Strategic Report
Financial Statements
Governance
89
As set out in the above table, 50% of the Board and 20% of executive management (as defined by the Listing Rules) were female as at 31 December 2024. 12.5% of the Board and 10% of executive management were ethnically diverse. The data collected for the purposes of making this disclosure was received from the Directors on a voluntary basis. The data of our executive management and wider workforce is captured via the Company’s internal HR system on a voluntary basis. Recognising that for some, gender identity can differ from that assigned at birth, all colleagues are offered the opportunity to volunteer their gender identity on our HR system. The Board has delegated responsibility to the Remuneration Committee to oversee gender and ethnicity pay gap data and reporting. Just’s median hourly gender pay gap decreased from 34.0% in April 2023 to 31.6% in April 2024 (mean hourly pay gap is 26.4% and has decreased by 4.9%). Our median hourly ethnicity mean pay gap decreased from -20.2% in April 2023 to -14.7% in April 2024, remaining in favour of our ethnically diverse colleagues (mean hourly pay gap of -2.3% has swung in favour of our ethnically diverse colleagues). Further details can be found in the gender and ethnicity pay gap reports at www.justgroupplc.co.uk. BOARD PERFORMANCE REVIEW In accordance with the Code, the Board conducts an annual performance review of the Board and its principal Committees to assess the effectiveness of its activities, the quality of its decisions, and the contributions made by Board members both individually and collectively. The 2024 performance review was conducted internally by the Group Company Secretary, led by the Chair. Each Director completed a questionnaire covering a broad range of topics, including strategy, risk, finance, people and culture, Board dynamics, composition, and succession. Additionally, Directors provided their views on key focus areas for the Board in 2025 and were given the opportunity to raise any other observations. As in previous years, the review also included the Boards of the regulated life companies, Just Retirement Limited (“JRL”) and Partnership Life Assurance Company Limited (“PLACL"). This process aimed to assess the strengths, skills, culture, and decision making of the Board, and to identify any challenges and opportunities for improvement. Subsequent to the questionnaire, the Group Company Secretary conferred with the Chair to review the conclusions and delivered a comprehensive written report to the Nomination and Governance Committee, followed by the Board. The Board considered the findings and determined the main actions. Each Committee Chair received detailed feedback regarding the effectiveness of their respective Committee for further evaluation and action. The last external review was undertaken by Boardroom Review Limited in 2023. All actions necessitating further attention from the 2023 Board performance review were addressed throughout 2024, as outlined in the table below. In line with the Company’s approach and the Code, the next externally led review is scheduled for 2026. The Nomination and Governance Committee will monitor progress against the actions agreed from the performance review throughout the year to ensure that all areas that required further attention are addressed.
PROGRESS AGAINST 2023 REVIEW FINDINGS
Focus areas
Actions taken during 2024
Board administration
The Company’s approach to Board governance was thoroughly reviewed by the Chair and the Nomination and Governance Committee throughout the year, with support from the Group Company Secretary. The recommendations were discussed with each Committee Chair, resulting in several administrative adjustments. These included allocating sufficient time for the presentation of new and ongoing strategic initiatives, scheduling sessions throughout the year dedicated to training, and arranging additional meetings when necessary, rather than extending existing ones. Throughout the year, paper templates were refined to offer improved guidance on information presentation. The primary focus was to ensure that there was sufficient detail regarding the discussions and challenges encountered during the development process of Board proposals. Throughout the year, the Board placed significant emphasis on the topic of culture. With ongoing support from the Group Chief People Officer, the Board assessed and reviewed a comprehensive programme of cultural activities implemented across Just. This included updates received on the outcomes of the two employee engagement surveys conducted during the year, which offered insights into our colleagues’ perceptions of the Company’s culture. Further enhancements will continue to be made to the Board’s oversight role in 2025, such as the presentation of a bi-annual report on culture to the Board. Additionally, the Board’s designated Non-Executive Director for employee engagement, Michelle Cracknell, hosted a session with various senior leaders of the Company on the topic of culture and her insights, as well as the considerations being addressed by the Board. Ensuring that the control environment and three lines of defence remain effective and interconnected is of critical importance to the Board. In October 2024, an educational and insight session attended by members of the Group Audit Committee and GRCC was held, the purpose of which was to raise awareness of the new requirements to be introduced under Provision 29 of the revised Code, and to oversee any additional processes required to ensure compliance by 1 January 2026. The Board, supported by the Group Audit Committee and GRCC, will continue to closely monitor the effectiveness of the control environment and schedule further joint meetings as considered necessary throughout 2025.
Culture
Effective control environment
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