Digital twin: Guiding asset owners to overcome common pitfalls
Our ability to effectively engage and deliver value to our stakeholders is vital to the long-term sustainability of our business. Understanding what is important to our stakeholders ensures we create sustainable value in the delivery of our strategy.
Wood has many stakeholders, each with a unique relationship to the company, whether as an employee, client, investor or an activist, each comes with differing needs and areas of focus. Our sustainability programme focuses on three key stakeholder groups, our employees, our clients and our investors. In addition to our key stakeholders, we place a focus on our commitment to the environment and the communities we impact, engaging a wide range of stakeholders to better deliver on our purpose and strategy. Detail on this can be found on our people and planet pages, as well as our Annual Report and Accounts.
Our employees are fundamental to the delivery of Wood’s services and therefore to the long-term success of the business. It is important to develop our employees and keep them engaged and motivated to ensure that we create inclusive, agile and high-performing teams. We engage with our workforce so that we can understand and address areas where we need to improve to ensure we deliver rewarding careers and retain our talented people.
We believe inclusion is key to creating a culture and environment that is diverse and in tune with employee needs. Wood’s people strategy centers around four key themes; attract, develop, engage, and retain and sustain. Within this strategy, our employee engagement framework ensures we are continuously connecting with our people and listening to our people. Elements of our framework includes key communication channels, 121, team or townhall style meetings, recognition schemes and our employee survey.
To achieve our purpose of unlocking solutions to the world’s most critical challenges, we listen to our clients to make sure we are leveraging our capability, scale, global reach and leading solutions. Understanding our client’s needs, ensures we continue to deliver solutions that evolve and align to shifting priorities and developing industries.
Client engagements are managed through our structured Client Management Framework (CMF) by dedicated account managers with specific account planning and objectives as well as established growth targets. Our primary focus is:
It is important that our investors have confidence in the Company, how it is managed, and in its strategic objectives, to ensure that we have a stable, long-term shareholder base. By providing updates on our strategy and performance we can aid investor understanding and gain an insight into their priorities. The Company’s long-term success is also dependent on its good relationship with its lenders and their continued willingness to lend. Investor pressure on business to respond to sustainability and ESG risk places an increasing importance on stakeholder engagement as an imperative to shaping a sustainable business model and investment proposition.
We have an active investor relations programme led by the Chief Executive, Chief Financial Officer (CFO) and the Investor Relations team.
Our main engagement activities include:
In addition to routine engagement on financial performance, strategy delivery and governance, we engage on a range of sustainability topics that draw on the expertise of the President of Sustainability and the extended sustainability team. To learn more about our areas of engagement and outcomes, read our stakeholder engagement content in our Annual Report and Accounts.