Registered Charities in the Charity Finance ‘Charity 100 Index’ published in April 2019 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 2019.
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.
- The Charity's annual report and accounts are easy to read and engage the reader to find out more about its purpose, current activities and future plans. The Charity's annual report and accounts are open, balanced and authentic.
- The Charity clearly communicates its purpose, strategic priorities and values in the context of the sphere in which it operates. The Charity considers its position in the context of its wider operational landscape.
- The Charity is open and honest about how it approaches key societal issues, including, where relevant, its approach to fundraising, safeguarding and investments. The Charity is transparent in its disclosure of and rationale for senior management remuneration. The Charity demonstrates how it is responding to changes in a digital world.
- The Charity clearly explains who its key stakeholders are, with particular focus on its beneficiaries. The Charity recognises what its responsibility is to the public and how its activities benefit them.
- The Charity clearly explains how it is governed, what its risks are and how it manages and mitigates them in relation to its current activities, the environment in which it operates and its future plans.
- The Charity sets out its measures of success and why these are important in delivering its purpose. The Charity clearly explains the impact it has made for its beneficiaries as well as wider society.
- The Charity clearly articulates the drivers behind its financial performance and position, including any ethical, value for money and sustainability considerations. The Charity is transparent in its considerations of its reserves and ongoing viability.
- The Charity presents a consistent and compelling strategic narrative with explicit alignment between all of the key elements outlined above.
This award celebrates those companies that report a clear, consistent, high quality and integrated strategic narrative across the spectrum of their reporting. It consolidates the best reporters from six other awards - strategic reporting, corporate governance, exec remuneration, tax, workforce fairness and purpose & impact.
Leading reporters will be those that communicate a clearly articulated corporate purpose and demonstrate their societal contribution, and impact, in a way that is consistent and aligned throughout.
The FTSE 350 as at 31 March 2019 will automatically be reviewed. There is no need to self-nominate.
The period reviewed will be year ends from 1 April 2018 to 31 March 2019, and we will review the annual report, sustainability report and supporting reporting documents such as preliminary results and accompanying investor presentations on the company's website.
For further details, please refer to the criteria for each of the supporting awards.
The largest overseas-headquartered companies, based on number of employees and turnover at 31 March 2019, 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.
Gender Pay Gap:
- Compliance with gender pay reporting requirements
- Explanation of gender pay metrics
- Additional analysis of gender pay position
- Clear and targeted action planning
UK Modern Slavery Act:
- Existence of a compliant statement;
- Description of the business;
- Risk assessment;
- Due diligence procedures;
- Grievance and whistle-blowing mechanisms
- KPIs & metrics;
- Approach to tax which is more than a bland statement
- Governance over tax highlighting board involvement and delivery of the strategy
- Linking tax to the rest of the business
- Information beyond that required by the legislation
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 2019.
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:
- A clear articulation of company purpose and the societal need it hopes to address;
- A forward-looking orientation to the narrative including a description of the medium to long-term direction of the company in pursuit of the purpose, supported by the short-term priorities, actions and resources needed for strategic success;
- A clear articulation of the company’s objectives, strategic priorities and values in the context of the sphere in which it operates;
- A description of the company’s business model including: its dependency on key resources and relationships across its value chain and how they’re managed; how it makes money; and what impact it has on these resources/relationships;
- A discussion of the key trends shaping the markets in which the company operates as context to the strategic decisions made and what impact they’re having on its business model;
- A clear, specific, and dynamic discussion of how the company is governed and the principal risks, including how they are assessed, managed and mitigated;
- A recognition and discussion around the company’s key stakeholders - their material issues, impact on the strategy and business model, and the company’s response;
- How a balanced discussion of progress, performance and impact to society is delivered- using a mix of strategic relevant financial and operational metrics; and
- A consistent and compelling strategic narrative with explicit alignment between all of the key elements outlined above.
Public sector (with the National Audit Office)
The Public Sector award focuses on all entities which are consolidated into the Whole of Government Accounts (“WGA”). These are the bodies at the heart of government and hence of public reporting. 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. 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 decluttering 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.); and
- That the reporting is understandable and accessible to stakeholders, including the general public.
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 all UK-based 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.
- 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
Impact on Workforce and Society in the FTSE 350
The FTSE 350 as at 31 March 2019 will automatically be reviewed. There is no need to self-nominate.
The period reviewed will be 1 April 2018 to 31 March 2019 and we will review the annual report and supporting corporate reporting such as corporate responsibility reports.
Overview: FTSE 350 organisations will be scored against the following data points: Annual report, Gender Pay Report, People Report, CSR Report and website overall. We will cross check against Glassdoor and Indeed. Scoring will be on the below 4 criteria areas, each section is equal rated (35 points per area), with 140 points available in total.
Overall: Demonstrates contribution and impact on Workforce and Society, in a strategic and coherent way, to tell a story and linking it to Purpose and Mission.
Though Workforce Fairness means different things to different people, it is about respecting the rights of others in the workplace. Human rights in the workplace are based on principles like dignity, fairness, respect and equality.
Skills and Talent in a period of Transformation
The rise of disruption and automation/digital change is bringing an opportunity to fully reimagine business models and processes. Responsibility lies with businesses to re-skill their workforce in order to meet new and advanced ways of working. Political uncertainty e.g. Brexit requires a need for business to consider the people impacts.
Social impact is the effect an organisation's and their employee’s actions have on the wellbeing of the community.