CareTech publishes first ESG 'purpose report'

Social care and education service provider CareTech announced the publication of its first ‘purpose report’ on Friday.

The AIM-traded firm said it had decided to publish the separate report to “better define” a new purpose-led environmental, social and governance (ESG) strategym, and “more clearly demonstrate” its societal impact through its business model.

It said the report would outline its new ‘CARE4’ business strategy, which comprised four pillars for social impact in planet, people, innovation and community.

The overarching social purpose for CareTech was to enable children, young people and adults with complex needs to make their own life choices, and to develop confidence and independence, the board said.

“I am delighted to announce the publication of CareTech's first purpose report, which outlines our purpose and commitment to sustainability,” said chief executive officer Haroon Sheikh.

“Our responsible business strategy is hugely important to us, as it outlines our long-term, sustainable approach to business which we believe will continue to guide the group for decades to come.

“When Farouq and I founded CareTech 27 years ago, we wanted to play our part in building a world where there is equal opportunity for all - making this vision a reality has been our life's work and continues to drive all that we do.”

CareTech said the publication of the purpose report followed the appointment of Jonathan Freeman as group sustainability director at the end of 2021.

Headline commitments laid out in the report included becoming a net zero business by 2050, donating 2.5% of pre-tax profits to the CareTech Foundation annually, being an “employer of choice” by investing in people and valuing diversity, and establishing a new CareTech Technology division to spearhead its technology and innovation agenda.

“Only by being true to our wider social purpose can we deliver sustainable business success,” said group sustainability director Jonathan Freeman.

“I am incredibly proud to have been appointed as the group's first sustainability director.

“The purpose report sets out our exciting new purpose-led approach to being a responsible business in every sense.”

At 1223 GMT, shares in CareTech Holdings were up 0.74% at 546p.