The Company continues to prioritise the actions required to further extend our ESG investment credentials. Our product reduces carbon emissions on internal combustion engine vehicles through reduced vehicle weight; a benefit that is needed even more on heavier, faster accelerating electric vehicles and thus our technology is particularly assisting the transition to electric vehicles.
The product also reduces emissions by the significantly extended life contrasted with its iron alternative. Additionally, carbon ceramic brake discs significantly reduce brake pad particles being released into the atmosphere and watercourses. Finally our end of life disc product acts as a carbon sink as the aluminium bell can be recycled and carbon and silica are almost the only remaining elements at the end of the product’s life.
Our task however is to ensure that these environmental benefits are not lost in the manufacturing process, through excessive energy usage. Our environmental focus is therefore in this area and, for example, includes restarting the previously halted Combined Heat and Power Plant (CHP) project. The task is to use the waste heat from our furnaces to generate our own power.
But whilst our focus is on energy consumption, this is not our sole environmental action area. For example, as part of our determination to be a good neighbour we are going beyond Environmental Agency requirements on emissions reduction, containment and monitoring.
We believe that our prime social goal is the provision of well-paid employment in one of the most disadvantaged areas in the country, there are few companies doubling employment on the Knowsley Industrial Park at the moment.
The Company is also in early-stage internal discussions on an enhanced community outreach policy and would like to help in education, a key issue in Knowsley.
Finally, combining both environmental and social goals the Company sought the award of ISO 45001 in the year, the international standard for health and safety, this was awarded post reporting date in March 2021.
The Company adheres to the QCA corporate governance code and in the year completed a self-assessment on compliance. The self-assessment saw the Company broadly compliant with the code with the exception of the need to improve independence and diversity of non-executive directors. This issue has been addressed post balance sheet date and, at the date of this report, the Company believes itself to be fully compliant.
Nonetheless the Company is now participating in an external detailed survey of our data against all the sustainability goals to calibrate our internal perceptions.