The Board of Directors, in line with their duties under s172 of the Companies Act 2006, act in a way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard to a range of matters when making decisions for the long term. Key decisions and matters that are of strategic importance to the Company are appropriately informed by s172 factors.
Through an open and transparent dialogue with our key stakeholders, we have been able to develop a clear understanding of their needs, assess their perspectives and monitor their impact on our strategic ambition and culture. As part of the Board’s decision-making process, the Board and its Committees consider the potential impact of decisions on relevant stakeholders whilst also having regard to a number of broader factors, including the impact of the Company’s operations on the community and environment, responsible business practices and the likely consequences of decisions in the long-term.
Illustrations of how s172 factors have been applied by the Board can be found throughout the Strategic Report and the Corporate Governance Statement of the Annual Report & Accounts 2020. For example, information on:
The Non-Financial Information Statement within the Annual Report & Accounts 2020 should also be used to identify information relevant to s172 factors including for example, how the Company maintains high standards of business conduct. The table above sets out our key stakeholder groups, how we engaged with them throughout the year and how we measured the effectiveness of the engagement.