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 2021 include:
- £300m sustainable bond - 3 times oversubscribed and the lowest ever 8 year+ corporate sterling coupon.
- Fully funded pension schemes on a low dependency basis driving relative value on a cash basis.
- Innovative application of Systems Thinking driving efficiency and performance.
To understand the verification process for our data, please see CR reporting.
From 2020-21 onwards we have adopted a new set of measures for investors to demonstrate how we are fulfilling our purpose which is why there is no trend data this year. 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||2021/22 Performance||2020/21 Performance|
|Underlying RoRE||Assessed annually||7.7%||4.6%|
|Reported RoRE||Assessed annually||7.9%||4.37%|
|UK Corporate Governance Code||Maintain compliance||Compliant||Compliant|
|Maintain performance across a range of trusted investor indices||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-|
|Maintain sustainable finance framework||Available/continued issuance||Available||Available|
|Fair Tax mark||Retain annual accreditation||Retained||Retained|
|Sustainable dividend||Grow by CPIH||In line with commitment||In line with commitment|
|Risk maturity||Year on year improvement||Met expectation||Met expectation|
|Anti-bribery: % of identified employees completing required training||100%||100%||94%|
|Investor engagement: % met or offered to meet by value (active targetable insitutional shareholder base)||75%||80%||81%|