Modern slavery statement

Introduction

Octopus Energy Group Limited (OEGL) is a private limited company with registration number 09718624, with various subsidiaries in the UK and globally. The Octopus Energy Group operates both as a retailer to procure and supply electricity, gas and associated services to residential and business customers and as a software platform provider through our technology platform Kraken, which automates much of the energy supply chain. We also encompass multiple businesses that are related to the energy supply chain - from renewable energy generation, to electric vehicle leasing and the manufacture and installation of various smart low carbon technologies.

Group structure

OEGL has various subsidiaries both in the UK and around the world. This statement applies to Octopus Energy Group Limited and all its subsidiaries. Where one of our subsidiaries needs to take enhanced steps to ensure that modern slavery or human trafficking is not taking place in its supply chains or business (for example if it operates in a higher risk environment), we ensure that the subsidiary has appropriate measures in place, which may include a subsidiary producing its own modern slavery statement if applicable.

Values

The Octopus Energy Group is passionate about creating a business which people want to be part of, as customers, partners and employees. We find the idea that people are forced to work against their will or best interests abhorrent and we’re committed to making sure this doesn’t happen across our supply chains in the Octopus Energy Group. We recruit brilliant people, we pay them fairly, and we treat them and their lives with respect, and we are methodical about ensuring that our suppliers and partners do the same.

Our people

As of 30 April 2024, we employed globally approximately 8300 people across the Octopus Energy Group.

Our people are the most important part of our group, and we are passionate about creating a business which people want to be part of. We have a particular focus on nurturing a culture of autonomy, empowerment and trust, and encouraging straight-forward, honest and transparent communication. We achieve this through a number of channels, such as informal, regular access to our senior management team, a weekly ‘Family Dinner’ where all members of staff across the world are invited to the same online meeting and encouraged to ask questions directly to the CEO and celebrate achievements together. We also monitor employee engagement through regular updates from the senior management team using data from Officevibe (internal employee ratings and feedback) and Glassdoor (external).

We offer a range of benefits and opportunities for our people. For example, all permanent staff own shares or are granted share options in the Octopus Energy Group, so derive added benefit from the ongoing growth and success of the business, helping to align employee values with those of shareholders.

We are also committed to offering equal opportunities, and we work hard to hire, promote and treat people on the basis of their merits and abilities. As an equal opportunity employer, we do not discriminate on the basis of any protected attribute, and we welcome applications for employment from anyone. Our commitment is to provide equal opportunities, an inclusive work environment, and fairness for everyone.

Suppliers

We carefully select partners and suppliers to work with based on a number of factors, including their reputation within their industry. We conduct risk assessments to identify and mitigate the risk of modern slavery and human trafficking within our operations and supply chains. This process involves evaluating the risk factors in various sectors and geographies where we operate.

Our onboarding process is clear on our business and personal principles, and where appropriate we include contractual provisions to reflect our suppliers’ responsibilities to minimise their risk of slavery and human trafficking.

Within our current product portfolio, we recognise that the risk of encountering modern slavery or human trafficking varies across different areas of our business and subsidiaries, with some sectors posing a higher risk than others. This is why we empower our people within these higher risk sectors to establish a responsible sourcing strategy aimed at mitigating the risks associated with their area of expertise.

We receive services and goods that are either related to the energy industry (such as parts to install smart meters, electric vehicle charge points, heat pumps and solar panels, or to procure electric vehicles) or are used in an office environment (such as computer software elements). There are multiple processes in place across our group, and although each varies, we believe they are robust enough to identify any risks in our supply chain.

Even with this varied risk profile, we will not work with anyone who we believe is unable to keep to the standards we expect. We will not tolerate unethical behaviour by our suppliers in relation to slavery or human trafficking and we do everything we can to react promptly and effectively to any potential risks.

Due Diligence Process

Our due diligence processes are designed to prevent the risk of modern slavery and human trafficking. Having assessed the risk factors, our team creates a risk profile for potential new suppliers. Before onboarding new suppliers, a due diligence check is completed where we check things like their health and safety policy, risk assessment registers and incident management systems, and recruitment policies.

To ensure accountability and transparency, we have established metrics to measure the effectiveness of potential new suppliers’ initiatives. These are measured with a RAG system and our team only moves forward with onboarding new suppliers if they are satisfied with the results. For suppliers with a higher risk profile, we may instruct an additional onsite audit through an independent third party to obtain more detailed information about the supplier.

Training

We provide our people with training on a range of compliance matters and our position on our approach to modern slavery and human trafficking risks is made available to our staff. In areas of our group we deem higher risk, our approach to modern slavery is also included in annual compliance training. It’s important to us to make sure everyone - at every level of the business - is aware of our compliance requirements and the ways we can reduce identified risks.

Looking Ahead

We recognise the need to continuously review and adapt our processes to ensure that we continue to combat modern slavery and human trafficking. As the geographic locations and types of market that the Octopus Energy Group operates in evolve and change over time, we will continue to work on our risk assessments to human rights.

We are committed both now and in the future to acting ethically and with integrity in all our business dealings. We regularly review our due diligence and procurement processes for working with new third parties, particularly as we enter new markets. Where we identify improvements that we consider will enhance our existing processes, we will look to implement these where appropriate, all whilst continuing to build our understanding and awareness of modern slavery and associated issues.

Looking ahead, we are committed to further strengthen our efforts to combat modern slavery. To achieve this, our goals for the upcoming year are:

• Continue to expand our supplier onboarding processes,
• Increase employee engagement and awareness in modern slavery,
• Include provisions within our procurement contracts to drive improvements in addressing modern slavery.

This statement is made pursuant to section 54(1) of the Modern Slavery Act 2015 and is our group’s statement on slavery and human trafficking for the financial year ending 30 April 2024. This statement was approved by Octopus Energy Group Limited’s Board on 17th October 2024 and signed on its behalf by:

Greg Jackson, CEO

Octopus Energy Group Limited