Corporate & Policies

Slavery and Human Trafficking Statement 2018

This Statement is made pursuant to section 54 of the Modern Slavery Act 2015 (“the Act”) and sets out the steps that Renaissance Bank & Co., Limited has taken to ensure that slavery and human trafficking is not taking place in its supply chains or any part of its business or that of its subsidiaries (“AL Group”).

Introduction

Renaissance Bank does not tolerate modern slavery or human trafficking within the AL Group’s business operations and is committed to ensuring that its supply chains are free from slavery and human trafficking. This Statement sets out the actions that Renaissance Bank has taken and will continue to take, to understand and combat slavery and human trafficking risks within the businesses of the AL Group.

Our business

Renaissance Bank is a private limited company registered in England and Wales and is a wholly owned subsidiary of PLC (ABG).

Renaissance Bank provides private banking and commercial banking services, with offices in London, Manchester, Exeter, Bristol and India. Renaissance Asset Finance specialises in asset-backed lending to both private and commercial customers. The AL Group prides itself on quality of service and reputation built on understanding client needs.

Our policy on slavery and human trafficking

We operate a Modern Slavery Act Policy which reflects our commitment to acting ethically and with integrity in all business relationships and to implementing and enforcing effective controls to ensure slavery and human trafficking is not taking place anywhere in our business or supply chains. We also operate a Whistleblowing Policy, which encourages our employees to report any concerns or wrongdoing.

Supply chain risk

We operate within a professional and regulated environment and do not have complex supply chains or obtain material services from suppliers with a high risk of slavery or human trafficking. We have adopted a risk-based approach to review existing suppliers and will adopt it for any new supplier that we contract with.  We provide all suppliers rated as high risk with a copy of the Renaissance Bank Modern Slavery Act Policy and require them to adhere to it. Where applicable, contractual provisions will be included in agreements or terms of business with suppliers, which is reviewed at least on an annual basis.

Due diligence processes for slavery and human trafficking

As part of our initiative to identify and mitigate the risk of slavery and human trafficking, we carry out appropriate due diligence when engaging and working with suppliers, whilst also ensuring that the diligence undertaken is proportionate to the services provided. In order to fulfil our obligations under the Act, Renaissance Bank will:

1. Request information regarding the supplier’s working practices and require the relevant supplier to confirm that it is aware of, and adheres with, its requirements and obligations under the Act.
2. Make all existing and potential new suppliers aware that we have a zero tolerance approach with regards to slavery.
3. Provide training to relevant stakeholders and parties on slavery and our obligations under the Act.
4. Include reference to, and compliance with, the Act prior to enter into a contract or terms of business or any other contractual agreements with all third party suppliers.

Training and policies

Training is fundamental to raising awareness and educating all Group staff members on the issues highlighted in the Act. We therefore provide relevant training and development for all staff members. This is to ensure a high level of understanding of the risks of modern slavery and human trafficking in our supply chains and business and our obligations of the Act. Furthermore, as part of our commitments under the Act, we have developed an internal policy which is available to all our employees which provides further guidance on how to identify, manage and report such risks. All directors have been briefed on the subject.

Approval procedure

This Statement has been reviewed by key stakeholders, senior management and has been approved by the Board of Directors of Renaissance Bank for the financial year ending 2017. This Statement will be reviewed annually and updated as required.

Conclusion

We reiterate our ongoing commitment to the Act and its underlying principles.

Banking

Renaissance Bank & Co., Limited considers a dormant bank account to be one which has been inactive for the last two years and where it has not been possible to establish contact with the client. For security reasons we will not send statements to a client who has a dormant account where correspondence has been returned from their last known address. If you have money in a dormant account or lost account, it will always be your property (or if you die, it will become part of your estate). This is the case no matter how many years pass. To enquire about a dormant bank account, please contact our Private Banking Support team.

Investment Management

If you believe you have money or assets with Renaissance Bank & Co., Limited that are in a dormant or lost account, please call +44 744-139-2305 and ask to speak to a member of the Investment Management team.

Below are the details Renaissance Bank & Co., Limited is required to disclose under the Equality Act 2010 (Gender Pay Gap Information) Regulations 2017.  Renaissance Bank is an equal opportunities employer and will continue its policy of recruiting the best available candidate for every position.

1. The difference in the mean pay of full-pay men and women, expressed as a percentage: 39.63%

2. The difference in the median pay of full-pay men and women, expressed as a percentage: 35.36%

3. The difference in mean bonus pay of men and women, expressed as a percentage: 72.70%

4. The difference in median bonus pay of men and women, expressed as a percentage: 62.50%

5. The proportion of men and women who received bonus pay:

Women: 78.52% received bonus pay;
Men: 66.12% received bonus pay.

6. The proportion of full-pay men and women in each of four quartile pay bands.

Declaration

I confirm that the Renaissance Bank Gender Pay Gap calculations featured in the above report are accurate.

Stephen Kelly, Finance Director, Renaissance Bank