Greencoat UK Wind.

Fair Pay & Worker Respect

As an investment trust, the company's core business is financial management rather than direct employment of a large operational workforce, making it neutral regarding the advancement of fair pay practices. While it is subject to standard labor regulations, its business model does not inherently promote or hinder fair pay and worker respect beyond baseline legal compliance. Greencoat UK Wind (UKW.LSE) is an investment trust managed by Schroders Greencoat LLP. Evidence for the company and its parent/manager (Schroders plc) indicates strong performance in worker engagement and executive pay restraint. For the CEO Median Pay Ratio, Schroders reported a ratio of 69:1 in 2024 (down from 93:1 in 2023) and 59:1 in 2023, placing it in the 60-80:1 tier (Tier 20).

Worker engagement is high, with 87% of employees expressing pride in the workplace and 86% recommending the company, aligning with Tier 40 (engagement ~85/100). Turnover is noted as low and within tolerance, with a specific retention rate of 94% for highly-rated employees, supporting Tier 30 (turnover ~10% or best-in-class retention). Regarding Labor Violation Incidents, the company maintains a clean record with no documented violations or modern slavery findings in the reporting periods, and it utilizes third-party whistleblowing services (Safecall), justifying Tier 10. For Safety Incident Rate, the company functions as a financial entity (ISIC 6430) and does not employ frontline staff directly at wind farms; however, it tracks incidents at its assets. In 2025, it reported 4 lost-time incidents (down from 6 in 2024). Because the company itself has no material hazardous operations or frontline staff (as a trust), this KPI is scored at Tier 0 per the rubric. Other KPIs like living wage coverage and pay equity ratios were not disclosed with sufficient quantitative data to tier.

Fair Trade & Ethical Sourcing

As an investment trust, the company does not produce physical goods, but its core business involves the ownership and management of large-scale wind infrastructure, which relies on complex global supply chains for turbines and components that carry inherent risks of forced labor and unethical sourcing. Greencoat UK Wind (UKW) is an investment trust specializing in operational wind farms. Its ethical sourcing profile reflects its role as a financial entity managing infrastructure assets rather than a manufacturer. For **fair_trade_cert_share**, the company receives a score of 0 as it does not procure or trade physical commodities (e.g., coffee, cotton) typically covered by Fairtrade International certifications; its primary inputs are operational services and maintenance parts.

Regarding **audit_frequency**, the company is tiered at -60. Evidence from 2024 and 2025 reports indicates that the Investment Manager conducts regular internal audits of service providers, and the Supplier Code of Conduct requires annual attestation of adherence. While 13 sites and 3 O&M partners received independent health and safety audits in 2024, the standard requirement for tier-1 suppliers (service providers) is annual. For **forced_child_labour_incidents**, the company scores -10. It reports zero substantiated incidents of forced or child labour across its portfolio. It maintains a formal Modern Slavery and Human Trafficking Statement and utilizes the Schroders Global Norms Breach List to screen for human rights violations, demonstrating active enforcement of its supplier code. In terms of **ethical_clause_coverage**, UKW achieves a tier of 60. As of 2025, 100% of key service providers (tier-1) have either signed the updated Supplier Code of Conduct or demonstrated equivalent policies. These contracts include enforceable clauses related to modern slavery, human rights, and anti-corruption. Other KPIs like **traceability_coverage** and **materials_risk_index** were omitted due to a lack of quantitative data, though the company noted it has limited direct interaction with raw material suppliers as it focuses on operational assets rather than construction.

Honest & Fair Business

As a publicly listed investment trust, the company is subject to stringent financial reporting and transparency regulations, but its core business model as a financial vehicle does not inherently advance or harm the specific criteria of 'Honest & Fair Business' beyond standard regulatory compliance. Greencoat UK Wind PLC (UKW) demonstrates high standards of governance and transparency, supported by its structure as a London-listed investment trust. Governance & Independence: The company achieves a top tier for board independence, with 100% of its 6-member board consisting of independent non-executive directors.

It maintains a bi-annual register of interests to prevent conflicts. Audit & Transparency: UKW reports 100% audit coverage across its assets, including internal controls and ESG policies. It publishes annual ESG reports with third-party verification for specific metrics like scope emissions and health and safety audits (24 independent audits in 2025). It holds a 'B+' ISS ESG rating and a 5-star PRI rating (97/100 in 2024). A minor negative tier is applied to financial restatements due to a methodology-driven restatement of 'avoided emissions' figures for 2022 and 2023, though no material financial accounting failures were noted. Ethics & Compliance: The company maintains a robust whistleblower policy featuring 'Safecall,' a 24/7 independent third-party reporting service available to both staff and suppliers. Anti-corruption efforts are formalized through a mandatory training program for the Investment Manager's staff and a Supplier Code of Conduct updated in 2024/2025, which requires key service providers to adhere to strict ethical standards. Regulatory Record: There is no evidence of regulatory fines or sanctions in the past three years. The company proactively complies with the UK SDR and EU SFDR (Article 9) frameworks, demonstrating a commitment to high-quality disclosure.

No War, No Weapons

As a financial entity focused on renewable energy infrastructure, the company has no involvement in the arms industry or military contracts, making its core business neutral regarding the 'No War, No Weapons' value. Greencoat UK Wind PLC (UKW.LSE) is a renewable energy infrastructure fund with a business model that inherently excludes defense and arms-related activities. Evidence from its ESG reports and the policies of its manager, Schroders Greencoat, confirms a robust 'No War, No Weapons' stance. Key findings include: - **Revenue & Red Lines:** The company maintains a zero-tolerance approach to the production, trade, or stockpiling of weapons.

This is enshrined in corporate bylaws and investment mandates, which restrict activities exclusively to renewable energy infrastructure (wind, solar, etc.). - **Exclusions:** The firm applies strict negative screens against controversial weapons (cluster munitions, landmines, chemical/biological weapons) and nuclear weapons. These exclusions are monitored via the 'Schroders Global Norms Breach List' and automated compliance frameworks. - **Governance:** Board-level oversight ensures that investment mandates explicitly exclude defense business. The company conducts annual reviews of service providers to ensure zero conflict-sector partnerships and alignment with the UN Guiding Principles on Business and Human Rights (UNGP). - **Procurement & Due Diligence:** UKW.LSE adheres to the UK Modern Slavery Act and requires service providers to sign a Code of Conduct aligning with human rights safeguards. It conducts regular due diligence on its supply chain to ensure no involvement in conflict-affected areas or with military-focused suppliers. - **AI & Technology:** While the company uses AI for asset monitoring and health and safety, its ethics framework prohibits any military or surveillance application of such technology. Because the company operates entirely within the renewable energy sector and has formal, audited policies preventing any arms exposure, it scores highly across the 'No War' value.

Planet-Friendly Business

As an investment trust exclusively focused on owning and managing operational wind farms, the company's core business model is directly tied to the expansion and support of renewable energy infrastructure, which is a fundamental driver of climate action. Greencoat UK Wind (UKW) demonstrates strong environmental performance as a dedicated renewable energy infrastructure fund, though its formal target-setting lags behind its operational impact. **Emissions & Targets:** The company reports comprehensive Scope 1, 2, and 3 emissions, totaling approximately 26,176 tCO2e in 2025.

While this is a low absolute footprint (Tier 60), the company has not set its own science-based targets (SBTi) or a specific net-zero year, instead deferring to the UK Government's 2050 target and its manager's (Schroders Greencoat) intensity reduction goals (Tier -90 for both). **Operational Excellence:** As a wind power generator, 100% of its portfolio is renewable. For its own operations, 90% of assets were on fully renewable tariffs in 2024 (Tier 30). It achieved a 90% waste diversion rate in 2024, though this dropped in 2025 (Tier 20). 100% of its capital expenditure is aligned with the EU Taxonomy (Tier 40), reflecting its pure-play green business model. **Governance & Biodiversity:** UKW maintains an exemplary compliance record with zero material environmental violations reported in 2024 or 2025 (Tier -50). It has integrated TCFD recommendations into its strategy and incentive plans (Tier -20) and conducts comprehensive climate scenario analysis across 1.5°C, 2°C, and 3°C pathways (Tier -20). Biodiversity efforts are notable, with 100% of assets meeting habitat management plan requirements, including specific projects for peatland restoration and golden eagle conservation (Tier -50). **Social Impact:** The company provided over £5 million to community funds in 2025, supporting local education and infrastructure, which aligns with just transition principles, though specific KPI thresholds for these qualitative areas were not fully met by the provided data.

Respect for Cultures & Communities

As an investment trust owning operational wind farms, the company's impact on communities depends on site-specific land use, local engagement, and supply chain sourcing for turbine components, rather than the financial structure itself. Greencoat UK Wind (UKW) demonstrates a strong and transparent commitment to community benefit-sharing, primarily through its extensive network of community funds. Evidence from multiple articles confirms that the company invested £5.06 million across 725 community funds and social projects in 2025 alone.

A significant milestone includes the Clyde Wind Farm, which has contributed over £20.8 million to more than 1,000 projects since 2012. These disbursements are often administered by independent third parties like Foundation Scotland or local councils, providing a level of external verification for the revenue-sharing arrangements. Regarding community engagement and grievances, the company utilizes 'Community Panels' for decision-making on fund allocations, ensuring local participation. While it lacks a high-level independent grievance body, it maintains active engagement channels and a third-party whistleblowing service (Safecall). Local economic contribution is evidenced by specific education and training funds, such as the Langhope Rig bursaries for apprenticeships and vocational qualifications, supporting local skills development. There are no documented incidents of indigenous FPIC violations, community displacements, water rights conflicts, or cultural heritage destruction. The company operates primarily in the UK secondary market for operational wind assets, which typically involves lower risk for new community displacement compared to greenfield development. Its supply chain due diligence includes screening via the Schroders Group Global Norms Framework, and the company reported zero salient human rights issues in its 2025 ESG report. Community relations appear stable, with no evidence of significant protests or operational disruptions.