Sustainable Institute
Annual Report 2023
STRATEGIC THEME:
Sustainable Institute – progress in 2023
SUMMARY:
We will return the CII operating entity to a surplus and rebuild the Institute’s cash reserves over the longer-term. We will resolve the outstanding IT and operational challenges which emerged during the COVID-19 pandemic. We will increase the Institute’s membership base by promoting the value of membership and introduce new products and services that extend our sector reach and appeal in areas such as personal lines. We will also expand our international reach and, if appropriate, our physical footprint. We will review and update as necessary the governance framework across the Institute, ensuring that good governance is in place. We will be a diverse and inclusive organisation serving as a role model to our members and sectors. We will ensure that the Institute’s structure is the right one to deliver on this Plan and we will allocate our resources according to the strategic priorities we have set. We will reconfigure or relocate our workspace as appropriate to create a long-term home for the Institute which is accessible to members and a net carbon zero workplace for the future.
COMMENTARY:
In the year, we returned the CII to an operating surplus, delivering an operating profit of £0.75m, the first operating profit since 2019.
We have also successfully introduced our new Customer Relationship Management system, which has provided significant benefits to the organisation giving us access to harmonised customer data to inform better business decisions around the products we offer. Longer-term, the system will also deliver an improved experience for existing members, and open up markets to new potential members around the world.
From a governance perspective, the PFS Board commissioned an independent governance review in 2023, with actions to be implemented in 2024. An internal review will be undertaken for the CII Group in 2024, in preparation for an independent and external review in 2025. The actions from these reviews are already delivering, and will further deliver greatly improved structures for the achievement of the organisation’s objectives, with appropriate checks and balances in place to safeguard our members and the public.
Organisational redesign work is being conducted to determine the roles required to deliver our objectives through to 2027. A number of these roles are at Executive Leadership team level.
We have been working towards a net zero carbon workplace, liaising closely with our landlords to better understand our C02 emissions and we are reviewing our internal metrics of monitoring them. Internally, we have addressed our overall footprint through recycling our IT equipment, reviewing and reducing our storage and waste, and improving awareness around recycling. With the lease of our London office up for renewal in 2026, we are assessing our requirements for a hybrid workplace that will support staff and members for the long-term.
We continue to seek to engage and support the wider market through the development of training and learning to raise awareness and tackle the wider Environmental, Social and Governance challenges that we face. Aligned to this objective, we have contributed to an industry-wide net zero culture with the delivery of Continuing Professional Development and content on relevant topics, such as the Green Finance Companion Guide.
PERFORMANCE:
