The A4S CFO Network focusses on delivering tangible outcomes and undertakes a number of projects each year to develop practical guidance on specific areas of financial decision making, or risk management. The projects are selected by the CFOs and each can choose for their organization to take part in one, or all, projects by nominating a suitable representative to join the relevant team. 

As part of the Capex project the team produced a guide for finance teams for the A4S Essential guide series.

Download the Capex guide >

A further 'deep dive' on capex has also been created following interviews with finance teams across various sectors. This report provides insight into evolving methods which integrate social and environmental factors into capex appraisals and decisions.

Download the Capex Deep Dive report >


  • Explore how sustainability can be embedded in capital investment decision making
  • Provide rationale for amending appraisal methodology
  • Highlight practical worked examples of how and when to amend them


Environmental and social factors are of particular significance within capital expenditure appraisals.

However, conventional expenditure appraisal procedures are often based on purely ‘financial’ methodologies that do not take account of sustainability considerations. Without these considerations appraisals fail to ensure that balanced decisions are made which take into account the environmental and social, as well as the economic and financial impacts and risks. 

As capital investments are typically long term in nature, ensuring a broad set of impacts and risks are considered up front, this will help to ‘future-proof’ investment from a changing landscape.

There is a large amount of theoretical guidance in this area; however, practical guidance is far more limited.


Practical guidance was developed with a range of tools, case studies and tips for finance professionals.

Download the Capex guide >

Project members

Projects members are essential to the running of all A4S projects, and represent CFOs from the A4S CFO Leadership Network.

The members for this project are:

  • Zahera Ali,  Financial Planning & Analysis Manager, BUPA
  • David Apsimon,  Real Estate Development Business Partner, British Land
  • Stuart Bailey,  Head of Sustainability & Climate Change, National Grid
  • Martyn Burke,  Head of Property Finance, Sainsburys
  • Sarah Cary,  Head of Sustainable Places, British Land
  • Hannah Chambers,  Group Financial Reporting Manager, Marks and Spencer
  • Kimberley Chan,  Manager Sustainability Performance & Reporting, Royal DSM
  • Florence Chevalier,  Cash and capex controller WWBU Diary, Danone
  • George Cobb,  Group Sustainability Accountant, SSE
  • David Dicello,  Head of Finance Cost & Capital, Marks and Spencer
  • Aaron Firth,  Global Supply Chain Finance Director, Unilever
  • Marcos Garzon,  Operations Controller World Wide Waters Division, Danone
  • Martin Gee,  Head of Finance and Investment Planning – Wholesale, United Utilities Group
  • Caroline Green,  Senior Manager - Capital Investment, Asda
  • Simon Griffiths,  Head of Financial Planning & Analysis Corporate Centre Finance & Governance, Bupa
  • Emma Harris,  Senior Director,  Property Finance, Asda
  • Stuart Humphreys,  Group Financial Controller, National Grid
  • Marleen Janssen Groesbeek,  Manager Sustainability Reporting, Royal DSM
  • Malik Khan,  Senior Global Accountant, Bupa
  • Sabrina Mistry,  Global SC Finance, Unilever
  • Laura Palmeiro,  CSR Director, Danone
  • Paul Payne,  Head of Risk and Value, Anglian Water
  • Phil Rushby,  VP Finance European Supply Chain,  Unilever
  • Heather Sheffield,  Strategic Asset Manager, Yorkshire Water
  • Bert Steinbusch,  Project Director Finance Transformation Project, Royal DSM
  • David Widdowson,  Head of our Asset Management Programme, Yorkshire Water