Weir's commitment recognised in CCLA benchmark
Weir's commitment to mental health recognised in CCLA benchmark
· Latest investor benchmark ranks Weir as biggest improver on performance and disclosure on mental health
· External recognition of Weir's commitment to help colleagues achieve positive mental health outcomes
· Reinforces Weir's actions to meet its goal of being a zero harm workplace
The Weir Group PLC (Weir), a global mining technology leader, has been recognised for its commitment to workplace mental health in the latest CCLA Corporate Mental Health benchmark - UK 100, published today.
According to the benchmark, which assesses 100 of the largest listed UK companies on their global approach to workplace mental health, Weir's performance on practice and disclosure improved the most year-on-year climbing two tiers, from tier 4 in 2022 to tier 2 in the 2023 report.
This improvement in performance reflects our commitment to the mental health and wellbeing of our people and our actions to create a zero harm environment where everyone at Weir can do the best work of their lives.
The link between the workplace and the mental health and wellbeing of its people is becoming clearer and more important, especially right now, with the cost-of-living crisis coming so soon after the Covid-19 pandemic. Workplaces like Weir have a significant opportunity to help people achieve positive mental health outcomes for themselves and those around them. In addition, we know that research shows that workplaces with a culture of wellbeing are more successful, so there are business benefits too.
In the benchmark, companies are ranked across five overall performance tiers to encourage them and investors to think seriously about mental health as a systemic risk, and to develop robust management systems so that companies and their employees can thrive.
Weir's approach to health and wellbeing
Weir's ambition is zero harm, where everyone has a safe start, a safe finish and a safe journey home. This extends beyond physical safety, supporting our people to take a holistic approach to their overall health and wellbeing, because we know that the safety, physical and mental health and wellbeing of our employees are intrinsically linked.
We have a Health and Wellbeing strategic framework, launched in 2021, which sets out employee wellbeing priorities. Our framework is driven from the top of our organisation and is delivered locally, tailored to different cultural and workplace needs.
Read about our Health and Wellbeing strategic framework in action at global.weir/careers/health--wellbeing/
Commenting on CCLA's report findings, Jon Stanton, CEO of the Weir Group said:
"We want everyone at Weir to know that we care - that it's ok not to be ok and that we prioritise mental wellbeing - so I'm delighted that Weir has been recognised in CCLA's latest benchmarking report for making the biggest improvement in managing workplace mental health. It's great to see our ranking improve by two tiers from tier 4 in 2022 to tier 2 in 2023. We welcome the latest report that will provide us with further insight and guidance on how we can continue to build an even healthier and more resilient workforce.
It is important to me to help develop a space where people can bring their authentic selves to work to deliver the best work of their lives. I'm incredibly proud of our culture of wellbeing to deliver successful, meaningful, sustainable growth for us all."
Peter Hugh Smith, Chief Executive, CCLA Investment Management added:
"One of the key aims of this initiative is to guide companies in reinforcing and formalising their own approaches to workplace mental health. It is hugely encouraging to see high profile, multinational companies such as Weir Group taking this benchmark seriously. We look forward to other companies following the superb example set by this business. Companies, employees and investors all stand to gain."
The full benchmark report is available at:
https://www.ccla.co.uk/documents/2023-uk-100-benchmark-report/download?inline
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About The Weir Group PLC
Founded in 1871, The Weir Group PLC is one of the world's leading engineering businesses with a purpose to make its mining and infrastructure customers' operations more sustainable and efficient. Weir's highly engineered technology enables critical resources to be produced using less energy, water and waste while reducing customers' total cost of ownership. The Group is ideally positioned to benefit from structural trends that support long-term demand for its technology including the need for more essential metals to support economic development and carbon transition. The Group has c.12,000 employees operating in over 60 countries with a presence in every major mining region of the world. Find out more at www.global.weir.
Weir's ordinary shares trade on the London Stock Exchange (ticker: WEIR LN) and its American Depositary Receipts trade over-the-counter in the USA (ticker: WEGRY).
About CCLA and the Corporate Mental Health benchmark
The CCLA corporate mental health benchmark was launched in October 2022. It assesses 100 of the UK's largest listed companies with more than 10,000 employees each, representing a combined workforce of 5 million employees1 on their global approach to workplace mental health. It ranks companies across five overall performance tiers to encourage companies and investors to think seriously about mental health as a systemic risk, and to develop robust management systems so that companies and their employees can thrive.
The CCLA Corporate Mental Health benchmark is also starting to serve as an important engagement tool and accountability mechanism for a growing global coalition of investors and asset owners. Signatories to the Global investor statement on workplace mental health2 now number 45, representing in aggregate more than $8.5 trillion in assets under management.
Notes
1. Bloomberg
2. Global investor statement on workplace mental health (ccla.co.uk)
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