As part of a national awards scheme, the Finance for the Future Awards’ medium-size business (ie businesses typically with a turnover of between GB pound 25 million and GB pound 100 million or between 250 and 1,000 employees) category is designed to highlight the company that demonstrates the most sustainable business model.
It’s bestowed upon the business that can best demonstrate new ways of doing business or an innovative business model that has resulted in long-term sustainable value (broadly defined to include social, environmental and financial value) and which has been supported by leadership from the finance professionals within the business.
The winning business is also that which has been able to show changes to the way in which the company is financed or the way in which the evaluation of the new idea or innovation has incorporated business sustainability. Entrants had to demonstrate that they think about their business in an integrated way that considers the social, environmental and economic impact of their activities, and shows sustainable behaviours.
The Wilson James entry focused on the company’s drive to bring higher standards of staff welfare and employment conditions into its chosen market places where, unfortunately, low standards and staff exploitation are still commonplace.
Business that’s “demonstrating leadership”
The multiple award-winning company was recognised by the judges as a business which is demonstrating leadership within its sectors, clearly showing a path to professionalise those sectors and in the longer term make them attractive career choices for a wider cohort of staff.
In turn, this provides a sustainable business model for the wider industry as well as for Wilson James as a company.
Mark Abraham, finance director at Wilson James, commented: “We are delighted to have received this award. It acknowledges our commitment to delivering our core values while building a company that’s equipped to face the challenges of future decades and offers genuine career prospects for our staff.”
Abraham added: “In an industry where Wilson James has continually been pushing against the long hours culture, low quality of service, insufficient staff training and management involvement, it’s pleasing that the Wilson James model has been recognised with this awarded.”
In conclusion, he stated: “This award is confirmation of our high standards, our position in the marketplace as probably the highest scoring ACS security guarding provider and that we are a value for money solutions provider.”
Finance for the Future Awards: the background
Founded by NatWest, ICAEW and The Prince’s Accounting for Sustainability project (A4S), the Finance for the Future Awards celebrate and reward the vital role that financial leaders and the finance function plays in creating sustainable businesses.
They were launched to a packed audience of business leaders at an evening reception in LSO, St Luke’s, London last November.
The highlight of the evening was a panel debate chaired by Robin Fieth, executive director at ICAEW. The panel discussed the role of financial leadership in driving sustainability; what long-term value creation means for organisations today and how they build it into their decision-making.
Panel members also looked at whether there is a credible vision of what an organisation achieving this would look like and the challenges and opportunities ahead.
Unique position to influence strategy
Speaking about the ICAEW’s involvement in the Finance for the Future Awards, Fieth said: “Finance professionals are in a unique position to influence the strategy of organisations and ensure strategies reflect behavioural changes to make sure sustainability becomes embedded for the ultimate long term value of the shareholders.”
Duncan Sloan, head of community banking at NatWest, commented: “We’re pleased to be playing our part in recognising how the finance function can drive a shift in corporate behaviour and organisational practice that can create long term sustainable value. The economic recovery relies on successful and sustainable businesses and that’s why it’s important we showcase those who are bringing new ways of doing business to the table and creating the foundations for consistent performance.”
Jessica Fries, director of The Prince’s Accounting for Sustainability Project (A4S), explained: “These awards are important as they highlight the crucial role the CFO and finance function can have in making the case for sustainable behaviour and realising the value that sustainability can bring to the organisation.”
Joining Fieth on the panel were the CEO of Interbrand London, Graham Hales, Bruce Davis (retail director of Abundance) and Nigel Bretton, chief finance officer with RBS.
Over 60 guests from the private, public and not-for-profit sectors attended the launch to find out more about the issues of sustainable business.