SUPPLIER-CHARTER-2023-V2

Supplier Charter 2023 Overview

Document Classification: ExternalKey Areas:

  • Business Conduct

  • Prompt Payment

  • Real Living Wage

  • Environmental Sustainability

  • Human Rights and Modern Slavery

  • Diversity, Equity and Inclusion

  • Digital Accessibility

Introduction

Purpose:

To provide comprehensive guidance for suppliers working with NatWest Group, fostering a mutual understanding of expectations and responsibilities.

Goals:

  • Create a diverse and responsible supply chain by prioritizing inclusivity and ethical sourcing.

  • Promote fairness and transparency in all supplier relationships to build trust and accountability.

  • Achieve net zero emissions by 2050 across the operational value chain, contributing to global sustainability efforts.

Expectations:

Suppliers are required to commit to ethical business practices and actively contribute to sustainability and social responsibility.

Key Supplier Expectations

Responsible Business Practices:

  • Adhere to stringent corporate governance and integrity standards in all operations.

  • Engage with a diverse range of suppliers, particularly those that are minority-owned or women-owned, to enrich the supplier ecosystem.

Compliance:

  • Follow local legislation as well as the expectations outlined in this charter.

  • Establish clear channels for reporting compliance breaches or misconduct.

Business Conduct Values:

  • Uphold values of fairness, transparency, and integrity in every interaction with suppliers and stakeholders.

Requirements:

  • Conduct thorough due diligence for financial crime risks, ensuring transparent supplier engagement practices.

  • Maintain records of supplier interactions to foster accountability and transparency.

Prompt Payment

Payment Terms:

  • Standard payment term is set at 30 days; however, immediate payment will be ensured for goods/services provided, enhancing cash flow for suppliers.

Goals:

  • Maintain timely payments to suppliers, thus promoting financial stability within the supply chain.

  • Encourage suppliers to adopt prompt payment practices with their own vendors to foster a culture of timely financial transactions.

Real Living Wage

Commitment:

  • Pledge to pay employees above the minimum wage standards to guarantee that all employees can meet living costs in their respective regions.

  • Actively encourage suppliers to adopt similar practices, reinforcing a commitment to fair labor practices across all supply chains.

Environmental Sustainability

Goals:

  • Actively support initiatives aimed at reducing climate impact, fostering resource conservation, and encouraging overall environmental responsibility among suppliers.

  • Set specific targets to halve emissions by 2030 and to achieve net zero emissions by 2050, with a clear framework for reporting progress.

Human Rights and Modern Slavery

Commitment:

  • Uphold fundamental human rights and actively combat modern slavery both within the organization and throughout the supply chain.

Expectations:

  • Implement robust policies to prevent human rights abuses in all supplier engagements, including regular audits and updates of supplier practices.

Diversity, Equity, and Inclusion

Goals:

  • Strive to create an inclusive environment that is free from any form of discrimination, fostering respect and equity across the supply chain.

Actions:

  • Engage suppliers in Diversity, Equity, and Inclusion (DEI) initiatives; actively support efforts to uplift diverse communities and create a more equitable supply chain.

Digital Accessibility

Expectations:

  • Suppliers must ensure that all digital services and communications are accessible to all users, including those with disabilities.

Guidelines:

  • Develop strategies and implement best practices that follow the latest Web Content Accessibility Guidelines (WCAG), ensuring inclusivity in all digital engagements.

Developments on the Horizon

Awareness of upcoming regulations regarding sustainability and human rights practices is crucial for suppliers. Engaging proactively with evolving regulations will ensure compliance and foster stronger supplier relationships.

Conclusion

Call to Action:

Suppliers are urged to engage actively with and adhere to the charter for mutual benefit and to foster a sustainable future for all stakeholders involved.