Section 172 of the Companies Act 2006 requires Directors to act in a way that would most likely promote the success of the Company for the benefit of its members as a whole. Section 172 requires directors to consider, amongst other matters, the:
In discharging our section 172 duties the Directors have regard to the matters set out above.
The Directors delegate day-to-day management of the Company to key employees and then work with management in setting, approving and overseeing business strategies and related policies. Board meetings are held periodically where the Directors consider the Company's activities and make decisions. As a part of those meetings the Directors receive information in a range of different formats to ensure that they have regard to section 172 matters when making relevant decisions.
The Company's key stakeholders are its customers, employees, suppliers, funding providers, regulators, Government agencies, and non-governmental organisations. The views of and the impact of the Company's activities on those stakeholders are an important consideration for the Directors when making relevant decisions.
The Directors provide clear and honest reporting about the company's performance and prospects, so that all members can make informed decisions regarding their investment and also to ensure that the high standards of business conduct that are expected by the directors and all employees within the business and adhered to.
The Directors also have regard to other factors which are considered relevant to the decision being made. The directors acknowledge that every decision made will not necessarily result in a positive outcome for all of our stakeholders. By considering the company’s purpose, vision and values together with its strategic priorities and having a process in place for decision-making, the directors do, however, aim to make sure that decisions are consistent and predictable.
In order to embed a high-performing culture, employee engagement is a key focus for the directors. This includes ensuring feedback is delivered/provided across the business and ranges of activities and events are held throughout the year covering diversity, inclusion, mental health and general wellbeing. Regular Company meetings are held and Company emails distributed which provide up to date information pertaining to the business and how our customers and employees are affected by any changes. All employees receive a learning budget to redeem annually which can be used for any work-related materials or courses which they see fit to aid their development.
The business strategy is devised by considering the impact on customers and ensuring that their needs and wants are met by the product provided and ensuring the relationship between the business and customers remains strong. Careful consideration is given to which suppliers are used by the business and a robust due diligence process is in place to ensure compliance with laws such as the Modern Slavery Act 2015.
The Company's implementing and promoting policies that are environmentally friendly, such as reducing paper use, minimising energy consumption in compliance with SECR requirements, and offering green products or services (i.e. paperless statements).