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ESG FOCUS

We have long since recognised the that the integration of Environmental, Social and Governance (ESG) into everyday operations makes sound business sense and adds value for all stakeholders so, as part of our 2021 ESG strategy review, we have developed a series of aims with a view to firming up targets and developing a roadmap over the next year.  In the interim, our key areas of focus are:

 

Environmental

  • Reduce our own impact and contribute to the resolutions of environmental issues by becoming a carbon neutral business
  • Develop solutions to reduce the carbon impact of our operations by better understanding our product lifecycle and working with our suppliers and customers to implement solutions e.g., steel and product packaging
  • Contribute to the achievement of governmental decarbonisation targets through the provision of products compatible with gas boiler replacement technologies

 

Social

  • Ensure Stelrad is a safe, inclusive and great place to work, where everyone can be at their best
  • Always prioritizing the safety of our employees, contractors and visitors
  • Create a great workplace for all employees, where they feel empowered to be the best they can be
  • Promote equality, diversity, inclusion, health and well being

 

Governance

  • The Board is committed to the highest standards of corporate governance
  • The Board complies and will comply with the UK FRC Corporate Governance Code issued in 2018
  • The Company will report to its shareholders on its compliance with the code in accordance with the listing rules
  • The addition of 3 new Non-Executive Directors (NEDs) to the Board will further enhance our commitment to the highest standards
  • Audit & Risk, Nomination and a Remuneration Committees have been established

 

DECARBONISATION

Market participants expect a gradual shift away from current heat source technologies, with hydronic systems likely to remain the long term winners beyond 2030.  We have been proactive in introducing and promoting products compatible with low carbon, low temperature heating systems such as heat pumps. We expect that the future of European heating will provide a clear opportunity for higher sales values and increased profitability for the Group.

  • 1.

    Radiators are a valid and cost effective heat emitter solution for low temperature systems

  • 2.

    We are producing higher heat output radiators compatible with low temperature systems

  • 3.

    As decarbonisation initiatives vary by country based on regulation and preference of heat source, we continue to develop our product portfolio

  • 4.

    EU countries advancing the decarbonisation agenda through strong regulation and policies

  • 5.

    Further regulation inevitable given the contribution of heating to CO² emissions

  • 6.

    UK & EU markets targeting net zero by 2050, with a 55% reduction from 1990 levels by the end of 2030

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