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Policy and procedures

Nest Corporation sets out various policies and plans designed to keep key stakeholders, including members and employers using Nest, informed of current and planned activity.

Corporate responsibility and corporate governance

Corporate governance focuses on the way an organisation is run. It provides the structure and control that an organisation uses to set out its goals and monitor its performance.

See our corporate governance statement (PDF)

Corporate responsibility is about ensuring that Nest acts in a way that has a positive impact on its customers, workers and the wider community. Nest Corporation is committed to mapping our impact and reporting on how we're carrying out our responsibilities.

See our corporate responsibility statement (PDF)

Modern slavery statement

The Modern Slavery Act came into force in October 2015. The Act puts an obligation on commercial organisations with a turnover in excess of £36 million to publish an annual statement. That statement must outline the steps taken in the previous financial year to ensure slavery and human trafficking isn’t taking place within the organisation or its supply chain.

Nest Corporation doesn’t condone any form of modern slavery or human trafficking. Although Nest Corporation’s turnover doesn’t exceed the £36 million threshold, we’ve still issued a modern slavery and human trafficking statement, in the interest of public transparency.

Women in Finance Charter

Nest’s Women in Finance target is 30% women in senior roles (Exco -1) by 30 September 2019.When Nest signed up to the Women in Finance Charter in 2016 we had 25% women in senior management roles. This increased to 36% in 2017 but dropped back to 25% in 2018. In practice this means that, were our senior management population to remain stable, we would need to replace two men with two women to meet our target of 30%. We would expect some changes within that population during a year, so meeting our target of 30% women in senior management roles by 30 September 2019 remains feasible.

Regardless of whether we can meet this target by 2019, we remain committed to gender equality and greater representation of women in all roles within Nest. Our overall gender split is good - 47% women across our organisation - but like in many organisations representation of women declines with seniority. We are focused on the need to continue to support the development of the pipeline of talented women who will become our senior leaders of tomorrow. 

We are not approaching diversity and inclusion (D&I) from a standing start; we have already taken several important steps to build a more inclusive organisation. We have a high level of commitment to D&I and high aspirations in this space but as a relatively small organisation we have no in-house D&I expertise. So far we have delivered: 

  • A clear D&I strategy incorporating both customer and people & development programmes that helps Nest make the business case for change
  • An action plan to aid implementation
  • Enhanced visibility and accountability amongst our Executive
  • Key performance indicators (to include our Women in Finance targets)
  • Regular reporting to our Exec and Board on the diversity key performance indicators
  • Enhanced external messaging on D&I. This includes voluntary reporting of our gender pay gap in 2018 but also ensuring D&I is woven into our employer value proposition to help us attract the very best people
  • Ensuring employees have a voice and can shape our strategy via our InclusiveNest group.
  • Appointing a diversity and inclusion manager to support all areas of our organisation to implement their part of the strategy.

Our Women In Finance Targets.

In line with the Charter, we’ve set ourselves the following internal targets:

  • improving gender diversity, such that 30 per cent of executive and director roles are held by women by Autumn 2019
  • driving improved gender diversity in all management roles in the organisation, through the delivery of:

                  clear flexible working policies and procedures

                  a well-publicised internal mentoring programme

                  a Nest women’s network which focuses on delivering the recommendations in the Charter.

We’ll report on our progress each year in our annual report and accounts.

Nest’s gender pay report

In 2017 UK legislation required all organisations with more than 250 members of staff to publish their gender pay gap on 31 March 2018. While we were not required to, we still elected to publish our gender pay report externally. This is part of Nest’s ongoing commitment to transparency and openness. 

Details of Nest’s 2018 hourly and bonus gender pay gap can be found in the table below.

You can read the full report here.

  Mean Median
Hourly Pay 23% 16.7%
Bonus received 14.6% 0%

 

Nest’s corporate plan

Our corporate plan outlines the key priorities and objectives of Nest in the coming years. It’s reviewed regularly to keep track of what we need to do to achieve our vision of helping millions save confidently for their retirement.

Corporate plan 2016-2019 (PDF)
Corporate plan 2014-2017 (PDF)
Corporate plan 2013-2016 (PDF)
Corporate plan 2012-2015 (PDF)
Corporate plan 2011-2014 (PDF)
Corporate plan 2010-2013 (PDF)

Nest’s terms of reference

The terms of reference outline the responsibilities of the Trustee Members of Nest and Trustee committees that set policies for the scheme.

Nest Corporation governing body terms of reference (PDF) – This sets out the role and responsibilities of the Trustee and its general powers and duties.

Trustee Member code of conduct (PDF) – Our Trustee Members are expected to uphold appropriate ethical behaviour, as outlined in this document.

Terms of reference for our Trustee committees - These documents set out the responsibility and structure for each of our specialist committees.

Employers’ Panel terms of reference (PDF) - Members of our panel are expected to uphold appropriate ethical behaviour, as outlined in this document.

Members’ Panel terms of reference (PDF) - Members of our panel are expected to uphold appropriate ethical behaviour, as outlined in this document.

The Trustee

NEST Corporation is the Trustee of NEST, made up of a Chair and up to 14 Trustee Members. They set the strategic direction and objectives of NEST.
 

Executive team

Day-to-day management of NEST Corporation is delegated by the Trustee to the executive team.
 

Employers’ and Members’ Panel

The panels provide a forum for employers and members to give their perspectives on NEST, key issues and activities. By raising concerns at a Trustee level, they make sure NEST takes their views into account.
 

How NEST is run

As a public body we have no owners or shareholders. This means we’re free to run the scheme in the interests of our members.