31 March 2018 will automatically be reviewed.  There is no need to self-nominate.

The period reviewed will be 1 April 2017 to 31 March 2018, and we will review the annual report and linked website content as relevant.

The financial services industry is an integral part of our community, helping businesses and people invest, save and protect themselves against uncertainty. However, it has a trust problem that’s dimmed its allure in the eyes of many.

Trust does not just exist, it has to be earned and through our research with both industry firms and the public, we have found that there are 3 broad drivers (below) of this in any business. If you take action to influence any one of these drivers positively, then you will maintain or improve trust in your business and, ultimately improve your bottom line.

The focus of the award will be on those companies that demonstrate examples and an articulation of steps or initiatives they have taken to build trust in line with our three drivers of trust. The award will judged using the latest publically available annual report and associated year end reporting documents for financial services related FTSE 350 firms (including building societies and cooperatives), up to the reporting period ending 31 March 2018.

The drivers are:

  1. Values
    What is it: Whether the organisation and the stakeholder share common values.
    What does it look like: Sociability / Vision / Communitarian / Understands needs.
  2. Experience
    What is it: Whether the organisation consistently meets the stakeholders’ expectations.
    What does it look like: Expertise / Point of view / Clear communication / Responsiveness.
  3. Competence
    What is it: Whether or not the organisation ‘does what it says on the tin’.
    What does it look like: Understand benefits / Reliability / Transparency / Delivers promise.

View more

Strategic reporting

The FTSE 350 as at 31 March 2018 will automatically be reviewed. There is no need to self-nominate.

The period reviewed will be 1 April 2017 to 31 March 2018, and we will review the company’s strategic report and how the strategic themes are then woven through the remainder of their annual report, corporate website and results announcements.

This award recognises those companies that present a clear, concise and integrated strategic narrative through their corporate reporting. A narrative that reflects on strategic 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.

Particular focus this year will be around those companies that articulate a clear purpose and the societal impact they hope to have, provide a forward-looking orientation to their reporting, and a clear and compelling narrative of their strategic progress in the context of insightful reporting on their business model, market trends, risks and performance.

For the full criteria, please contact: building.public.trust@uk.pwc.com

View more

Tax

The FTSE 350 as at 31 March 2018 will automatically be reviewed. There is no need to self-nominate.

The period reviewed will be 1 April 2017 to 31 March 2018, and we will review the annual report, tax strategy statement and supporting corporate reporting such as disclosures made on company's website, corporate responsibility reports and standalone tax reports.

The focus on tax transparency has sharpened in the last year with the first mandatory public disclosure of UK tax strategies and filing of country-by-country data with tax authorities. In addition, stakeholder interest in areas such as US tax reform and EU State Aid has led companies to consider how best to communicate their tax affairs.  

This award recognises those companies that present a summary of their tax affairs in a clear and innovative way, while responding to stakeholder interest and the developments explained above.  Our review will focus on disclosures around tax strategy, tax risk management and governance, tax performance and the total tax contribution.

For the full criteria, please contact: building.public.trust@uk.pwc.com

View more

Workforce fairness

The FTSE 350 as at 31 March 2018 will automatically be reviewed. There is no need to self-nominate.

The period reviewed will be 1 April 2017 to 31 March 2018 and we will review the annual report and supporting corporate reporting such as corporate responsibility reports.

There is increasing focus on the responsibility of employers to treat employees in a fair way - whether that is through their commitment to equal pay, addressing broader diversity challenges, employee wellbeing and equipping them with skills for the future. This is against a backdrop of significant change in the UK working environment as our relationship with the European Union changes, and technology increasingly impacts the nature of work. The role of companies in wider society is also under scrutiny.

Therefore the judges this year will be assessing the extent to which reporting provides stakeholders with information on how the organisation is handling these challenges.

Our criteria will look at how organisations consider their workforce and the links to the broader business challenges. And they will focus on four key areas of reporting:  Gender pay and wider diversity; Employee wellbeing; Addressing skills and talent in a time of transformation; how the company engages with its communities where it works.

For the full criteria, please contact: building.public.trust@uk.pwc.com

View more

Contact us

Alan McGill
Partner, PwC United Kingdom
Tel: +44 (0)20 7212 4348
Email

Follow us