2 minute read - 1st February 2023
Xtrac further develops its ESG strategy
High-performance automotive and motorsport transmission manufacturer Xtrac has achieved three more important environmental, social and governance (ESG) accreditations over the past 12 months. They include attaining the ESGmark®, setting emissions reduction goals through the Science Based Targets initiative (SBTi), and recognition as a real living wage employer.
Other achievements include introducing certifiable renewable electricity for its engineering and manufacturing headquarters in Berkshire and opening the Xtrac Academy.
For over 30 years, Xtrac has been offering apprentice and undergraduate training. Now, with the opening of the Xtrac Academy, Xtrac has invested further in the company’s future by providing structured training for innovative future leaders of the business.
Xtrac chief executive, Adrian Moore, said: “Xtrac has a longstanding commitment to ESG matters with employee wellness at the heart of its operations, as measured by our high levels of staff retention. Looking after our employees helps us look after our worldwide customers and other stakeholders, ensuring that we remain at the pinnacle of our industry as it transitions from internal combustion engines to hybrid and electric vehicles. It also ensures that we maintain our exports of around 70 per cent annually to Australia, Asia, Europe, and the Americas.”
Neil Johnston, head of finance at Xtrac, added: “Xtrac is committed to pursuing an ESG agenda dedicated to the environment, social and governance improvements that engender a sustainable future. Employee engagement is fundamental to providing an inclusive, diverse and safe work environment with strong links to our local communities in the UK and USA guided by ethical governance.”
Johnston, who joined Xtrac in early 2022, has been intrinsic in ensuring the company’s ESG strategy is forward-focused and that its finance team applies the correct governance. Under his watch, the Living Wage Foundation provided Xtrac’s third significant accreditation last year, following his commitment to every company employee receiving at least a minimum wage significantly higher than the UK government’s prescribed minimum.
“It will benefit our apprentices and hourly paid employees,” said Johnston. “Our highly qualified technicians and professional engineers are also paid well above the average median salary. It’s not just about the remuneration, but the total package of benefits, including the personal development available for all staff that helps us attract and retain the best talent in the automotive and motorsport industry.”
The company’s strategy aligns with the UK government’s Net Zero Strategy, published in 2021, and the Mission Zero independent review of net zero announced on 13 Jan 2023. Mission Zero says that net zero is the growth opportunity of the 21st century and identifies ten priority missions, including R&D and innovation, which will maximise investment, opportunities and jobs while working towards achieving legally binding targets to reach net zero carbon emissions by 2050.