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Environmental, Social and Governance (ESG) Framework

Shared Ownership
Est 1998

Maximising Potential + Cultural Values

Environmental
  • Carbon emissions
  • Energy efficiency
  • Waste management
  • Climate risk
Social
  • Diversity and equal opportunity
  • Human rights
  • Community relations
  • Shared ownership
  • JTC Academy
  • JTC Gateway
  • JTC Wellbeing
  • Employee engagement
Governance
  • Data management and security
  • Ethics risks
  • Succession
  • Stakeholder engagement
  • Purpose and culture
  • Board composition
  • Executive compensation
  • Audit and risk

Our environmental, social and governance (ESG) framework has at its heart our culture of shared ownership, which was established in 1998 and places the interests of the collective above that of any individual. The framework is further informed by our cultural values and our purpose, which is to help maximise the potential of every client, colleague and partner with whom we work.

The principal items considered under each element of our ESG framework are those that we believe are both meaningful and material to the business. We work to continuously develop and improve our approach in all of these areas, creating clear links with our commercial strategies, engaging with our value chain and seeking to provide ever greater levels of measurement and disclosure.

Oversight and governance of the ESG framework is led by the Board and embedded within the business through our cultural values, client facing behaviours and reporting frameworks. We aim for continuous year-on-year improvement in all areas.

COMPONENTS OF OUR FRAMEWORK

INTERNAL
  • Carbon emissions
  • Energy efficiency
  • Waste management

Our strategies in these areas are focused on efforts to reduce energy usage, increase office efficiency and ensure compliance with environmental regulations.

OUR RESPONSE AND CAPABILITIES

As a financial services firm our environmental impact is relatively small compared with other industries, but we recognise the importance of playing our part in transitioning to a low-carbon economy. We are committed to minimising any negative environmental impact wherever practicable and in the best interests of all stakeholders. Such measures include:

  • a commitment to energy efficient office premises and measures including those that manage lighting, heating and IT/communications equipment;
  • a commitment to digital document management to reduce paper consumption;
  • a commitment to minimise all non-essential travel, in particular air travel, and the use of alternative technologies, such as telephone and video conferencing for both internal and external applications;
  • a commitment to minimise the use of disposable/single use plastics, including the Group-wide adoption of glass and ceramic glasses, bottles, cups, plates and bowls for food and beverage consumption; and
  • a commitment to purchase all paper stationery from responsible suppliers that are committed to sustainable source materials i.e. those that adhere to the www.fsc.org ‘paper from responsible sources’ and the Rainforest Alliance standards.
EXTERNAL
  • Climate risk

We recognise that there are long-term risks and opportunities for JTC associated with climate change and the transition to a low-carbon economy. Our strategies in this area include engagement with our value chain (including investors, clients and suppliers) and providing support to clients as they seek to adapt their own business models to become more sustainable.

JTC is a Carbon Neutral+ organization, demonstrating our commitment to mitigate the impact of our business operations on the environment. We recently disclosed our scope 1, 2, and 3 emissions for the first time, covering emissions from the past two years. For more information and to review our climate disclosures under SASB and TCFD, please refer to our Annual Report.

COMPONENTS OF OUR FRAMEWORK

SHARE OWNERSHIP

The foundation of JTC’s culture is ‘shared ownership’ and this has been in place for over 20 years and is a key differentiator in attracting and retaining talent. Further details can be found in our IPO prospectus (pp37, 38, 51, 54, 114) and our 2018 Annual Report (pp11, 16, 17, 35 – 43).

In addition, the JTC shared ownership ‘story’ has recently been made the subject of a Harvard Business School (HBS) case study.

EMPLOYEE ENGAGEMENT | RECRUITMENT | EMPLOYEE COMMUNICATIONS | JTC ACADEMY | JTC GATEWAY | JTC WELLBEING

We understand that our people are a fundamental source of differentiation and employee engagement is afforded the highest priority within the Group.

Finding and attracting the best talent is managed through a structured approach to recruitment on a global basis through a strategic Human Resources team that is headquartered in Jersey, but has representatives in other JTC offices globally. This includes a dedicated role of Recruitment Manager. JTC conducts regular benchmarking of remuneration and benefits packages globally, in order to remain competitive within the labour markets where it operates. An overview of our approach can be found on the ‘Careers’ section of our website.

We use a wide variety of employee communication methods to share information about the business and the markets in which we operate. This includes communication of the Group’s purpose, cultural values,
commercial goals and strategies, performance updates and market news. Read more on page 45.

JTC operates three specific global programmes as part of its wider employee engagement strategy and in support of both recruitment and retention goals. These are:

 

EMPLOYEE TURNOVER RATE

Our employee turnover rate is one of eight key performance indicators (KPIs) used by the Board to measure the performance of the Group. We define staff turnover as the number of staff who leave each year that we did not want to leave and we target 10% or less per year. Staff turnover is important because we deliver a high touch service to clients and maintaining continuity of staff helps to ensure that we are able to meet client needs. Staff retention is also important for our meritocratic internal talent development programmes and succession planning. Staff turnover in 2019 was 9.7%. It is challenging to find benchmarks for a global business of our type, but we believe that turnover rates in the region of 15 – 20% are more typical. Read more on page 27 of the Annual Report.

HUMAN RIGHTS, DIVERSITY AND EQUAL OPPORTUNITY

JTC has defined policies covering:

HEALTH AND SAFETY

JTC has a defined Health and Safety Policy (and numerous related policies) that are detailed in the Employee Handbook and are introduced during a new employee’s induction to the Company as well as being reviewed and revised on a regular basis.

COMMUNITY RELATIONS

We value and respect the communities in which we operate around the world and understand the support they provide to our employees, clients and intermediary partners. We seek to create a positive impact wherever we operate, creating opportunities for employment and giving back through charitable donations of time, expertise and money. Read more on pages 45 – 47 of the Annual Report.

COMPONENTS OF OUR FRAMEWORK

PURPOSE, CULTURE AND ETHICS

JTC’s purpose and culture are based on shared ownership and supported by eight defined ‘Guiding Principals’ that are intended to clearly define the Company’s cultural values and in turn drive ethical behaviours throughout the organisation. Read more on pages 6, 41 and 50 of the Annual Report.

BOARD COMPOSITION AND EFFECTIVENESS

Full details are provided on pages 54 – 65 of the Annual Report.

Additional relevant detail, including the Terms of Reference of the various PLC Board Committees, are also available on our website.

STAKEHOLDER ENGAGEMENT

We engage on an ongoing basis with a wide range of stakeholders, including: clients, employees, investors, intermediaries, regulators, government bodies, industry associations and charities.

Read more on pages 60 – 63 of the Annual Report.

EXECUTIVE COMPENSATION

Full details are provided in the report of the Remuneration Committee on pages 74 – 85 of the Annual Report.

In addition to executive compensation, JTC’s wider shared ownership culture and programmes are central to aligning the interests of our people with the interests of our stakeholders. As of 31 December 2019 c. 23% of the issued share capital of the Group was owned by employees, either directly or through the JTC EBTs.

JTC’s shared ownership model also became the subject of a Harvard Business School MBA case study

SUCCESSION

The Board’s Executive Succession Plan is based on JTC’s shared ownership culture and places particular emphasis on meritocratic succession from within the business. Read more on pages 50 – 51 of the annual Report.

AUDIT & RISK, INCLUDING ETHICS RISKS

Full details are provided in the report of the Audit & Risk Committee on pages 70 – 73 and the Risk Management section of the Strategic Report on pages 28 to 35 of the Annual Report.

DATA MANAGEMENT AND SECURITY

JTC operates a robust framework and control environment with regards to data management and security, which governs its systems, processes and people.

JTC has defined policies in several related areas, details of which are provided in the Employee Handbook.
These include:

  • Confidentiality
  • Disclosure of client and Group information
  • Data protection
  • Intellectual property and ownership
  • Information Technology
  • Use of personal mobile communications devices
  • Use of social media
  • Clear desk policy
  • Physical office security and access

The JTC privacy notice is publicly available on our website.
Data accuracy is ensured through a combination of:

  • The hiring and promotion of experienced and qualified professionals into relevant roles within the business
  • Ongoing training and performance management
  • Well-defined and proven business processes
  • Least privilege access model for systems
  • Reporting and remediation protocols
  • System (IT) design

Our resources and strengths

We value shared ownership

We operate around the principle that if our people have a stake in the business, they will do a better job for our clients.

We invest in people

Over 85% of our employees hold a relevant professional qualification or are working towards this through our dedicated JTC Academy.

We embrace technology

We operate a variety of best-in-class systems to deliver and maintain an impeccable standard of administration and use technology to innovate in both service delivery and efficiency.

We value relationships

We aim to work with clients who share our belief in the importance of building strong relationships over time.

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