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
Why they matter
The continued performance of our business would not be possible without understanding our customers’ needs.
What matters to them
Affordable and accessible credit.
Simple, transparent charging structure, with no penalties or late payment charges.
Support and forbearance during short-term difficulty.
How we engage
Monthly customer satisfaction survey, the results of which are reviewed by the Board.
Quarterly good customer outcomes survey.
Survey across a randomised selection of customers to gather views on how well the service operates at each stage of the loan issue and collection service, as well as the service delivered by agents. The Company achieved an overall score of 95% across all six divisions, and has maintained this score across the year.
Introduction of independent customer experience surveys for Dot Dot, leading to a score of 94%
Why they matter
Our experienced, diverse and dedicated workforce is a key asset of our business. We continue to seek to create the right environment to encourage and create opportunities for individuals and teams to realise their potential and career aspirations.
What matters to them
Opportunities for personal development and career progression.
A culture of inclusion and engagement.
Competitive remuneration and benefits.
How We Engage
Open, collaborative culture with regular Company updates and opportunities for questions and feedback.
Annual appraisal process.
Independent surveys and a detailed cultural review during the year to monitor engagement and those adaptations to working practices are in line with our cultural values and customer service needs.
Development of a detailed cultural review so that our approach is tailored to the changes in ways of working as a result of the pandemic.
Whistle-blowing hotline, available to all employees.
Why they matter
Our suppliers are essential to provide our divisions with the goods and services required to enable us to continue to meet our customers’ needs. They play a vital role in our operations so it is important that we develop strong supplier relationships with them.
What matters to them
Professional relationship, adhering to contractual terms.
Alignment of business culture and values, including operating responsibly. • Due diligence conducted for all suppliers.
How we engage
Due diligence conducted for all suppliers.
Monitoring of quality of products and services.
Review of policies and procedures in place.
Regular contact through procurement and account management.
Annual reviews of the service and regular feedback.
What they want
Our providers of debt facilities, along with our retained earnings, allow us to lend money to customers at competitive rates.
What matters to them
Financial performance.
Transparency.
Proactive communication.
Credit rating.
How we engage
Monthly covenant reporting including loan book quality analysis.
Monthly submission of finance Board papers and additional schedules.
Regular calls to discuss current performance and future expectations.
Quarterly independent review of lending process and loan book quality.
What they want
The nature of our customer base and the market in which we specialise makes the building and maintaining of open and trusting dialogue with policy makers and our regulatory organisations critical to a sustainable business model.
What matters to them
Clear and transparent communication with the regulator.
Proactive approaches on any regulatory matters.
Clear TCF approaches in line with the market sector and customer needs.
How we engage
Regular dialogue with the regulator.
Proactive communication with the regulator regarding our approaches on lending and business model.
Respond proactively to feedback requests.
What they want
We are committed to making a positive contribution to the communities within which we operate, including through payment of taxes, reducing our environmental impact and creating employment opportunities.
What matters to them
Responsible lending and collecting of repayments.
Helping local economies by promoting financial inclusion.
Fundraising for local charities.
Minimising environmental impact.
How we engage
Acting in a fair and responsible manner is a core element of our business. Read more on Page 34 of the 2022 Annual Report and Accounts.
The Company's SECR Report is on Page 41 of the 2022 Annual Reports and Accounts, as part of Environmental, Social and Governance.
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
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