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Strategic report
OCU Group | Annual report and financial statements 2025
Governance
Financial statements
ESG governance Our sustainability approach
Strong governance Now in its second year, the ESG Committee oversees the Group’s sustainability strategy and ESG performance targets, ensuring progress is monitored and stakeholders are effectively engaged with. This committee, chaired by Non-Executive Board Director Tania Songini and meeting a minimum of three times a year, is pivotal in integrating sustainability considerations into the Group’s strategic framework. The members include Board representatives that can provide challenge and rigour to the sustainability strategy and our wider ESG performance, ensuring a comprehensive approach to ESG governance. ESG Committee members • Tania Songini: Non-Executive Director (ESG Committee Chair) • Thomas Cheung: Non-Executive Director, Triton Partners • Adrian O’Sullivan: COO OCU Utilities • Neil O’Hara: COO OCU Energy Also in attendance at each ESG Committee meeting are: • Michael Hughes: CEO • David Taylor-Smith: Non-Executive Chair • Michael Cornwell: Group General Counsel and Committee Secretary • Karen White: Senior Advisor – Group Governance & Compliance • Sophie Stephens: Group Head of Sustainability and Environment
Key achievements Over the past financial year, the committee has made significant progress, most notably in developing and launching the new sustainability strategy. It has overseen the ESG scorecard assessment for our investor, Triton Partners, enhanced performance in EcoVadis (a sustainability ratings provider) and CDP (formerly the Carbon Disclosure Project). Additionally, the committee has approved internal KPI reporting and reviewed and endorsed the Group’s climate‑related financial disclosures as part of this reporting. ESG Committee activities The activities of the committee for the next financial year continue to focus on raising the bar in our ESG performance. This includes quarterly monitoring of ESG key performance indicators, approval of our science-based targets and monthly reporting of our performance against our strategy. The committee will also support the continual improvement of the EcoVadis and CDP ratings and the Triton ESG scorecard assessment. By doing so, the Group aims to maintain its momentum in sustainability and governance.
ESG Taskforce Reporting to the ESG Committee, the ESG Taskforce is a cross-functional senior management team responsible for the delivery of the Group’s sustainability strategy and ESG targets. Underpinned by a comprehensive action plan, progress against the strategy is monitored monthly and reported to the Board. This taskforce evaluates and manages climate‑related risks and opportunities alongside broader ESG risks. It is also tasked with ensuring the availability of resources to meet the Group’s ESG commitments. The taskforce is chaired by Sophie Stephens, Group Head of Sustainability and Environment, and meets at least four times a year. Future focus of the ESG Taskforce Looking ahead, the focus for the taskforce is to deliver the sustainability strategy and monitor performance, ensuring alignment with the rapid growth of the business and that it addresses the areas most material to OCU’s operations. A particular highlight of this is the creation of positive outcomes in the communities where we work.
Tania Songini Non-Executive Director and ESG Committee Chair
“This year we’ve honed our ESG governance to drive real impact; raising the bar on carbon reduction, broadening our social programs and strengthening transparency across every Board decision. By embedding ESG at the heart of our oversight, we’re ensuring OCU Group delivers responsible, sustainable growth for all our stakeholders.”
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