SustainAbility has been working with Drax since 2015 to help strengthen its reporting.
In 2016 Drax launched a strategy which included an expansion of its retail offering through the acquisition of Opus Energy. This expansion of the retail business increased Drax’s exposure to business customers and the disclosure of its sustainability performance to this key stakeholder group became a priority. At the same time Drax needed to continue to demonstrate, especially to investors and rating agencies, how it is helping to change the way energy is generated, supplied and used as the UK moves to a low carbon future.
We supported the Drax team as they developed their reporting systems and significantly enhanced the information made available online.
To ensure that its disclosure is supporting its corporate responsibility strategy and achieving its communications aims we examined Drax’s current sustainability disclosure and produced a set of recommendations for improved future reporting. We supported the Drax team as they developed their reporting systems and significantly enhanced the information made available online. The work included:
Current state and peer benchmark
Research examined Drax’s current sustainability disclosure as well as benchmarking Drax against the sustainability reporting and SRI practices of five peer companies.
Reviewed sustainable and responsible investment (SRI) rating reports to identify the disclosures needed to meet market needs for information and improve ratings scores.
Guidance to strengthen the company’s overall sustainability strategy through improved issue focus and establishing targets and key performance indicators.
Reporting implementation support
We supplied a consultant to work in-house who helped collate data and information and draft policies and copy to support the implementation of the reporting recommendations and further develop the company’s sustainability disclosures
The company is now in a position to strengthen its sustainability performance and communication through improved reporting systems and a clear issue focus – better meeting stakeholder information needs.