97 Vodafone Group Plc Annual Report 2024
Strategic report
Governance
Financials
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Mapping of ESG topics When establishing the ESG Committee and setting its remit, we completed a mapping of all key ESG topics for Vodafone, to ensure clarity on the role of the ESG Committee alongside the Board and other relevant committees. This is presented below, with further details of each ESG topic.
Focus during the year The ESG Committee met three times during the year ended 31 March 2024. The following provides a summary of the topics covered. May 2023 The inaugural joint ARC and ESG Committee provided a full review of all ESG annual reporting documents, including the Task Force on Climate-related Financial Disclosures (‘TCFD’) report and the ESG Addendum. The Committees received papers outlining key changes made since the previous annual report, including the strategic approach and the scope of the assurance plan. The Committees were satisfied with the proposals. November 2023 – Review of the ESG strategy and its evolution since the establishment of the Committee in 2021. The paper submitted by Joakim Reiter, Chief External and Corporate Affairs Officer, provided details on three key strategic evolutions prompted either by changes in Vodafone Group or developments in the external environment: simplification of ESG targets, integration of ESG into business priorities, and the continued evolution of ESG data management. – The Executive Committee sponsor of Vodafone’s inclusion programme, Serpil Timuray, CEO of Vodafone Investments, provided an overview of the strategy and a progress update on KPIs in relation to customers, communities, colleagues and co-partners. – Leanne Wood, Chief Human Resources Officer, presented feedback from Vodafone’s female employees on the gender diversity programme, the achievements to date and the actions planned to further improve the gender diversity programme. – The Committee was also assured by the papers submitted on ESG rankings and indices and the approach to ESG half-year reporting. March 2024 Joakim Reiter, delivered key ESG developments at the March Committee: – Vodafone’s purpose was refreshed to reflect that everything we do in Vodafone aims to create a digital society, and we ensure that this digital society is inclusive, sustainable and responsible through three purpose differentiators: Empowering People, Protecting the Planet and Maintaining Trust. – The Committee welcomed the opportunity to review Vodafone’s Climate Transition Plan, which details the necessary actions to achieve our net zero ambitions. This will be published as part of our FY24 reporting suite, and is a summary of our strategy with cross-functional objectives and governance to reduce emissions and manage our climate-related risks and opportunities. – Vodafone’s approach to ESG reporting for FY24 was noted in a paper along with the results from a recent internal audit that reviewed: ESG global targets; policies and procedures; implementation and monitoring of programmes; local metrics calculation and reporting; and Group consolidation and disclosures. Key focus for the next year – Continuing to review progress of the ESG strategy, including performance against targets and performance in ESG indices and rankings; – Reviewing progress in embedding key purpose targets and practices into Vodafone’s operations and commercial strategy; – Reviewing Vodafone’s alignment to external ESG disclosure standards such as ISRS 1 , CSRD 2 and ESRS 3 ; and – Continued oversight of the ESG data management programme.
Environment
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Energy consumption and GHG emissions E Including energy sources, uses and targets Circularity and other environmental topics E Including device and network waste, water and plastics Environmental benefits from products and services E Including carbon and resource efficiency enablement Climate change risk management A E Including alignment with TCFD recommendations
38-41
41-42
41-42
64-69
Social
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Safety, health and wellbeing B
19-20
Workplace equality and employee experience B
17-19
Employee rights B A Including collective bargaining, grievance mechanisms, Speak Up, Fair Pay and labour standards Responsible supply chain B E Including labour standards and sourcing of minerals Human and digital rights A E Including privacy regulations, right to privacy and freedom of expression, and other human rights
17 44 51-52
51-53
45-46 51-52
Socio-economic benefits from products and services E Including digital inclusion
33-37
Governance
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Mobile, masts and health B
51
Security A B Including cyber and other security topics
46-51
Anti-bribery and corruption A
53-54
Business conduct and ethics A Including taxation, business conduct and compliance
53-54
Corporate governance N
70-85
Reporting A B E Including Annual Report and Accounts, Climate-related risks, Modern Slavery Statement and voluntary ESG disclosures
1-85
Click to read more about Vodafone’s approach to ESG reporting: vodafone.com/ sustainability-reports
Click or scan to watch the Chair of the ESG Committee explain her role: investors.vodafone.com/videos
Key
Audit and Risk Committee Nominations and Governance Committee
ESG Committee
A N
E B
Notes: 1. International Standard on Related Services. 2. Corporate Sustainability Reporting Directive. 3. European Sustainability Reporting Standards.
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