The Royal Mint has been shortlisted as a finalist for the 2014 Finance for the Future Awards in the Public Sector category.
The awards, which recognise the role of the finance function in creating sustainable business models and economies. The winner will be announced at the awards ceremony on October 14.
As Britain’s oldest manufacturer, The Royal Mint produces currency for the UK and for over 60 countries worldwide as well as medals and commemorative coins. Whilst some ancient manufacturing skills such as engraving are still utilised today by the 1,000 year old organisation, it goes to great lengths to ensure that it remains relevant in the contemporary world, developing new and innovative business models to manage environmental, social and economic sustainability.
The Royal Mint’s finance team, led by director of finance Vin Wijeratne, has been shortlisted for the ‘Finance for the Future’ award for driving The Royal Mint’s Alloy Recovery Programme, developed in partnership with Her Majesty’s Treasury.
The Alloy Recovery Programme has returned over £25m worth of legacy metal to Her Majesty’s Treasury to date. The new aRMourTM coins also have a significantly smaller carbon footprint, saving CO2 emissions equivalent to the annual output of around 50 wind turbines over the life of the programme.
Vin Wijeratne said “The Royal Mint has long acknowledged the need to keep sustainability and innovation at the heart of our financial strategy, so we are honoured that our efforts have been recognised by being shortlisted for this prestigious award.
“The finance team played an integral part in the planning and implementation of The Royal Mint’s Alloy Recovery Programme, and I feel that it is a great example of how finance teams can fulfil a value-added business partner role in an organisation. Their input has contributed much to reinforcing The Royal Mint’s sustainability credentials and adding value to the process of replacing coinage, not just for us as an organisation, but for the taxpayer too”.
The Finance for the Future Awards, which are in their third year, are organised by ICAEW (The Institute of Chartered Accountants in England and Wales) and The Prince’s Accounting for Sustainability Project (A4S) to highlight the important role that finance teams play in helping businesses achieve positive long-term environmental, social, economic and financial outcomes. The awards go beyond green issues and corporate responsibility and celebrate organisations that are drawing on the leadership and skillset of the finance team to put sustainability at the heart of their operations and strategy, with finance teams key to that change.
Michael Izza, ICAEW’s chief executive, said: “Those organisations that have made it to the shortlist have demonstrated a real commitment to sustainability. It has never been more important to take seriously the enormous social and environmental challenges we face. We have gone beyond the stage where small changes and adjustments can solve anything; we need instead a much bigger, transformative vision to re-think how we do business. We believe that the involvement and leadership of the finance function is essential if we are to achieve the goal of a sustainable world. These awards recognise those organisations that are leading the way.”
Jessica Fries, executive chairman of The Prince’s Accounting for Sustainability Project (A4S), said: “The finance function plays an integral role in any organisation, providing vital information and analysis to support better strategic and operational decisions. The finance teams from the shortlisted organisations are leading the way in redefining finance for the future – ensuring that material environmental and social impacts, risks and opportunities are properly reflected in decisions taken and playing a core part in ensuring the long-term success of their organisation.”