Wagestream Environment, Social and Governance Policy

Background

Environment, Social, and Governance (ESG) are the criteria that altogether establish the framework for assessing the impact of the sustainability and ethical practices of a company on its financial performance and operations. Wagestream is committed to ensuring that our organisation considers each of the ESG elements when making decisions in both day-to-day operations and in planning for the future.

Policy Statements

• Wagestream is a technology-based business, with limited supply chain dependencies and a small environmental footprint but strives to limit its impact on the environment and embrace sustainable practices nonetheless.
• Wagestream was founded to be a social force for good and it is important this remains true when considering the company’s practices and partnerships.
• Good governance is foundational to our business.

Environmental

Wagestream strives to reduce the impact of the company’s operations on the environment through internal initiatives and training to raise employee awareness, whilst continually assessing and monitoring our environmental impact and performance as a company.

The goal is to promote sustainability and environmental awareness by:

• Complying with all applicable environmental legislation and sustainability commitments
• Measuring and analysing the carbon footprint of our business activities in conjunction with other climate change mitigation and adaptation efforts 
• Preventing pollution and reducing consumption of resources through waste management strategies that promote waste minimisation, recovery and recycling
• Incorporating energy efficiency measures into the company’s facilities and promoting efficient energy use in all areas of business activity 
• Promoting and continuing to invest in technologies that provide alternatives to business travel and favouring virtual meetings
• Adopting a procurement programme which takes into account the environmental impact of products and services and supports the purchase of energy-efficient products and limiting the use of plastics and single-use goods
• Considering the environment in relevant company policies, such as the Travel & Expenses policy.

Social

Wagestream is an accredited B Corp and Living Wage Foundation Ambassador. As a B Corp, we have been through an extensive audit process which reviewed and tested our overall social impact, both as an employer and as a business. More on our B Corp status can be viewed here.

At the heart of Wagestream is our social charter – everything we do and every product we create is designed to improve the financial wellbeing of people in work and to eliminate the poverty premium. It’s this mission and common vision that won the support of our founding backers Joseph Rowntree, BarrowCadbury Trust and Big Society Capital – all contributors to the Fair by Design fund and campaign.

Our social charter is embedded in our articles of association, making it a legally binding commitment. We measure and report on our social progress on a six-monthly basis using a standardised set of measures.

Wagestream’s financial wellbeing app is 100% inclusive, meaning that it can deliver a service to any employee no matter their history or circumstances. Whilst Wagestream is available to and useful for 100% of any workforce, our app is designed specifically for frontline workers and the particular financial challenges they face.

We design our product and services to increase financial inclusion and to tackle other social challenges such as the gender wealth gap and the poverty premium.

We are proud that our product supports individuals who are typically excluded from mainstream financial services, including:

1. Individuals with no credit history or thin credit, for example those who have recently immigrated, or who have recently split from their partner where their partner previously managed all finances, or those who are new entrants to the workforce;
2. Individuals who have a distressed credit history, for example those who have previous experience with problem debt, or whose credit history has been impacted by a partner with debt.
3. Individuals who have never saved before, and have felt that saving is too difficult or out of their reach, or have been unable to open a savings account because they lack suitable documentation.

When considering its commercial engagements and establishing strategic partnership employers (Partners and Partnerships), Wagestream shall consider its social impact. . At the forefront of all engagement should be the desire to be a strong cause for social good. Measures in place to do this include:

• Prioritising diversity, equity and inclusion (DEI) by integrating diverse and inclusive practices across all areas of the business, with a particular focus on the hiring process
• Building a strong culture, creating a positive working environment and being a conscientious employer, for example offering enhanced parental leave, paying above the living wage
• Designing and building our products responsibly with consideration of the ethical and human implications on the end-user and society

In addition to this Wagestream shall avoid engaging with entities in the following industries or entities:

• that may infringe or violate any copyright, trademark, right of publicity or privacy or any other proprietary right under the laws of any jurisdiction
• that provide “payday loans” or High Cost Short Term Credit
• that promote hate, violence, racial intolerance, or the financial exploitation of a crime
• entities engaged in providing obscene or pornographic material.

Governance

Wagestream shall strive for honest and cooperative corporate relationships, implementing effective internal governance frameworks and compliance monitoring to ensure risk mitigation and to achieve the highest corporate governance standards.

Governance measures in place include:

• Actively aligning with the latest laws, regulations and compliance standards
• Having appropriate company policies in place, such as code of conduct and whistle-blowing policies which are readily available to employees
• Having appropriate supplier engagement policies and/or statements in place such as Modern Slavery Act, Treating Customers Fairly, Fair Treatment of Vulnerable Customers
• Taking data privacy and security seriously by delivering regular, mandatory training on responsibility and best practice around company data, and signposting where to report potential risks such as phishing.

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Unique reference: GRP006

Version: 5.0