To secure our long-term success, it is important to engage with our stakeholders and take account of their perspectives.

Listening and engaging with stakeholders helps us to create a better business and improve outcomes for customers, society and the environment. The Board also proactively engages with stakeholders including customers, employees, debt providers and investors to understand their views across a range of issues..

We have set out our key stakeholder groups, the material issues that matter to them and how we engage with them. By understanding our stakeholders, we can factor into Boardroom discussions the potential impact of our decisions on each stakeholder group and consider their needs and concerns.

Our Stakeholders

The Board’s statement on s172

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.

Through an open and transparent dialogue with our key stakeholders, we are 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:

  • Long-term impacts - The likely consequences of any decision in the long term
  • Our employees- The interests of the Group’s employees
  • Our business relationships - The need to foster relationships with suppliers, customers and others
  • The community and environment -  The impact of our operations on the community and the environment
  • Our reputation - The importance of maintaining a reputation for high standards of business conduct
  • Acting fairly -The need to act fairly between members of the Company.

Read more on Pages 30-33 of the 2022 Annual Reports and Accounts