FirstGroup has been ranked in the top 15% of more than 330 companies included in the ‘Transportation and Transportation Infrastructure’ sector of this year’s S&P Sustainability Yearbook. FirstGroup’s overall score improved from the previous year, increasing from 58 (out of 100) to 64, a score which outperforms the industry average of 39.
S&P considered 7,800 companies, a record number, across 61 industries in its annual Corporate Sustainability Assessment. To be listed within the Yearbook, companies must score within the top 15% of their industry group and must achieve an S&P Global Sustainability Score within 30% of their industry’s top-performing company.
FirstGroup was one of only 716 companies who made it into the 2023 Yearbook and is the only UK bus and rail operator to be included.
FirstGroup scored strongly across each of S&P’s Environmental, Social and Corporate Governance (ESG) criteria, most notably in Climate Strategy, Labour Practices and Human Capital Development.
In terms of Climate Strategy, climate change is reported as one of the organisation’s principal risks and is a core consideration in business strategy. FirstGroup has carried out an in-depth risk scenario analysis and financial impact assessment of key climate-related risks and opportunities. Climate considerations have also been built into variable remuneration practices and financing strategy, including the signing of a new sustainability linked £300m Revolving Credit Facility (RCF) in 2021.
Strong progress has also been made in terms of labour practices and workforce indicators, with for example, new diversity and inclusion indicators reported publicly for the first time and the proportion of female employees increasing both across the business and at Board level.
Contributing to the Human Capital Development assessment, FirstGroup’s employee development programmes continued to thrive and deliver. At the end of March 2022, there were 730 apprentices in training across First Bus and First Rail, with 31.5% of apprentices recruited over the year being female. Industry leading people development programmes are fully integrated into the fabric of the organisation and cover key areas of the business such as Train Drivers, Engineering, Human Resources, Customer Service and Business Administration.
Commenting, FirstGroup Chief Executive Graham Sutherland, said:
“FirstGroup is committed to achieving the very highest sustainability standards that are set out in leading benchmarks such as the S&P Global Corporate Sustainability Assessment. As a leading private sector provider of public transport, we have a key role to play in creating a cleaner, greener and more sustainable future and we’re pleased that our activities and plans are recognised in this year’s S&P Yearbook.”