Yorkshire Water claims prestigious award
Yorkshire Water held off competition from 60 other entrants to win the Finance for the Future Award at The Banking Hall in London on Tuesday.
The firm was recognised for its innovative Six Capitals sustainability accounting approach. The report ‘Our Contribution to Yorkshire’ reviewed the firm’s retrospective impact and dependencies across the six capitals – Financial, Manufactured, Natural, Human, Intellectual and Social.
The report quantified impacts that were previously qualitative, helping Yorkshire Water to understand and showcase the true value they offer to their customers and society, much of which is not captured in traditional financial accounts. This work culminated in the integration of the Six Capitals into the Decision-Making Framework which has optimised Yorkshire Water’s asset management strategy for the next price review period between 2020-2025, as well as influencing its ‘Not Just Water’ long term plan.
Hannah James, Lead Advisor of Sustainability at Yorkshire Water, said: “We are delighted that our commitment to understanding our total impacts and true value has been recognised in this way. Thanks to strong leadership from our Director of Finance and Head of Sustainability, we have been able to embed the Six Capitals approach throughout the business, helping us to make more efficient, ethical and sustainable decisions.”
The awards, created by the Institute of Chartered Accountants (ICAEW) and The Prince’s Accounting for Sustainability Project (A4S) recognise best practice in building sustainable organisations, particularly where the finance function is driving a sustainable transformation.
If you’d like more information on our Six Capitals work, visit the dedicated page on our website here.