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Governance and Ethics

World class safety and security performance

We are rightly proud of our exemplary record for nuclear safety and security and of our contribution to nuclear non-proliferation and we remain committed to protecting our physical assets, people, IT systems and infrastructure following best practice and leading from the front.

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Nuclear safety, security and non-proliferation

We are fully compliant and committed to the treaties, laws and regulations that govern the nuclear energy industry and promote the peaceful application of nuclear power. These international agreements ensure we consistently meet the stringent inspection criteria set by global governing bodies, which act as a model for nuclear non-proliferation. 

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Highly regulated through government authorities 

In each of the countries where we operate, we work closely with the regulators and report to them on an ongoing basis. Government authorities regulate and approve the design and operating principles of our facilities to ensure safety and security. They also monitor and inspect them to check compliance with all relevant legislation.

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Zero significant nuclear security events

We are committed to having zero significant nuclear security events. To ensure this we will use our relationships and knowledge to strengthen our position as a reliable political partner in the field of international non-proliferation.

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Ethical and transparent behaviours

At Urenco we operate all areas of our business and supply chain in line with our values and behaviours. Our sustainability KPIs included in our Corporate Reports are externally assured and in line with the environmental, social and governance (ESG) framework.

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Anti-modern slavery

Urenco recognises the importance of supporting measures designed to combat slavery and human trafficking. As such, we have a modern slavery transparency act statement outlining our commitment to conducting all our relationships with honesty, fairness and respect.

Managing our sustainability

We continue to make progress in our management of sustainability at Urenco. Each quarter we collect and interrogate our sustainability data. The Managing Director of every enrichment facility is accountable for the sustainability of their sites with additional accountability assigned to a focus area sponsor. These sponsors define the policy that guides our business activities within their sustainability focus area as part of our wider sustainability strategy. 

All of our sites are represented by site data champions who collate and analyse sustainability-related data in accordance with the Global Reporting Initiative (GRI) sustainability standards. They work alongside Group data champions who monitor Urenco’s performance against its non-financial KPIs listed on this page.

In 2013, we established a Sustainability Committee, which meets three times a year and includes a meeting at one of our enrichment facilities with senior management from across the organisation. This ensures sustainability is incorporated into all operational and strategic decision making and is embedded across the organisation. The Chair of the Sustainability Committee, Miriam Maes is also a Non-Executive Director and member of our Audit Committee. Miriam’s Board-level involvement demonstrates the depth of our commitment in this area.

The Senior Leadership Forum and Executive Committee provide additional high-level support to the work of the Sustainability Committee and help drive our performance in this area.

  • Ensuring the highest standards

    Urenco works to the highest standards across all its activities following a clearly defined and straightforward quality management system and a programme of continual improvement. We have obtained certificates which demonstrate our ability to meet international standards for Quality Management Systems, Environmental Management Systems, Information security, cybersecurity and privacy protection and Eco-Management and Audit.

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  • Benchmarking our performance

    Urenco made its first submission to the Carbon Disclosure Project (CDP) in 2021. As a global, publicly available database, the CDP rating acts as a credible standard that customers, financial lenders and creditors can use in their decisions surrounding Urenco. By disclosing our 2020 environmental data to the CDP, which included our carbon performance, climate risks and mitigation, targets and examples of our energy policy engagement work, we can benchmark our performance against nearly 12,000 other scored companies. 

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  • Accountability through financing

    2021 also saw Urenco sign a new sustainability-linked bank facility. As part of the facility negotiation, we presented Urenco’s sustainability objectives to our banks. The bank facility includes commitments on carbon reduction, water management and safety. If we achieve pre-set targets, we will benefit from slightly cheaper interest costs. If we fail, we will need to explain why and have higher costs.

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  • Engaginging our stakeholders

    At Urenco we listen, engage and partner with our stakeholders through open and honest dialogues to continue our services and further our sustainability efforts.

    Our stakeholder engagement policy is a core aspect of our commitment to good governance, which enables us to educate our stakeholders about our operations and our industry and also to understand specific issues and concerns.

    We engage with our stakeholders in various ways throughout the year including investor presentations, physical and virtual tours of our enrichment facilities, press releases, conferences and local community events.

    Find out more about our stakeholder engagement here.

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Key performance indicators

Our key performance indicators (KPIs) are metrics to demonstrate how our performance meets strategic targets. These strategic targets are objectives or milestones we wish to achieve by specific dates.

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Focus Area

Strategic objective

Annual KPI

Environmental impact: Natural resources
By 2025, reduce operational water consumption by X% compared to a 2019 baseline.
Annual water consumption
?
Number of projects to reduce water consumption per site
Environmental impact: Net Zero
Achieve Net Zero in advance of 2040
?
Urenco's scope 1 and 2 emissions to reduce by 46.2% by 2030 from a 2019 baseline
4.2% annual reduction to scope 1 and 2 carbon emissions
Urenco's scope 3 emissions to reduce by 27.546.2% by 2030 from a 2019 baseline
2.5% annual reduction to scope 3 carbon emissions
All Urenco sites to procure 100% low carbon electricity by 2030
?
Social impact: Social investment
Invest €5 million in a diverse range of skills focused on achieving a net zero future by 2025
Rolling spend on Social Investment Programme between 2021 and 2025
Support 50 interns by 2025
Rolling number of interns supported each year
Form at least 10 strategic charitable partnerships by 2025
Rolling number of strategic charitable partnerships formed
Social impact: Culture
Urenco aims to transform its leadership to become culturally more diverse company
95% of managers will undergo training on inclusive leadership by end of 2023
>30% women in leadership/management roles by 2025
>30% women in A-D roles by 2025
20% diverse workforce by 2025
>20% other underrepresented groups* in all job holders by end of 2025
Governance and ethics: Health, safety and wellbeing
Achieve and interdependent safety culture by 2025
TRIR of 0.34
?
Zero fatalities
Governance and ethics: Nuclear safety, security and non-proliferation
No nuclear safety or proliferayion impacts from Urenco operations
Zero nuclear safety or proliferation regulatory breaches

* Add in clarification for underrepresented groups

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