2018 winners press release
Leadership and innovation celebrated at Finance for the Future Awards
The Finance for the Future Awards celebrate financial leadership and innovation by business, public and not for profit sectors. The six winners who have achieved outstanding accomplishments in embedding sustainability into their business models and decision-making have been announced.
The Finance for the Future Awards, founded by ICAEW and The Prince’s Accounting for Sustainability Project (A4S) in partnership with Deloitte, are in their seventh year. The awards celebrate good business practices from around the world and recognize the essential role of the finance function in driving sustainable outcomes and building resilience by embedding environmental and social issues into decision-making.
The winners, with the judges’ citations, are:
Embedding an Integrated Approach Award
Winner: Yorkshire Water (UK)
Judges’ citation: “Led by finance they have built a framework that provides the business, as a whole, with a different longer-term perspective incorporating a range of financial and non-financial capitals. Clear roll-out of governance to ensure widespread use and adoption of their integrated approach.”
Highly commended: HSBC (UK)
Judges’ citation: “The judges were impressed by the focus on embedding thinking in all parts of the business with finance, at its best, driving a rigorous and challenging approach to the measurement and definition of targets, influencing and taking customers and key stakeholders on the journey with them.”
Communicating Integrated Thinking Award
Winner: Salesforce (US)
Judges’ citation: “Salesforce has integrated their values of trust, growth, innovation and equality since inception, which has led to sustainability being embedded in the DNA of the company.”
Highly commended: Sussex Community NHS Foundation Trust (UK)
Judges’ citation: “With limited resources, Sussex Community NHS Foundation Trust have taken the initiative with an innovative approach to improve the well-being of patients and staff while addressing climate change.”
Innovative Project Award
Winner: Chelsea and Westminster Hospital Foundation (UK)
Judges’ citation: “This entry presented an innovative way of improving sexual health across London whilst reducing pressure on a dedicated and stretched NHS. The significant benefits were delivered by finding new ways to collaborate, which the entrants recognised as an essential ingredient in their sustainability strategy. The judges were particularly impressed by the ambition of the project and that it was implemented in a measured and considered way.”
Building Sustainable Financial Products Award
Winner: GroFin (Mauritius)
Judges’ citation: “Delivering real social benefits in a challenging environment in which no one else is working, through a unique combination of expert advice and financial support.”
Highly commended: Abundance Investment (UK)
Judges’ citation: “An innovative idea that has required immense determination and skill to become regulated and which is delivering outstanding results.”
Investing and Financing Award
Winner: Fonkoze (Haiti)
Judges’ citation: “Fonkoze are transforming lives in Haiti in a systematic but very tangible way by lifting people out of poverty through microfinancing. They have been very innovative as it is the finance team that has shown a sustainability driven organisation be commercially viable so they can achieve their goals.”
Highly commended: Econet and Steward Bank (Zimbabwe)
Judges’ citation: “The judges were impressed by how a successful telecoms company has identified a market with a clear social purpose and managed to make it financially sustainable. They specifically noted how Econet has utilised its business skills to effectively segment the market and for positive financial and social impact. The funeral insurance line of business stood out for its cultural and social sensitivity.”
Driving Change through Education, Training and Academia Award
Winner: The Grantham Research Institute
Judges’ citation: “The Grantham Research Institute is central to the Transition Pathway Initiative (TPI), enabling investors to make climate competent decisions using academically rigorous data via a clearly accessible and open source tool. The initiative educates in a range of ways, informing investors, improving corporate performance and offering student learning opportunities.”
Highly commended: Future Fit Foundation
Judges’ citation: “This entry is a great demonstration of why education is not just restricted to the classroom. The judges admired the translation of academic rigour to sustainable business practice. Future-Fit’s benchmark enables companies to learn how to integrate societal expectations with business decision making, resulting in meaningful disclosure.”
Richard Spencer, ICAEW Head of Sustainability, said: “All the finalists and in particular the winners should be very proud of their accomplishments. Not only have they shown that embedding sustainability in business models and financial success don’t have to be mutually exclusive but that it can drive improved business performance. They have set a great example to the wider business community in how to use financial leadership to create more sustainable economies.”
Jessica Fries, Executive Chairman, A4S, said, “We need real innovation and leadership if we are to tackle the social and environmental challenges faced. Finance has a key role to play. It is exciting to see so many organizations from around the world developing business models and approaches that seek to provide solutions, and support the transition to a sustainable economy.”
Veronica Poole, global IFRS leader and UK head of corporate reporting at Deloitte, said: “This year’s winners were selected from a very strong shortlist of organisations. The finalists, and overall winners, all demonstrated best-in-class business practices that not only recognise the interests of shareholders, but wider stakeholders, such as customers, employees, society and the environment. We have seen exceptional examples of application of integrating thinking and of communicating that integrated thinking in corporate reporting. Clear articulation of organisational values, culture and purpose beyond profit directly impacts trust in business.”
Finance for the Future is not just an awards ceremony. Since its inception, it has also led to the development of a community of engaged finance professionals. These individuals are committed to creating more sustainable outcomes for their organisations and society, and to sharing their stories with others.
For more information, visit http://www.financeforthefuture.org
Contact Natalie Bruce ICAEW Media Relations Executive, tel: +44 (0)20 7920 8718, email: firstname.lastname@example.org
Contact Deborah McSkimming, A4S Senior Communications Adviser, +44(0)7391 512090, email: deborah.mcskimming@royal..uk
Contact Fern Hammond, Deloitte press office, tel: +44 (0)20 7303 2329, email: email@example.com
Notes to editors:
ICAEW connects over 147,000 chartered accountants worldwide, providing this community of professionals with the power to build and sustain strong economies.
Training, developing and supporting accountants throughout their career, we ensure that they have the expertise and values to meet the needs of tomorrow’s businesses.
Our profession is right at the heart of the decisions that will define the future, and we contribute by sharing our knowledge, insight and capabilities with others. That way, we can be sure that we are building robust, accountable and fair economies across the globe.
ICAEW is a member of Chartered Accountants Worldwide (CAW), which brings together 11 chartered accountancy bodies, representing over 1.6m members and students globally.
The Prince’s Accounting for Sustainability Project (A4S)
ABOUT THE PRINCE’S ACCOUNTING FOR SUSTAINABILITY PROJECT (A4S)
The Prince's Accounting for Sustainability Project (A4S) was established by HRH The Prince of Wales in 2004. Our aim is to make sustainable decision making business as usual.
We work with the finance and accounting community to:
- Inspire finance leaders to adopt sustainable and resilient business models
- Transform financial decision making to enable an integrated approach, reflective of the opportunities and risks posed by environmental and social issues
- Scale up action across the global finance and accounting community
We have three global networks:
- Chief Financial Officer Leadership Network: Chief Financial Officers from leading organizations seeking to transform finance and accounting
- Accounting Bodies Network (ABN): global accounting bodies whose members comprise approximately two thirds of the world’s accountants
- Asset Owners Network: Pension Fund Chairs exploring the relevance of material social and environmental risks and opportunities with peers
In this press release references to “Deloitte” are references to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”) a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see deloitte.com/about for a detailed description of the legal structure of DTTL and its member firms.
Deloitte LLP is a subsidiary of Deloitte NWE LLP, which is a member firm of DTTL, and is among the UK's leading professional services firms.
The information contained in this press release is correct at the time of going to press.
For more information, please visit www.deloitte.co.uk.