We have an ambition to create a diverse and responsible supply chain, be fair and transparent with our suppliers and reach net zero by 2050 across our operational value chain.
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Paying our suppliers
Our standard payment terms are 30 days, but we have continued to maintain immediate payment on goods and services on receipt, resulting in average days to pay in H1 as 7 days, and 6 days in H2. We have also asked our suppliers through the Supplier Charter to do the same. This goes significantly beyond our commitment undertaken as a signatory to the Government’s Prompt Payment Code, which requires payment to be made in 60 days. Good Business Pays is a campaign to end late or slow payments to suppliers.
In 2023, NatWest Group was recognised for fast payment throughout our organisation, winning the Fast Payer Award for a third consecutive year. The table on the right shows the average number of days taken to pay invoices by NatWest Group’s key legal entities for 2023. This information was submitted for statutory reporting purposes under Payment Practices and Performance Reporting as required by the UK Government. Data is sourced from internal reporting systems without any manual intervention for statutory reporting.
Find out more about our supply chain on page 45 of our 2023 ESG Disclosures Report.
Read more about how we seek to promote and respect human rights through the continued implementation of policies and practices covering our colleagues, customers and suppliers.
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Read more about who our key stakeholders are, how we engaged with them, what we discussed and the outcomes.
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