Doing Business the Right Way
To help us act responsibly and inclusively in every way we can, we have internal systems and practices, controls and procedures to govern our conduct across all areas of our operations.
We will continue to incorporate Environmental, Social and Governance factors in our decision-making, how we operate our business, where we place our investments and the products and services we provide.
Learn more about the activities we have in place to ensure we are operating responsibly
Our progress: Doing Business the Right Way
Responsible Investments
| Priorities | Aims for 2024 | Delivered in 2024 | Aims for 2025 | Longer-term aims |
| Equity and corporate bond portfolios | Make progress against our longer-term aims of delivering 50% emissions reduction in NFU Mutual equity and corporate bond portfolios by 2030 and 100% reduction by 2050 | Comparing 2024 to a 2019 base year, emissions from our equity and corporate bonds within our General Insurance and Life Discretionary funds have reduced by 29% | Make progress against our longer-term aims | 50% reduction in total carbon emissions (tCO2e) in NFU Mutual’s equity and corporate bond portfolios by 2030 against a 2019 base year 100% reduction in total carbon emissions (tCO2e) in NFU Mutual’s equity and corporate bond portfolios by 2050 against a 2019 base year |
| Affiliations - UK Stewardship Code | Renew signatory to the UK Stewardship Code, by meeting latest requirements, in 2024 |
Successfully renewed signatory to the UK Stewardship Code |
Renew signatory to the UK Stewardship Code, by meeting latest requirements, in 2025 |
Renew signatory to the UK Stewardship Code, by meeting latest requirements annually. |
| Affiliations - Principles for Responsible Investment |
Meet obligations of Principles for Responsible Investment (PRI) Maintain 100% of funds managed by signatories to the PRI |
Maintained obligations under the PRI |
Meet obligations of the PRI Maintain 100% of funds managed by signatories to the PRI |
Meet obligations of the PRI Maintain 100% of funds managed by signatories to the PRI |
| Environment, Social and Governance performance - customers' understanding | Over 40% of customers agree that they understand NFU Mutual’s approach to active stewardship |
56% of customers agreed that they understand NFU Mutual’s approach to active stewardship |
Maintain over 45% of customers agreeing that they understand NFU Mutual’s approach to active stewardship |
Maintain over 50% of customers agreeing that they understand NFU Mutual’s approach to active stewardship |
| Environment, Social and Governance performance - fund managers | Make progress against our longer-term aim of 100% of internal fund managers to have achieved Environmental, Social and Governance investing qualifications by 2025 |
50% of internal fund managers have achieved Environmental, Social and Governance investing qualifications, matching our 2023 performance. However, further qualifications are expected and we are maintaining our longer-term aim for 100% of internal fund managers to have achieved Environmental, Social and Governance qualifications by the end of 2025 |
100% of internal fund managers to have achieved Environmental, Social and Governance investing qualifications by 2025 |
Project complete |
Responsible Property Investments
| Priorities | Aims for 2024 | Delivered in 2024 | Aims for 2025 | Longer-term aims |
| Emission reduction | Make progress against our longer-term aim of delivering 100% emissions reduction in NFU Mutual’s property portfolio by 2050 | Comparing 2024 to a 2019 base year, emissions from our property investment portfolio had reduced by 75%. The sale of assets contributes to this figure, and emissions may increase again as our portfolio grows and changes |
Make progress against longer-term aim | 100% emissions reduction (tCO2e) in NFU Mutual property portfolios by 2050 |
| Green leases |
Make progress against longer term aims to achieve 100% of Energy Performance Certificates across NFU Mutual’s property investment portfolio to be C or better by 2027 and |
66% of performance certificates across NFU Mutual’s property investment portfolio were rated B or better at the end of 2024 | Make progress against longer-term aims |
100% of Energy Performance Certificates across NFU Mutual’s property investment portfolio to be C or better by 2027 100% of Energy Performance Certificates across NFU Mutual’s property investment portfolio to be rated B or better by 2030 |
| Priorities | Aims for 2024 | Delivered in 2024 | Aims for 2025 | Longer-term aims |
| Supplier diversity | Continue to work with social enterprises as part of our commitment on the Social Enterprise UK Buy Social Corporate Challenge and increase spend by 10% | NFU Mutual spent £1,606,606 with social enterprises and not-for profit organisations in 2024, signifying an increase of 102%. This significant increase has been helped by the appointment of Corps Security as NFU Mutual's security provider | Continue to work with social enterprises as part of the Social Enterprise UK Buy Social Corporate Challenge and increase spend by a future 10% | Widen our use of social enterprises across NFU Mutual’s supply chain |
| Our Supply Chain and Climate Change |
Embed the use of carbon emissions calculations for strategic and key suppliers Develop supply chain targets in support of NFU Mutual’s Climate Change Strategy
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Using 2022 figures, NFU Mutual's contribution to our supply chain's carbon emissions has been calculated for key and strategic suppliers (where available). This will form our baseline for measuring future supply chain carbon emissions Our procurement due diligence partner, Hellios, launched ESG Analysis in 2024, which has given us important insight into our supply chain’s Responsible Business maturity, including their environmental credentials. This will enable us to consider which supply chain targets will be appropriate. We also discussed supply chain targets during our ESG focused Supplier Summit in October 2024 |
Operationalise the reporting of carbon emissions and make progress towards our longer-term aim To continue to develop and launch supply chain targets in support of our Climate Change Strategy
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Monitor available data on the carbon emissions associated with the goods and services we purchase from key and strategic suppliers, in support of NFU Mutual’s Climate Change Strategy |
| Our Supply Chain and Environmental, Social and Governance |
Make progress against our longer term aim to embed the use of Environmental, Social and Governance analysis for the supply chain as part of NFU Mutual’s day-to-day business operations |
ESG Analysis was launched by Hellios, our procurement due diligence partner, in 2024. We have incorporated the data into our Supplier Performance Scorecard. This means that ESG is now an active metric on how a supplier is performing for NFU Mutual |
Make progress against our longer-term aim | To continue to use the Environmental, Social and Governance analysis for the supply chain as part of NFU Mutual’s day-to day business operations |
| Priorities | Aims for 2024 | Delivered in 2024 | Aims for 2025 | Longer-term aims |
| Governance | Maintain 80% of NFU Mutual employees agree that NFU Mutual operates a Responsible Business | 88% of NFU Mutual employees agree that NFU Mutual operates a Responsible Business | Maintain 80% of NFU Mutual employees agree that NFU Mutual operates a Responsible Business | 85% of NFU Mutual employees agree that NFU Mutual operates a Responsible Business by 2028 |
| Anti-bribery and Corruption |
Mandatory completion of annual internal training for all employees |
100% completion rate of annual internal training |
Mandatory completion of annual internal training for all employees | Mandatory completion of annual internal training for all employees |
| Tax Strategy and Transparency |
Maintain low risk tax rating from HMRC |
Maintained low risk tax rating from HMRC |
Maintain low risk tax rating from HMRC | Maintain low risk tax rating from HMRC |
| Exec Remuneration |
Increase the weighting of carbon emissions to 5% for the 2024-26 senior management Long Term Incentive Plan |
Carbon emissions were introduced to senior manager Long Term Incentive Plans in 2023 at a weighting of 2.5%. On review, this was increased to 5% in 2024 |
Continue to monitor the efectiveness of including carbon emission reduction targets in Executive Bonus Schemes | Continue to monitor the effectiveness of including carbon emissions reduction targets in Executive Bonus Schemes |
| Modern Slavery and Human Trafficking |
Publish NFU Mutual’s Moderns Slavery Statement and work with Slave-Free Alliance to train additional business areas |
The 2024 NFU Mutual Modern Slavery statement was published in April of that year. A training programme for NFU Mutual’s employees and the Agency network continued At the Supplier Summit, held in October 2024, a Modern Slavery training seminar was presented to our strategic and key suppliers with the objective of not only educating attendees, but also encouraging our suppliers to educate and inform their own businesses |
Publish NFU Mutual’s Modern Slavery Statement and continue to train additional business areas | Ensure NFU Mutual’s meets any amendments to the Modern Slavery Act 2015 |
