Sustainability Policy

Introduction

As a mutual building society, operating responsibly is in our DNA. As such, Principality is committed to conducting its business in a way that protects the environment, ensures the health and safety of our colleagues and customers, and adds value to the communities that we serve.

The purpose of this policy is to set out how we will ensure that our operations minimise any harm to the environment.

It is our policy to seek continual improvement throughout our business operations to lessen our impact on the local and global environment by conserving energy, water and other natural resources, reducing waste generation, recycling and, reducing our use of toxic materials. We are committed to environmental excellence and pollution prevention, meeting or exceeding all environmental regulatory requirements.

Policy Statement

This policy applies to all persons employed by the Society including colleagues, consultants and fixed term contractors.  It is our policy to:

• Comply with all applicable environmental requirements and obligations and recognise and adhere to any other associated relevant requirements which relate to our environmental impacts that may be placed upon us.
• Formally commit to protecting the environment, with the following controls:
  • Net zero targets are set and approved by the Board.
  • The corporate carbon footprint is measured and reported annually.
  • We take responsibility for our emissions by financing carbon reduction/mitigation projects.
  • Protection of the environment and achieving net zero is embedded into the Society’s Impact Strategy.
  • The Impact Strategy has been aligned to SDG 13, Climate Action and the Wellbeing of Future Generations Wellbeing Goals.
• Provide a Procurement framework that supports a sustainable supply chain, including the risk assessment of critical, important and key suppliers on their environmental impact, before making a decision to do business with them.
• Monitor our use of energy within scope 1 and 2 with a view to reducing our environmental impact.
• Support process modifications that reduce, re-use, recycle and recover waste, including:
  • We have an ongoing, multi-year project to reduce the volume of paper we use in our operations.
  • Clear signage regarding waste disposal and recycling for our colleagues.
• Actively promote positive environmental awareness, behaviours and actions for all colleagues including:
  • We operate a colleague-led Planet Friendly network who provide guidance and training to colleagues on how to reduce their carbon footprint at home and in work.
  • All colleagues receive mandatory carbon awareness training and material is available for them to refresh this regularly should they wish  
  • Regular events and corporate communications are put out to further educate colleagues.
  • Colleagues regularly participate on various forums and working groups to educate others and where possible, influence political decision makers.
• Assess, in advance, the environmental impacts resulting from our business activities and the environmental effects of any significant development and adjust our plans accordingly.
• Environmental impacts are embedded into the risk assessment process for any building works being undertaken
• Environmental impacts are considered in respect of all supplier selection and purchases.
• Process changes are required to ensure that no additional paper is introduced into a process.
• Maintain this Policy Statement under formal document control and make it available to relevant interested parties, as appropriate.