tortoise intelligence The Responsibility100 Index Good ... · giving back The FTSE 100 contributes nearly £1.8bn in charitable and community investments each year. That’s six times

January 2020

tortoise intelligence

The Responsibility100 Index Good companies need to be good citizens

24’ reading time Published: January 2020

Notes: Tortoise Intelligence team

Design: Nick Stone Graphics: Chris Newell Cover illustration: Julia Allum

“This potentially moves the dial on transparency to the advantage of us all. It promotes a race to the top.” Andrew Mitchell The former international development secretary

All newsrooms know what they’re against. We started Tortoise looking to set out what we’re for. And, in a word, it’s responsibility. Likewise, most newsrooms cover events. We’re really interested in developments, namely what happens over time. But how do we keep track?

Over a year ago, we decided that Tortoise’s first index should measure responsibility.

Then, at a ThinkIn in our newsroom last summer, we were discussing how individuals with personal savings and pensions plans can make their money matter. How can we know which companies live up to their social and environmental responsibilities?

And so, we settled on the Responsibility100 Index, tracking how the FTSE 100 companies perform on their commitment to key social, environmental and ethical issues using a framework inspired by the UN Sustainable Development Goals. Market capitalisation measures size. Annual results report revenue and profits. If business is going to improve its impact on our lives and world, we need to measure responsibility too.

In September 2019, we launched a version of the Index in Beta form. Since then, we’ve spoken to more than 70 of the FTSE companies to gather their feedback on our initial findings and incorporate their suggestions where necessary.

We also added thirty more indicators, increased the number of sources on which our data is based to more than 200, and strengthened our methodology across the board.

This is the culmination of that process: the official launch of the Responsibility100 Index.

We hope the Index pushes corporate transparency to the top of boardroom agendas and inspires companies to compete in a “race to the top”. People – and our planet – depend on it.

James Harding and Alexandra Mousavizadeh

4 JANUARY 2020

Why the Responsibility100 index?Keeping companies honestThere is now a broad consensus that capitalism has a responsibility to respect and enhance the rights of people and to ensure that the planet remains habitable.

Yet an accountability gap exists for Britain’s most powerful companies. Annual reports often declare a commitment to sustainability goals alongside profit – but rarely are these pledges followed up fully or, in some cases, at all. The Responsibility100 Index is designed to close this gap and keep companies honest.

It’s also a first. Whereas previous attempts to measure corporate responsibility have used proprietary data, or direct company surveys, the Responsibility100 uses only data that is publicly available. And unlike previous attempts that measure what a company says, and not what it does, the Responsibility100 directly compares a company’s commitments – in the form of their ‘talk’ score – with their actions – their ‘walk’ score.

5RESPONSBILITY100 LAUNCH

We’ve examined the FTSE 100’s behaviour through two broad lenses: People and Planet. Within those two categories we looked at indicators, such as...

Flexibleworking

hours

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BAMEexecs

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Freehealthcare

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pay gap

BAMEemployees

Disabledemployees

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LGBTexecs

Disabledexecs

Cycleto workscheme

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Charitabledonations

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The people and planet index indicators

6 JANUARY 2020

Quick, tell me…what is the responsibility100?The Responsibility100 ranks Britain’s top 100 companies on what they are saying – and, crucially, doing – to tackle the big issues such as climate crisis, inequality and poverty. In short, their social responsibilities. Using measures that deliver on the UN Sustainable Development Goals, each company’s score has been calculated from publicly-available data across more than 200 sources.

what is the FTSE 100?The 100 largest companies listed on the London Stock Exchange, as measured by their market capitalisation (share price x number of shares).

what are the un sustainable development goals (SDGs)?Seventeen global goals to ensure a better and more sustainable future for all by 2030. These goals were adopted by every UN member state in 2015 and include a universal call-to-action to end poverty, protect the planet and ensure everyone enjoys peace and prosperity. Although designed for countries, we believe companies have a large role to play in reaching these goals, too. We have taken the SDGs as inspiration to guide our data selection but we have also included indicators we consider important which are not in the SDGs, for example how well companies support LGBT employees.

What have we learned since the Beta launch?Following consultation with FTSE 100 companies, we have:

– expanded the number of indicators from 46 to 111 indicators on areas such as employee wellbeing, paternity leave, staff training and food waste

– enriched the quality and detail of existing indicators – for example, where in Beta we looked at the presence of water recycling, now we’re measuring the proportion of water that is recycled

Some companies have felt the impact of these changes more than others

Six of our original best ten performers have kept their top spots.

The inclusion of more detailed environmental performance data has led the travel, fashion and packaging sectors to shift down the rankings. For example, the results of supermarkets are now lower due to the inclusion of data on indicators such as employee conditions and food waste.

Auto Trader has seen the biggest improvement to its position, in part due to the addition of indicators measuring employee wellbeing. The car-selling website gets an employee satisfaction rating of 89%.


Why the FTSE 100?Companies scaled by number of employees

Big businesses have a big role to play in the future of our planet.

What the FTSE 100 does affects millions of people in Britain and around the world.

Whether that’s…

looking after peopleTogether, FTSE 100 companies employ 4.8 million people. While two-thirds of these companies provide flexible working hours, just one third are accredited Living Wage providers. In total there are 3.1 million FTSE 100 employees working for companies who haven’t committed to paying them a UK Living Wage of £9.30 an hour (£10.75 in London).

Source: FTSE 100 Annual and Sustainability Reports, Living Wage Foundation

Tesco

AssociatedBritish Foods

BT Group

Compass Group

Glencore

HSBC

RoyalDutch Shell

Sainsbury's

StandardChartered

Unilever

WPP plc

20,000

100,000

Living Wage providersNot Living Wage providers

8 JANUARY 20208

looking after the planetThe FTSE 100’s collective annual carbon footprint is 419 million tonnes of CO₂ equivalent (total emissions from direct activities and electricity purchased). That is 55 million tonnes more than produced by the entire UK.

The UK

The FTSE100

Sources: FTSE 100 Annual and Sustainability Reports

BPCRH plc

Evraz

InternationalAirlines Group

Glencore

BHP

Rio TintoGroup

Shell

AngloAmerican

plc

ConsumerDigital and media Extraction

Finance EngineeringThe rest

1 million 10 million tonnes of CO2 equivalent

Companies scaled by annual scope 1 and 2 carbon emmissions


giving backThe FTSE 100 contributes nearly £1.8bn in charitable and community investments each year. That’s six times more than Oxfam’s annual charitable spending and 31 times more than the UK raised during last year’s Comic Relief. This sounds a lot, but when considered against what the FTSE 100 earn in revenue, a different picture emerges. For every £1,000 earned, the average FTSE 100 company spends just £1.39 on charitable and community investments. Of all the FTSE 100, ITV is the most generous, donating £13.94 for every £1,000 of their revenue.

Sources: FTSE 100 Annual and Sustainability Reports

ITV plc£13.94

St. James's Place plc£8.15

GlaxoSmithKline£7.27

Antofagasta£7.12

Polymetal International PLC£5.36

Rio Tinto Group£4.73

Land Securities£4.28

Smith & Nephew£4.17

National Gridplc£3.62

Legal & General£3.48

Amount donated in charitable or community investmentsfor every £1,000 earned

Top 10 most generous companies

10 JANUARY 2020

Our pillarsThe data we have selected falls under the following seven themes.

1 Poverty & wellbeing

2 Equality

3 Education & skills

A company’s business model and employment practices can have a significant impact on social equality and wellbeing; for example, by paying employees a living wage or providing flexible working hours and counselling when needed.

In addition to gender equality, we have been working on fair, measurable indicators to address inequalities and inclusion in the workplace for ethnic minorities, disabled and LGBT people.

Large corporations can contribute to the overall education of society through the ongoing training and development of their staff as well as outreach programmes in the wider community.


4 Climate

5 Partnership

6 Justice

7 Good business

Priority number one for our climate has to be bringing down CO₂ emissions. But we’ve also looked at the broader environmental impact that companies have on water usage, food waste and land use.

We should celebrate when large companies work together with external organisations, such as NGOs, to reach the world’s most important targets.

We should reward companies that promote peaceful and inclusive societies.

Britain’s biggest companies must lead by example when it comes to good business practices: from paying their fair share of tax, to investing sustainably and looking after their employees.

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16 JANUARY 2020

Meet the FTSE 100The supermarkets

Britain’s largest supermarkets have a huge role to play in the future of corporate responsibility – not least because they employ a vast number of people. The four FTSE supermarkets make up the second biggest FTSE 100 sector in terms of employees, with a combined workforce of over half a million. And out of the FTSE 100’s 24 sectors the supermarkets hired the highest number of graduates last year (2,439) as well as 2,402 apprentices.

Yet none are accredited Living Wage providers and they feature relatively highly in UK employment tribunal cases. The FTSE 100 have been involved in around 1,100 employment tribunal cases since 2017 and the supermarkets featured in over a third of these, with Tesco alone being taken to the tribunal over 200 times.

With pressure on our food economy to reduce waste and cut down on shipping, another big challenge for the supermarkets is food waste. According to our analysis of annual reports, Tesco, Sainsbury’s, Morrisons and Ocado together produced 96,624,000kg of food waste last year. This is just the tip of the iceberg, though: a large part of the supermarket sector’s waste impact comes from lower down in their supply chain. For instance, in 2018, 27 of Tesco’s major own-label suppliers revealed

they wasted 680,801,000kg of food, compared with the 53,126,000kg Tesco reported had been wasted from its UK operations in the same period.

The banks

Britain’s biggest banks earned profits of £32.7bn before tax last year, a figure second only to the FTSE 100’s energy companies. And our analysis found banking’s deep pockets are reflected in the sector’s high levels of philanthropy. Employees of the FTSE 100’s 16 banking and other financial services companies volunteered more than two and half times more hours to charities than the rest of the FTSE 100 combined. In total they volunteered 3.2 million hours to charitable causes in 2018 – the equivalent of 135,251 days or 371 years. They also contributed £256m to charities and community projects.

But the banks underperformed on corporate responsibility, from misleading investors to manipulating currency markets. RBS alone paid out £8.6 billion in fines since 2016 – almost half the value of all financial penalties imposed on FTSE 100 companies in that time - and, as a whole, the sector faced payouts to regulators and settlements of £12.7 billion.

Tesco is top of the supermarkets, thanks to its rigorous approach on responsibility reporting, backed up by strong action on sta� training and poverty.

Tesco

Sainsbury's

Morrisons

Ocado

50

65

87

89

Lloyds is the best performing bank in our Index. It was awarded an “A” grade by the CDP charity for climate performance. It rated less impressively on other indicators such as gender equality, but not as badly as some other banks.

Lloyds Banking Group

Barclays

HSBC

Standard Chartered

Royal Bank of Scotland Group

17

19

22

43

51


This environmental impact goes beyond just emissions. For instance, exacerbating the risk of water scarcity. We found that over the course of their operations in 2018, the FTSE 100’s mining giants used 381 billion cubic metres of water – enough to fill 153 million Olympic-size swimming pools. And though the sector reported to have recycled or reused 66% of this water, the remaining 34% of wastage is more than four times the amount of water used by the entire rest of the FTSE 100.

Aside from the environment, a large focus of the extractive industries’ work on sustainability is towards improving health and safety. We found that 75 employees and contractors died in accidents related to working for the FTSE 100 in 2018, 34 of which occurred in the mining sector. While this figure represents less than 0.002% of the FTSE 100’s total workforce, over 25,000 injuries were reported with nearly 4,000 in the mining sector alone.

High health and safety risks go hand in hand with a high amount of training for employees. An employee of a mining giant can expect on average an hour of training each week, compared to employees at JD Sports, who can expect only 10 seconds. Likewise, the extractive industries are big investors in the education of their employees, with an average spend of £603 per employee per year, six times more than the finance sector and the FTSE 100 average of £138.

Gender representation is also a particularly weak point for the banking sector. For every woman appointed to a FTSE 100 bank’s board of directors since 2016, three men were also appointed. That contrasts with the average of the FTSE 100, where two men are appointed for every woman, or the pharmaceutical sector, where men and women were hired as directors at an equal rate.

The oil giants and extractive industry

With business models that rely heavily on fossil fuels, the extractive industries are major contributors to the global climate crisis. Six of the FTSE 100’s top ten climate polluters operate in the extractive industry. Shell and BP alone are emitting 136 million tonnes of CO₂e a year – well over a third of the UK’s total. These companies have a responsibility to invest in clean energy. While they seem to acknowledge this – Shell is the first major oil company to link reduced carbon emissions to executive pay – we found their goals to be too modest and commitments too vague.

Anglo American’s top position is driven in part by its relatively high spending on employee training – the company on average puts £3.40 towards upskilling for every £1,000 of revenue, the highest within its sector. This emphasis on training is perhaps reflected in its high ratings on company review platform Glassdoor, where 83% of current and former employees would recommend working at Anglo American to a friend.

BHP34

Rio Tinto Group47

Glencore68

Antofagasta69

Polymetal International PLC71

Evraz94

BP63

Royal Dutch Shell79

Anglo American plc33

18 JANUARY 2020

Big pharma

Two of the pharmaceutical companies make the top 10, with AstraZeneca beating GlaxoSmithKline on climate in particular: it has a higher proportion of waste recycled (46% vs 23%), lower levels of water consumption (4m cubic metres vs 12.9m) and lower carbon emissions.

The sector is particularly strong on research and development – last year, Big Pharma spent £10bn on R&D, the highest of any sector. An area to watch is big pharma’s tax affairs: compared to a FTSE 100 average of 21%, the pharmaceuticals contribute just 16% (GlaxoSmithKline), 3% (AstraZeneca) and 3% (Hikma Pharmaceuticals) of their profits in tax.

And what about health? Despite offering their employees free healthcare, we found that none of the pharmaceuticals have a public mental health policy (although just 32 of the FTSE 100 do).

Fashion

Despite the sector coming under recent pressure over its impact on the planet, two of the FTSE 100 fashion companies are choosing to stay quiet on their environmental record. Between Burberry, JD Sports and Next, it is only the latter who reports – and performs well on – their total waste, water consumption and recycling.

Next could do better at promoting its female employees though: while women make up 68% of the company’s total workforce, they hold just 32% of senior management positions. Burberry, on the other hand, would do well to focus on how it rewards its top female employees: despite 44% of the company directors being women, the company reports a significant gender pay gap in its bonuses, of 33%.

Burberry18

Next plc44

JD Sports59

Burberry, despite being criticised for burning millions of pounds worth of unsold clothes last year to protect its brand, performs well in the climate category. In 2018-19, the fashion company obtained 58 per cent of its energy from renewable sources.

AstraZeneca is a consistent high performer, performing well on both its commitments and actions. It’s the top FTSE 100 company for investing in research and development with a relatively high representation of women (44%) at senior management level.

AstraZeneca5

GlaxoSmithKline9

Hikma Pharmaceuticals91


Travel

The travel industry – and in particular the airlines – unsurprisingly have an emissions problem, with a particularly high level of emissions per employee. Compared to the FTSE average of 83 tonnes of CO₂e emissions per employee per year, easyJet emits 603 tonnes of carbon per employee and the International Airlines Group emits 466 tonnes per employee. We need the travel industry to do a better job of prioritising the planet over profits. easyJet emissions increased from 7.6 million tones in 2018 to 8.2 million tonnes in 2019, a trend it attributes to “the continued expansion of easyJet’s operations” or, in other words, passenger numbers increasing by 8.6%.

Food waste is another vital statistic to watch, but we need greater transparency. InterContinental Hotels Group is one of just five FTSE companies – and the only travel company – to report their total food waste. Reporting is in itself a good thing, but shouldn’t distract from the fact that InterContinental Hotels Group has owned up to producing over 128m kilograms of food waste last year, or 10,012kg per employee. Compare that with the waste reduction charity WRAP’s estimate of the UK average of 156kg per person per year and it’s clear that we’d be foolish to focus only on our own kitchen waste: big business must play its part.

InterContinental Hotels Group60

Carnival Corporation & plc72

TUI83

Whitbread85

International Airlines Group93

easyJet plc95

InterContinental Hotels Group have been rewarded in the rankings for their thorough reporting on environmental measures, which even cover composting. They have also made the biggest improvement on their emissions intensity compared to the other travel companies.

20 JANUARY 2020

What is the FTSE 100 doing for people?

Equality – Diversity – Wellbeing – Education – Justice

“A diverse mix of voices leads to better discussions, decisions, and outcomes for everyone.” Sundar Pichai, CEO of Google

How inclusive is the FTSE 100?Women are under-represented as employees, senior managers and executives across every sector of the FTSE 100. Four of the FTSE 100 can celebrate a 50/50 gender split in their boardroom: Kingfisher, Unilever, Hargreaves Lansdown and Aviva. But just one company – the property developer, Berkeley Group Holdings – has achieved a representative senior leadership team.

Representation of women across the FTSE 100

The proportion of women in senior management positions across the FTSE 100, by sector

The proportion of female employees across the FTSE 100, by sector

In the boardroom 33%

In senior management positions 27%

In the workforce 38%

Compared to the UK population 51%

Sources: FTSE 100 Annual and Sustainability Reports, ONS

Software & Services 21%

Extraction 22%

Engineering 23%

Consumer 28%

Finance 29%

Health 32%

Digital & Media 33%

Compared to the population of England and Wales 51%


Extraction 22%

Software & Services 29%

Engineering 30%

Digital & Media 44%

Finance 44%

Consumer 45%

Health 46%



The proportion of BAME employees across the FTSE 100, by sector

Why haven’t you looked at the representation of LGBT and/or disabled people?

We tried. Despite the fact that at least 2% of the UK population identify as ‘LGBT’ and around 19% of the UK population have a disability, we found that only 10 of the FTSE 100 companies report on how the latter group is represented among their employees and only 5 report on the former.

Just two companies – ITV and Admiral Group – report the number of women, minority ethnic, LGBT AND disabled people in their workforce.

What’s happening on gender pay?The FTSE 100 reduced its gender pay gap by 0.5% in 2018 – at this rate, it would take 38 years for them to equalise incomes.

Although figures on ethnic diversity are less well reported, Black, Asian and Minority Ethnic (BAME) employees fare slightly better in the FTSE 100 than women. The extraction industry in particular has achieved the highest representation of minority ethnic groups at senior leadership level. Key sectors to focus on are finance (where just 5% of senior leaders identify as BAME) and engineering (where BAME people make up just 10% of employees).

Representation of ethnic minorities across the FTSE 100

The proportion of BAME people in senior management positions across the FTSE 100, by sector

In senior management positions 10%

In the workforce 15%

Compared to the UK population 14%


Finance 5%

Consumer 9%

Engineering 13%


Extraction 17%


Engineering 10%

Consumer 13%

Digital & Media 13%


Finance 14%

Extraction 26%

Health 36%

22 JANUARY 2020

Top 10 polluters, by total carbon emissionsWhat is the FTSE 100 doing for the planet?

Emissions – Waste – Water – Conservation – Responsible sourcing

“I don’t want you to be hopeful. I want you to panic. I want you to feel the fear that I feel every day. And then I want you to act.”Greta Thunberg, climate activist

“The business case to invest in a transition to a low-carbon economy is becoming extremely compelling”.David Blood, Managing partner at Generation Investment Management

Long-term commitment to the welfare of the planet is probably the single most clarifying test of whether a company is behaving as a good citizen.

Yet many of Britain’s biggest companies are not helping the country meet its climate targets. They’re hindering it. By shrinking their carbon footprints too slowly or not at all, experts say, they are acting as a brake on progress that could otherwise be the fastest of any major industrial economy.

All of the companies in the FTSE 100 are required to publish carbon emissions figures. Here’s what we’ve learned from them.

1.Royal Dutch Shell82m tonnes of CO2e

2.BP54.2m

3.Evraz38.7m

4.CRH plc38.1m

5.Glencore30.3m

6.International Airlines Group30.1m

7.Rio Tinto Group28.6m

8.Anglo Aerican plc16m

9.BHP14.7m

10.Carnival Corporation & plc10.7m

Tonnes of CO2 equivalent


What is CO₂ equivalent? A unit that takes into account other greenhouse gases besides carbon dioxide.

What’s happening with emissions?Between 2017 and 2018, 60 members of the FTSE 100 reduced their carbon emissions, resulting in a net change in FTSE 100 carbon emissions of 12.3 million fewer tonnes of CO₂ equivalent being emitted each year. However, nearly a third of FTSE 100 companies’ emissions are actually going up.

The FTSE 100 companies whose carbon emissions increased between 2017 and 2018

Top 10 polluters, by carbon emissions per employee

1.Royal Dutch Shell1,000 tonnes of CO2e

2.BP742

3.easyJet plc603

4.Rio Tinto Group603

5.Evraz567

6.BHP503

7.International Airlines Group466

8.SSE plc463

9.Antofagasta431

10.CRH plc424

Tonnes of CO2e

CRH plc SSE plc International Airlines Group

easyJet TUI BHP

Polymetal VodafoneGroup

AstraZeneca

CrodaInternational

WPP plc AshteadGroup

Bunzl Spirax-SarcoEngineering

Persimmonplc

Aveva Ocado JD Sports

Informa BarrattDevelopments

RentokilInitial

Taylor Wimpey

CompassGroup

Meggitt

HargreavesLansdown

PhoenixGroup

Schroders

AdmiralGroup

Legal &General

Just Eat

Increase in CO2e emissions from highest to lowest

DS Smith & Reckitt Benckiser excluded due to companyacquisitions. Source: FTSE 100 Annual and Sustainability Reports

24 JANUARY 2020

Missing dataMeasuring corporate impact is not easy: companies are inherently complex and often vastly different from each other. But we need them all to be as upfront, transparent and consistent as possible in order to track our progress towards a more sustainable future.

We found that:

– Not one of FTSE 100 report on the representation of LGBT and disabled people at senior management level – or their pay gaps

– Only 5 report on the volume of food waste

– 9 track the percentage of materials that come from responsible sources

– 19 report on the ethnic diversity of their workforce

– 44 look at the number of employees receiving training

– Less than half report on their recycling of waste (45%) and water (13%)

– 89 measure their contributions to charities and the wider community

– The following companies in particular need to do a better job of tracking and sharing their social responsibility efforts.

Companies found to be missing a third or more indicators in our index:

– DCC plc

– Aveva

– Melrose Industries

– RSA Insurance Group

– Smiths Group

Track recordsShown opposite are all the data points that we looked for, but could not find. Each white space, or empty cell, represents a gap in our knowledge and lack of transparency on that company’s social responsibilities.


Div

ersi

ty

People Planet

Wel

lbei

ng

Trai

ning

Emis

sion

s

Envi

ronm

ent

Com

mun

ity

Source: FTSE 100 Annual and Sustainability Reports

One row = one company

One row = one FTSE 100

company

26 JANUARY 2020

Our methodology How we made the Responsibility100 IndexStep one: framework designThe Index includes the following 7 pillars, inspired by the UN’s Sustainability Development Goals:

– Poverty and Wellbeing

– Skills and Education

– Equality

– Good business

– Climate

– Justice

– Partnership

Within this framework are 111 indicators.

Step two: data-gatheringWe gathered data from each company’s annual and sustainability reports, supplementing this with a number of third-party, publicly-available datasets. In total our data is based on 200 sources.

Step three: imputationNo credit is given for unreported values. We have imputed most missing values as zero, or worst-case values.

Step four: normalisationWe normalised our indicators to establish comparability between companies.

Step five: weightingWe have weighted the indicators using three layers of weights:

– Reliability of the data

– Engagement

– Impact

Step six: final scoresWe applied these weightings to the normalised data in order to calculate three scores:

– An ‘overall’ score, which takes into account all 111 indicators

– A ‘talk’ score, which takes into account those indicators identified as ‘commitment’–related

– A ‘walk’ score, which takes into account those indicators identified as ‘action’–related.

What next?Get in touchIf I want to find out more about my company’s score, how do I do that?

You can contact either James Harding, Founder of Tortoise Media, or Alexandra Mousivisadeh, Partner of Tortoise Media and Director of Tortoise Intelligence, directly and they will pass you on to the correct member of Tortoise Intelligence to answer your query.

Get involvedTortoise are always looking to open up the conversation to more voices, welcoming opinion and expertise from all disciplines and across sectors. In particular, we are hoping to expand the advisory board for the Responsibility100 Index, including specialists and critics who can help us to improve our methodology, refine our output and ultimately build a more powerful tool for change.

If you would be interested in joining the advisory board, please email Alexandra Mousavizadeh at: [email protected]

Notes

Notes

Notes

Tortoise is a different kind of newsroom, for a slower, wiser news. Tortoise became the biggest journalism project ever on Kickstarter in late 2018 and was launched to the public in April 2019. Tortoise is built with and for its members, of whom it has almost 20,000, of which over 5,600 are funded memberships through the Tortoise Network. The Tortoise Network is an inclusive membership model which ensures Tortoise journalism is open to the people who are hardest for news platforms to reach but whose voices we most need to hear.

Tortoise was co-founded by James Harding, former Director of BBC News, Katie Vanneck-Smith, former President of Dow Jones and the Wall Street Journal and Matthew Barzun, former US Ambassador to the UK.

Find out more at tortoisemedia.com

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tortoise intelligence The Responsibility100 Index Good ... · giving back The FTSE 100 contributes nearly £1.8bn in charitable and community investments each year. That’s six times