Section 172 (1) statement

Section 172 of the Companies Act 2006 requires a director of a company to act in the way he or she considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole. In doing this, section 172 requires a director to have regard, amongst other matters, to the following:

  • The likely consequences of any decision in the long term,
  • The interests of the company's employees,
  • The need to foster the company's business relationships with suppliers, customers and others,
  • The impact of the company's operations on the community and the environment,
  • The desirability of the company maintaining a reputation for high standards of business conduct, and
  • The need to act fairly between members of the company.

In discharging our section 172 duties we have regard to the factors set out above. We also have regard to other factors which we consider relevant to the decision being made. Those factors, for example, include the interests and views of our shareholders, other group companies, employees and other relevant stakeholders.

Decision making

The board remains mindful that its strategic decisions can have long term implications for the business and its stakeholders, and these implications are carefully assessed.

Employee engagement

The company's success depends heavily on the integrity, quality and effort of its staff at all levels. Accordingly, it is vital for the company to attract and retain staff of the highest quality in competitive labour markets for UK technology and financial services.

The board and senior management are responsible for ensuring that the company's purpose, vision and values are effectively communicated to employees and that the company's activities reflect the culture we wish to instil in employees and drive appropriate behaviours. Employee engagement is achieved by communication at all levels including meetings, intranet and email on matters important to the company and the industry; employee feedback, including surveys and employee forums.

Business relationships

The company's strategy prioritises organic growth by bringing new customers into the business and retaining them by providing an excellent service. To do this, it needs to develop and maintain a strong customer journey. It values all suppliers and has strong working relationships with key providers.

Community and the environment

The company makes monetary contributions to charitable bodies and encourages staff to become involved in local fundraising and awareness events in their local community and where appropriate will sponsor staff actively taking part in these events.

The company is reviewing what process changes can be made to its operation to reduce the impact on the environment.

Business conduct

The company has long term shareholders who are members of senior management. This close involvement assists greatly in ensuring that their interests are not only aligned but also addressed in an effective manner.