Search
Close this search box.

Our governance progress and commitments

As the operator of the UK’s interbank retail payment systems, we are very aware of our responsibility to follow a robust and transparent governance framework, not only for our own operations but for the ecosystem and society as a whole.

We have made strong progress since our organisation was established in 2019, and we are committed to the ongoing development of policies and strategies that support us being a transparent, ethical, and well-governed organisation.

As a large company limited by guarantee, we are already compliant with our regulatory and legal obligations, and we are committed to achieving the highest standards of corporate governance, voluntarily adopting enhanced reporting standards.

We now need to place greater focus on going beyond regulatory compliance to develop and embed our ESG strategy into our management and risk frameworks.

Pay.UK progress to date:

  • We closely follow the UK Corporate Governance Code in order to provide guarantors and all stakeholders with as much information about the business as possible.
  • We will further enhance reporting as part of our 2023 annual report.
  • We have established board-level committees which include the Audit Committee, Nomination Committee, Remuneration Committee, and Risk Committee.
  • Our Board committees formally report on proceedings after each meeting, on all matters within their duties and responsibilities. Each committee makes recommendations to the Board, as appropriate.

 

Pay.UK future ambitions:

  • We will publish our Responsible Business Strategy.
  • We aim to voluntarily apply all relevant UK Corporate Governance Code requirements, including reforms due in 2025.
  • We will ensure ESG is incorporated into terms of reference for board and Executive committees, with an ESG Executive Sub-Committee established from 2024.

Pay.UK progress to date: 

  • We have incorporated ESG risks in the enterprise risk management (ERM) framework.
  • We report on mandatory ESG regulations such as Streamlined Energy and Carbon Reporting (SECR), Modern Slavery Act 2015, The Equality Act 2010 (Gender Pay Gap Information) Regulations 2017.

 

Pay.UK future ambitions:

  • We will further incorporate ESG risks into the ERM framework, including climate-scenarios analysis.
  • We have planned ESG training and upskilling for our Executive and board members.
  • We will align to an ESG reporting framework (e.g. the Task Force on Climate-Related Finance Disclosures (TCFD)).

Pay.UK progress to date:

  • We have policies in place, such as the Ethical Code of Conduct and Anti-Bribery and Corruption, which help to maintain high standards of business conduct.
  • We have researched and consulted with stakeholders to understand ESG expectations on us and the industry.

 

Pay.UK future ambitions:

  • We aim to publish our research into sustainability and payments in Q1 2024.
  • We will introduce a Sustainable Supplier Code to demonstrate the expectations we have on our suppliers.
  • We aim to establish or join an ESG Payments Forum to enable ongoing dialogue with industry stakeholders.

Governance

  • Voluntarily sign up to enhanced reporting under relevant sections of the UK Corporate Governance Code.
  • Enhanced ESG risk reporting.
  • ESG training and upskilling at board, Executive and colleague levels.
  • Establish an ESG Executive Sub-Committee in 2024.
  • Incorporate ESG into board and Executive Committee’s terms of reference.
  • Establish or join a Pay.UK ESG payments forum.
Skip to content