Wheelock and Co

Wheelock and Co has set targets for its three main subsidiaries to reduce their emissions intensity by 2030. These targets are not consistent. They range from 20 to 25% reduction and the base year ranges from 2014 to 2018. Two targets are for scope 1 and 2 emissions only. It is unclear what scope is covered with the third subsidiary’s target. As the company has not published group-level target and emissions data, it is not possible to determine if these targets cover all of the company’s activities.

Wheelock and Co has conducted climate change scenario testing for two of the three main subsidiaries. It considers three scenarios, business as usual, 2°C and 1.5°C. It identifies physical, financial and regulatory risks but only expresses the results in qualitative terms. As the company only publishes scenario analyses for two of the three main subsidiaries, the scope remains unclear. The testing does not have a clear timeline nor consider carbon pricing. To ensure that the company’s transition plan’s ambition is sufficient for a 1.5°C pathway the company should carry out analysis at group level for a specified timescale.

At the subsidiary level, each of the sustainability reports includes elements of a transition plan. Including targets and activities that the company are currently doing. However, the strategies adopted by each subsidiary differ and no there is no evidence of a consolidated plan. The company can improve the likelihood of a successful low-carbon transition by aligning its strategies and being more transparent at group level.

Wheelock and Co has set targets for its three main subsidiaries to reduce its emissions intensity by 2030. These targets are not consistent. They range from 20% to 25%. For two subsidiaries, the targets related to scope 1 and 2 emissions only, while it is unclear what scope is covered with the third subsidiary.

Wheelock and Co does not have a low-carbon transition plan that covers its entire business activities. Each of the company’s subsidiaries have individual transition plans but they are inconsistent across the business.

The company has introduced various low-carbon technologies such as such as modular integrated construction and energy storage systems and practices on individual pilot projects but action that covers all of the company’s activities was not identified.

Prior to privatisation in 2019, the company produced a sustainability report at group level. Since 2019, this has not been published. Therefore, it is not possible to assess the company’s recent emissions as the scope and boundaries of the company’s subsidiaries’ reporting is not clear.

Wheelock and Co lacks transparency at group level. Elements of transition plans, including scenario testing, are found in the subsidiaries reporting. However, without overarching targets and strategy including financial content, it is unclear how the company will transition to a low-carbon economy.

No evidence was found that Wheelock and Co commits to social dialogue or engages with the categories of stakeholders on a just transition. Furthermore, no evidence was found to demonstrate the company’s ongoing social dialogue and meaningful engagement with affected stakeholders.

No evidence was found that the company undertakes low-carbon transition planning to mitigate the social impacts of the transition on workers, affected stakeholders and its business relationships. Additionally, no evidence was found to demonstrate the company’s engagement in social dialogue and with stakeholders in its just transition planning.

No public commitment by Wheelock and Co was found stating its intention to create and support access to green and decent jobs as part of the low-carbon transition. Moreover, no evidence was found that the company actions to promote these jobs in a way that ensures gender balance and inclusion of vulnerable groups. Additionally, no relevant disclosure was found of the company’s assessment of employment dislocation risks.

No public commitment by the company was found stating its intention to re- and up-skill workers displaced by the transition to a low-carbon economy. Additionally, no evidence was found that the company re- and up-skills workers in a way that ensures gender balance and inclusion of vulnerable groups.

No relevant disclosure was found to show if Wheelock and Co identifies impacts of the low-carbon transition on social protection for workers and affected stakeholders, nor how it contributes to social protection. Additionally, no evidence was found that the company expects its business relationships to contribute to the social protection of their workers and affected stakeholders.

No relevant disclosure was found to show how the company identifies any misalignment of its lobbying activities with policies and regulations that support the just transition, nor of the measures it takes to address misalignment. Furthermore, no evidence was found that the company lobbies for policies and regulations for green and decent job creation; retention, education and reskilling; and social protection for workers.

While Wheelock and Co has a grievance mechanism available to workers, no evidence was found that the mechanism is available to external stakeholders. Moreover, no policies or commitments of the company related to respect for other human rights were found in the public domain. This includes the necessary policies and systems by which the company can ensure respect for basic human rights in its operations and supply chain.

No evidence was found that Wheelock and Co commits to respecting the health and safety of its workers and expects the same commitment of its business relationships. No evidence was found of a time-bound target for paying all workers a living wage. While the company discloses that there is no statutory recognition of collective bargaining agreements, no relevant disclosure was found of the company’s required working hours. The company discloses the age and gender of its workforce by employee category, but no relevant disclosure was found of additional indicators of workforce diversity. Moreover, no evidence was found that the company commits to gender equality and women’s empowerment.

Wheelock and Co includes anti-bribery and anti-corruption clauses in its contracts with business relationships, but no evidence was available that the company has a policy prohibiting bribery and corruption. Moreover, no policies or commitments are available to display that the company relates to other key ethical business topics – personal data protection, tax, and lobbying and political engagement – were found in the public domain. This includes ensuring ethical business conduct throughout its operations and in its relationships with business partners.