Investor performance
The table below details our investor value measures and targets to 2025. It reports our performance and demonstrates progress in delivering a sustainable return to investors as part of our purpose.
Performance highlights in 2023 include:
- Industry-leading, fully funded pension scheme on a low dependency basis.
- During the year we secured a £150 million loan through our sustainable finance framework adding to the sustainable bond issued in 2021.
- Retained the Fair Tax Mark independent certification for a fourth consecutive year.
- Upper quartile across a suite of investor indices and proud to return as a component of the Dow Jones Sustainability World Index.
To understand the verification process for our data, please see CR reporting.
The progress we have already made to operate in a responsible manner is demonstrated in our 2015-20 measures and targets performance.
| Measure | Target to 2025 | 2022/23 Performance | 2021/22 Performance | 2020/21 Performance |
|---|---|---|---|---|
| Underlying RoRE | Assessed annually | 11.0% | 7.7% | 4.6% |
| Reported RoRE | Assessed annually | 11.0% | 7.9% | 4.37% |
| UK Corporate Governance Code | Maintain compliance | Compliant | Compliant | Compliant |
| Maintain performance across a range of trusted investor indices | Upper quartile | Upper quartile | Upper quartile | Upper quartile |
| Credit rating UUW (Moody's, S&P, Fitch) | A3, BBB+, A- | A3, BBB+, A- (stable outlook) | A3, BBB+, A- (stable outlook) | A3, BBB+, A- |
| Gearing | 55-65% | 58% | 61% | 62% |
| Maintain sustainable finance framework | Available/continued issuance | Available | Available | Available |
| Fair Tax mark | Retain annual accreditation | Retained | Retained | Retained |
| Sustainable dividend | Grow by CPIH | In line with commitment | In line with commitment | In line with commitment |
| Risk maturity | Year on year improvement | Met expectation | Met expectation | Met expectation |
| Anti-bribery: % of identified employees completing required training | 100% | 100% | 100% | 94% |
| Investor engagement: % met or offered to meet by value (active targetable insitutional shareholder base) | 75% | 85% | 80% | 81% |