Provident Financial - Corporate Responsibility Report:


Glossary

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Association of British Insurers or ABI

The Association of British Insurers provides information and advice on a wide range of risks.

Business in the Environment or BiE

Business in the Environment is a non-governmental organisation which aims to inspire businesses to work towards environmentally sustainable development as a strategic, mainstream business issue.

Business in the Community or BitC

Business in the Community is an organisation in the UK which aims to inspire, challenge, engage and support business in continually improving its positive impact on society.

Carbon dioxide

A naturally occurring gas. Human activities are increasing the concentrations of carbon dioxide in the atmosphere, primarily from the burning of fossil fuels. It is the main greenhouse gas on account of the volumes released.

Compliance

Conformance on legislation, corporate policy or regulatory emission/discharge levels.

Corporate policy

A collection of approved principles in key administrative areas. In each case they set out the corporate philosophy and its scope, the means by which it is achieved and controlled, and the relevant responsibilities and limits of authority.

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Corporate responsibility or CR

Corporate responsibility is the management of a company's impact on society and the environment so as to add value to the company and increase wider economic and social well being now and over the longer term. This impact may be through operations, products or services and through interaction with key stakeholders such as employees, customers, investors, local communities, suppliers and others.

Corporate responsibility group

A group of senior managers drawn from each business division with overall guidance from the Director for corporate responsibility. Meeting bi-monthly, this group manages and implements the corporate responsibility programme.

Director with responsibility for CR

Leads and directs the development of the corporate responsibility programme at Provident Financial. Responsibilities include developing expertise in this area; identifying and leading discussion of CR issues at board level; providing overall guidance to the corporate responsibility group; approving related policies; and sponsoring director level briefings.

Ecological footprint

The size and impact of the “footprints” on the earth’s ecosystems made by companies, communities, or individuals reflect a number of interlinked factors, including human population numbers, consumption patterns, and technologies used.

Environment champions

Employee volunteers from all parts of Provident Financial who want to get involved in implementing the environment programme. Meeting quarterly, environment champions also contribute environment initiatives to improve environmental performance.

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Environment Management System or EMS

A management tool to help an organisation to manage the environmental effects of its operations.

Environment Supply Chain Management or ESCM

Managing the environmental effects of suppliers and products to support sustainable development. This includes purchasing to environmentally sound specifications, monitoring the commitment and performance of suppliers in environmental management and working in partnership with suppliers to improve environmental performance and make the supply chain more cost-effective.

Environment strategy group or ESG

A group of directors drawn from each business division, chaired by the Director with responsibility for CR. Meeting three times a year, this group provides strategic direction for the environment programme.

Environment working group or EWG

A group of managers drawn from the facilities, marketing and the training departments of each business division, chaired by the environment management representative. Meeting bi-monthly, this group is responsible for the implementation and general co-ordination of the environment programme.

FTSE4Good

FTSE4Good is an index series for socially responsible investment designed by FTSE – a global index provider.

Global Reporting Index (GRI)

An international effort to create a common framework for voluntary reporting of economic, environmental and social impact of organisational level activity. The GRI mission is to elevate the comparability and credibility of reporting practices worldwide.

Green travel plan

Organisation or site specific plans to reduce employee car dependency on journeys to and from the workplace, via the promotion of alternatives such as cycling and public transport.

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ISO 14001

An international standard on environmental management. It specifies the requirements of an environment management system and drives improvements in performance.

Key performance indicator (KPI)

Specific key issues against which performance is measured against. Can be used in conjunction with targets for reduction/improvements.

kWh

Kilowatt hour. One thousand watt hours, or 1 kW supplied for one hour, the normal unit of electricity supplied for domestic purposes.

London Benchmarking Group Model

A methodology for companies to measure their corporate community investment.

Recycling

Reducing waste generation by recovering and reprocessing usable products that might otherwise become waste.

Renewable energy

Energy resource that is replaced rapidly by natural processes. Sources include wind power, solar energy and hydroelectric power.

Shareholders

Individuals, companies and institutions that buy a share of the company in return for a share of the profit in the form of dividends.

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Stakeholders

Any party which is affected by the activities of a company. For example, members of the public, employees, shareholders and regulatory bodies.

Sustainability or sustainable development

Meeting the needs of the current generation, without compromising the ability of future generations to meet theirs.

Stewardship

Stewardship means taking responsibility for our environment and working with stakeholders to protect it. This involves taking responsible action, not only on our own behalf but for the benefit of future generations. For example, by integrating environmental issues into our decision making and by encouraging employees to take responsibility for reducing their impact on the environment wherever they are.

Turnbull Report

Report published by the Institute of Chartered Accountants in England and Wales on the implementation of the internal control requirements of the Combined Code on Corporate Governance.

Verification statement, Verifier

Checking the evidence of a company’s progress in relation to a specific target by an independent party. It provides assurance as to the reliability and credibility of the information being reported and whether it represents a fair picture of performance.

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