Across all 23 issues assessed, Colonial scored between 33% and 78%. According to the assessment, this range indicates we have an established management approach and governance structure in place for select ESG issues. We can leverage these strengths to further improve our ESG goals while working to address areas of opportunity.
- Total average score: 60%
- Issue with the highest score: Service Safety & Quality (CGI - 78% and ENK - 74%)
- Domain with highest score: Governance (73%)
In comparison to similar companies, Colonial Group sits in the middle of the pack. A large contributor to this outcome is that other companies (several with offshore operations) have been tracking their ESG efforts for years with more detailed reporting in place, an effort we are now proactively investing in to improve.
Employee Survey
When our employees were asked to state and rank the most relevant ESG issues, the following five rose to the top.
- Employee Health & Safety
- Product/Service Safety & Quality
- Employee Wellness, Recruitment, Retention
- Working Conditions
- Pay Equity
From these top five issues, Colonial Group and Enmarket received the highest scores for Service Safety & Quality. Since the very beginning, the quality of our service has been critical to our business and has been a top priority; however, the question remains, "Where exactly are we excelling and where do we need to grow?"
Where Colonial Group Excels
Strength doesn't mean we have arrived. On the contrary, we see areas of strength as opportunities we need to invest in full steam ahead! Based on DNV’s assessment, our leaders and employees are excelling in the following:
Governance Structures & Executive Buy-in
Having a unified team makes all the difference. One of our key strengths is the buy-in and clear accountability we have from both our Board of Directors and executive leaders down to our day-to-day managers across each of our business units. Clear reporting lines exist for Product/Service Safety & Quality, and Employee Well-Being, and updates are provided to executive leadership and business area leaders multiple times a year. We remain committed to our core values of service and integrity which drive our best practices and guide decision making.
Many of our employees' survey responses showed that our core values are among the reasons they are attracted to and stay with the company. Colonial Group’s family mentality garners organizational buy-in on initiatives that are viewed to be in line with the company’s core values. In many cases, these initiatives' returns are seen over the very long term (e.g. energy savings, workplace safety initiatives, etc.), and our long-term view stands in contrast to forces impacting publicly traded companies, which are often beholden to quarterly earnings release expectations.
Quality & Safety
People come first, plain and simple. Colonial Group has dedicated significant resources and capacity towards responding to customer concerns and strengthening performance related to service quality and safety. As a result, the DNV assessment indicates we are effectively managing risks and tracking positively with KPIs. We closely monitor customer feedback, concerns, and complaints and implement a corrective action plan as soon as issues are identified by either the business or the customer. Our executive leaders are regularly involved with management reviews, setting a tone from the top that quality and safety are of utmost importance.
Stakeholder Engagement
Colonial Group is an active participant in a number of multi-stakeholder industry initiatives where the company engages in opportunities for cross-learning and collaboration with esteemed peers. In addition, feedback from employee surveys and stakeholder interviews shows that our company demonstrates a deep commitment to acting on its core values and has earned a reputation as a critical community partner.
Employee Well-Being
As a family company, employee well-being is at the heart of Colonial Group. Within the last year, we’ve made significant investments toward increasing our capacity to respond to employee needs and concerns (such as expanding our HR team) and broader employment trends for the sector(s) and region. The organizational structure established within the last 12 months supports a cohesive approach allowing each business area to tailor its programs (e.g. recruitment, employee engagement) to its unique operating circumstance.
Where Colonial Group Can Grow
As expected, and as with any company, we have opportunities for improvement. While we have documented our ESG efforts, communication of this has been limited both internally and externally. Ultimately, we desire to have clearer communication so that our efforts, as in the case of GHG reduction initiatives, are tracked and evident. This will allow our ESG KPIs to be more efficiently tracked, year over year.
Additionally, there is an opportunity to develop a company-wide policy and specific goals around employee well-being. As our team continues to grow, so do our HR and EHS efforts to ensure our people are heard, taken care of, and seen.
Energy Consumption, Greenhouse Gas & Climate Change
With an issue score of 33%, this uncovers our biggest opportunity for growth and is reflective of a relatively recent priority for our company. Colonial is increasingly identifying areas where we can better our communities and environment through stronger initiatives to reduce energy consumption and our carbon footprint.