Transnational Corporation Plc (Transcorp), as a responsible corporate citizen, is dedicated and committed to the betterment of the communities in which its investments are situated and the world at large. The investment by the Company is driven by the principles of Africapitalism which involves making investment decisions focused on economic and social wealth. Africapitalism promotes the belief that businesses should aim to make a profit responsibly, investing in sectors that have the greatest potential to create positive social transformation that enhances overall quality of life.
The Company integrates Environmental, Social and Governance (ESG) criteria in all aspects of its business dealings and investment decisions. At the core of its purpose of improving lives and transforming Africa , is a commitment to building socially responsible and impactful businesses in key strategic economic sectors that serve its diverse stakeholders.
As a leading diversified conglomerate, sensitive to the increasing importance of sustainability both to our stakeholders and the general society, sustainability has remained systemically ingrained in every action we take across our businesses.
The focus areas for the Company’s sustainability initiatives include the following:
Transcorp has consistently embraced and sustained this corporate culture and social commitment despite the numerous challenges we face within our operating environment. The Company’s core values of Execution, Enterprise & Excellence (3Es) form the foundation of who we are as an Institution and serve as a strategic support for the fulfilment of our ESG objectives driven through our 3E Impact Pillars of Entrepreneurship & Empowerment, Education, and Environment.
These foundational elements and commitment inspire our people to make positive impact in all our business dealings while shaping how we all work collaboratively with our respective stakeholders to realize value and sustained growth.
Guided by our Health, Safety, Security and Environment (HSSE) policy, we are committed to managing and minimizing our impact and enabling a strong environmentally conscious culture. This we achieve through the implementation of programs to safeguard the environment by proactively identifying and managing risks, applying lessons learned while seeking ways to adopt leading practices to continually improve our performance. Minimizing and managing all aspects of our environmental footprint from actively reducing our emissions, respecting the land on which we operate and engaging in practices of water conservation are all steps we take in our approach to environmental stewardship.
We also use the philosophy of continual improvement in all of our activities in terms of water, air, noise, and light pollution, decreasing any negative impact from our operations on the local population. Throughout the year under review, Transcorp, through its hospitality arm, Transcorp Hilton Abuja, remained committed to the “Water: Save Every Drop” project, which is focused on promoting water conservation throughout our value chain and making every drop count. We have also improved current methods to ensure that our operations have a constant positive impact on the environment. For instance, waste disposal in our power businesses is done in an environmentally sustainable manner, with partners ensuring correct disposal methods are used based on the type of waste generated. The hotel also cooperated with Chanja Datti on Recyclable Waste Collection and, to the extent practicable, used environmentally friendly products and services.
During the year, Transcorp through its power businesses upgraded the Vocational Skill Training and Entrepreneur Empowerment program following the signing of a new Memorandum of Understanding (MOU) with its host communities. Transcorp Power Plc. and Transafam Power Limited also funded various vocational skills acquisition programmes such as refrigeration, welding and other technical skills; providing monthly stipends for Trainees during the programme, including working tools or start-up capital upon graduation.
Other CSR actions carried out by the hotel arm of our business were either done solely or in collaboration with local communities and NGOs. Transcorp Hotels engaged in the following social activities:
Stakeholder Engagement
Transcorp’s stakeholder engagement approach is designed to be inclusive, strategic and result-oriented to respond to key topics of greatest concern and opportunity. Throughout the year, we actively engaged with our employees, shareholders, suppliers, communities, customers and regulators with a strong sense of commitment.
Engaging stakeholders and establishing collaborative partnerships is an essential element of our ESG strategy. By engaging with a wide variety of stakeholders on a regular basis, we build a clearer understanding of global challenges and of the local conditions in the areas where we do business. The fundamental principles of Transcorp’s ongoing engagement strategy are:
We treat all our stakeholders with the same sense of responsibility, approaching each of them openly, transparently and with a strong sense of commitment. Our goal is to foster mutual understanding, trust and cooperation with stakeholder groups on sustainability related topics.
By maintaining an open dialogue, our stakeholders provides us with collective inputs to help us shape our approach, prioritise our focus, identify gaps and determine those areas where we believe we can turn the dial and have the greatest impact across the year. The table below highlights our key stakeholder groups, along with our engagement approach.
Our employees are at the centre of all we do, and they’re crucial to achieving operational excellence. We have worked hard to establish solid relationships with our employees and purposefully create opportunities for direct interaction between management and staff in order to promote an organizational culture of open and continuous communication at all levels. In 2021 we launched the “Humans of Transcorp” Program, which is dedicated to creating a more enabling environment for our employees to be the best and tying the corporate objectives to individual goals”.
Resourcing & Diversity
Our Core Values lay the groundwork for our dedication to a diverse workforce and a welcoming workplace. Furthermore, our inclusive culture has been critical to our achievement of corporate goals. Our diversity flourishes when we invite all of our employees to participate fully and foster an environment of respect, connection, and continual learning.
We think that cultivating an open communication culture leads to effective decision-making and drives creativity, both of which are essential for achieving operational excellence. While we’ve made significant progress in broadening our perspectives, our organization is committed to maintaining and expanding our diversity.
The Company’s position as an equal opportunity employer guarantees employees the right to be treated without discrimination on the grounds of race, ethnicity, gender, age, disability, education, personalities, religion or experience. In order to reinforce this commitment, we sought out ways to actualise gender balance across job functions and responsibilities; in particular, our female workforce increased from roughly 36% in 2020 to 55% in 2021.
Training & Continuous Education
Transcorp understands the value of continuous development of its employees, as they remain our most valuable assets. Investing in employee training and development enables our staff to explore different approaches to their work, learn new skills, and pursue new opportunities inside the organization. As a Group, we’ve gone through significant transformation in recent years and these developments have shaped how we think about talent development.
Our initiatives are designed to give our employees the tools they need to succeed. Our talent strategy, which considers the full employee lifecycle, prepares our diverse team for long-term success to support our future growth and changing environment. We’ve put in place a number of programs and initiatives to help businesses grow capability and competency at all levels.
During the year, amidst the protracted pandemic, our focus remained targeted towards our people by:
Vendors And Suppliers
Our suppliers and vendors are encouraged to maintain high standard levels in line with our inclusive and robust procurement policy. This approach of continuous interaction with our contractors not only boosts our corporate responsibility, but also assists them in improving their service standards and quality of delivery. Purchasing decisions are consistently based on competitive bidding including a vendor selection and management process to ensure transparency in the final selections made.
As an organisation, we remain unwavering in our commitment to a system of checks and balances at all levels involving the Board, Management and external stakeholders. We strive for excellence and transparency across our operations by placing rigorous Environmental, Social and Governance (ESG) responsibilities at the centre of our business with an unwavering commitment to operational excellence. The continuity to lead with strong ESG practices remain a priority for us at Transcorp and has ensured consistency in the creation of an efficiently functioning organisation geared towards delivering long-term value.
With a robust corporate governance structure underpinned by our core values of execution, enterprise and excellence, Transcorp remains conscious that there must be efficient use of our human, social and capital resources overarched with a practical approach to corporate governance to build a successful business with sustainable wealth creation. ESG oversight and matters pertaining to sustainability is ultimately the Board’s responsibility, the President/Group CEO of the Company also has the overall responsibility for the Company’s CSR activities.
A key part of effective governance is ensuring our Board has the right mix of background, experience and diversity of perspectives to support the scope and complexity of our business. We consider these representations among other diversity criteria in our director recruitment process. Succession planning has also been an area of focus for the Board over the past few years. The Board’s approach to succession and renewal is to strike a balance between continuity of experience with fresh perspectives. Through this approach of orderly transition, the Board has added complementary competencies and experience while expanding diversity of backgrounds and viewpoints
The institutionalisation of good corporate culture and ethics through the enforcement of policies along with the tone set by the Board also contributes to our overall performance while safeguarding our reputation. For this reason, we remain steadfast to observing applicable laws and regulations ensuring continued commitment to good governance practices. The following policies, procedures are in place to ensure we attain these commitments:
• Enterprise Risk Management (ERM):
This framework is consistently communicated across the organisation. It ensures risks are managed in a consistent way across the Group and provides important considerations for the Board and its sub-committees in defining and addressing oversight responsibilities. This is reinforced by the Board’s delegation of authority which sets the appropriate tone through the Management hierarchy.
• Code of Conduct, Ethics & Compliance:
Our approach to doing business in the group is based on high ethical standards and strict adherence to all provisions of the code of conduct guidelines. With an enviable corporate governance framework and also leveraging the quality of its workforce, the Group has experienced continued growth in its various business operations in line with its strategic priority.
Among other things, the ability to deliver and sustain this mandate is dependent on staff commitment, engagement and ability. In addition to staff competence, the conduct of the Group’s workforce remains professional, hinged on well-established ethical and code of conduct frameworks that guide expected behaviour. This is driven from senior leaders who have worked relentlessly to build/develop ethical culture within the Group. This ethical culture is reinforced by rewarding employees who constantly embody the core values of execution, enterprise and excellence (3Es) along with integrity which the Group upholds.
Employees are regularly sensitised to express behavioural patterns through several internal campaigns aimed at ensuring that our people operate in line with our approved standards. The policy document clearly elucidates the Group’s values, provides guidance on ethical issues and fosters a culture of honesty and accountability. This policy also spells out the Group’s position on bribery/corruption, conflict of interests and money laundering matters.
• Data Privacy & Protection:
Transcorp is dedicated to processing the Personal Data it receives or processes with absolute confidentiality and security. The policy describes the minimum standards that must be strictly adhered to regarding the collection, storage, use, retention, transfer and disclosure of Personal Data.
• CSR Policy
The policy lays out the broad framework and processes that will guide CSR activity implementation while also enshrining and driving the Company’s commitment to positive social transformation in the communities where it works.
• Sustainability
This policy establishes a framework for dealing with business possibilities and is committed to the long-term development of the Group, its subsidiaries, and the communities in which we operate.
• Complaints Management and Whistle Blowing
At Transcorp, we promote a culture where employees can speak up easily and encourage an enabling environment where people are free to raise concerns on perceived or unethical conduct. The whistle blowing policy which is also located on the company’s website sets out the expectations required when employees or any other of its stakeholders become aware of circumstances which are not in compliance with any of Transcorp’s policies, laws, external rules or regulation.
To ensure a seamless and independent platform is used to achieve this, the Company maintains a dedicated process for reporting suspected violations of the Group’s policies or national laws and regulations. Details of the whistle blowing channels are:
Telephone: 0906 290 9318
Email: whistleblower@transcorpgroup.com
Whistle blowers are protected from discrimination, or retaliation and can confidently report concerns, illegal or non-procedural conduct, suspected violations of either the Company’s polices or national laws and regulations. The reports can also be made anonymously.
Stakeholders can also access the Complaint Management Procedure alongside the Group’s Whistle blowing policy on the Company’s website.
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