Strategic Report
Financial Statements
Governance
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Sustainability Strategy The Board has set Just’s sustainability strategy, which has three pillars: • making a positive impact; • leaving a responsible footprint; and • creating a fair world.
CORPORATE GOVERNANCE STATEMENT
UK CORPORATE GOVERNANCE CODE 2018 COMPLIANCE The Directors have assessed the Company’s compliance with the 2018 Code for the year ended 31 December 2024. The Board has noted the 2024 iteration of the Code, which applies to the Company with effect from the financial year commencing 1 January 2025. As such, the Company will first report against the new Code in its next Annual Report in 2026. The Board has considered and concluded that the Company applied the Principles and complied with all Provisions of the Code in 2024. Further details of how the Company applied the Code’s Principles and complied with the Provisions are provided in the Chair’s governance overview, Governance in Operation report and Board Committees’ reports. LEADERSHIP AND RESPONSIBILITY ROLE OF THE BOARD The Board is responsible for the overall leadership of the Company and establishing the Group’s purpose, values, culture, standards and strategy. The Board promotes the long-term sustainable success of the Company, generating value for customers, shareholders, other stakeholders and the wider society. The schedule of matters reserved for the Board contains items reserved for the Board to consider and approve relating to strategy and management, structure and capital, financial reporting and controls, internal controls and risk management, material contracts, Board composition and succession planning, corporate governance matters and delegations of authority. The matters reserved for the Board are reviewed at least annually to ensure they remain appropriate and in line with best practice. Throughout 2024, the Board acted in accordance with the matters reserved for the Board. The Board discharges some of its responsibilities through its Board Committees, which have terms of reference defining their roles and responsibilities that are reviewed and approved by the Board at least annually. The matters reserved for the Board and terms of reference of the principal Board Committees can be found at www.justgroupplc.co.uk/about-us/governance. STRATEGY The Board spends a significant amount of time during meetings reviewing, analysing and debating matters relating to Just’s key strategic priorities, advising and shaping Just’s strategic direction as needed. It is responsible for overseeing the execution of the Group’s strategy and business plan, and receives regular updates on key strategic initiatives from the Group Chief Executive Officer and members of the Group Executive team. During the year, the Board considered and agreed the medium and longer-term strategy of the Group and its strategic goals and objectives at its strategy day and Board meetings. An overview of the Group’s strategic priorities and business model can be found in the Strategic report on pages 14 to 17. More information on the Board’s approach to its sustainability strategy is covered in the next section. Technology is an area of focus for the Board and is taken into consideration as part of its discussions on strategic priorities and transformation initiatives. Rapid growth in digital tools and computing power presents both opportunities and risks for Just. To stay abreast of this topic, the Board received updates on the use of artificial intelligence and the implementation of the Group’s technology strategy from the Group Chief Digital Information Officer. The Group Risk and Compliance Committee (“GRCC”) received regular updates on cyber security risk, data protection and third party data risk, and it approved the updated cyber security strategy in 2024.
The Board has a standing agenda item to engage on sustainability matters each quarter to oversee strategic priorities and initiatives as well as any regulatory developments. It also receives regular updates on progress to reach sustainability targets for the Group’s operations to be carbon net zero by 2025 and its investments and supply chain to be net zero by 2050, with a reduction of 50% by 2030 in line with the Association of British Insurers (“ABI”) climate change roadmap. Mary Kerrigan has been appointed as the Sustainability Lead for the Board, and is responsible for ensuring the Board is appropriately discussing sustainability matters including climate change. Mary has functional expertise in sustainability and has completed the Chartered Financial Analyst’s Certificate in ESG Investing. During the year, Mary regularly interacted with the Executive Sponsor for Sustainability and Head of Responsible Investment to engage on driving the sustainability agenda and to receive progress updates on various ESG initiatives. She also attended management’s Executive Sustainability Steering Committee to engage with colleagues on sustainability initiatives and developments. During the year, the Board considered its sustainability strategic priorities at its strategy day and received quarterly updates on the status of Just’s commitment to meet net zero targets and various initiatives, including activity to increase engagement with Just’s supply chain. The Board considered and approved the second iteration of Just’s Transition Plan, which was published on our website in March 2024. It also assessed Just’s readiness to apply to become a signatory of the UK Stewardship Code and authorised the submission of its application, which was approved by the Financial Reporting Council in July 2024. The first annual Stewardship Report, which sets out Just’s stewardship priorities and how the Group has aligned with the 12 Principles of the UK Stewardship Code, was approved by the Board and is available to view on our website. Further details on Just’s sustainability strategy and story can be found in the Sustainability: TCFD report on pages
40 to 53, and on the Just website at www.justgroupplc.co.uk/sustainability.
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