FINANCIAL STATEMENTS
STRATEGIC REPORT
GOVERNANCE
We recognise the role that each stakeholder group plays in our success and our responsibilities towards them. Building strong stakeholder engagement to understand their interests is essential. The table below describes our key stakeholders and sets out how the Board and colleagues across the Group engage with them. The principal decisions taken by the Board impacting stakeholders are contained on pages 40 to 42 within the Section 172 report.
WHAT MATTERS TO THEM
HOW WE HAVE/ARE ADDRESSING THESE CHALLENGES
• Security and peace of mind that Just will deliver its promises. • Advice they can trust. • Good value for money. • Product differentiation.
• Behave prudently and have strong, effective governance to ensure we will always meet the promises we make to our policyholders. • Continued to invest in our colleagues and infrastructure to ensure we maintain our reputation for service design and delivery, evidenced by our awards for outstanding service (see page 3). • Launched a newmedically underwritten Just For You Lifetime Mortgage (“LTM”) to offer personalised terms for customers. • Further investment in our Just For You LTM automation initiative including the launch of digital applications via the Just portal for use by advisers. • Offer Destination Retirement, a financial planning service that provides tailor-made advice to individuals starting, or transitioning into, their life after work. • Developed strong asset sourcing capability and medical underwriting that delivers pricing advantage. • Selectively participate in bulk annuity tenders and have deployed our innovative defined benefit partnering solution to preserve capital and help maintain our secure counterparty credentials. • Regular attendance at client trustee Board meetings to update them on their Just buy-in assets. • Hosted a wide range of events for advisers to share knowledge. • CEO quarterly briefing sessions for all colleagues across the Group to reiterate Just’s purpose and provide a business update on key initiatives to deliver our strategic priorities and help people achieve a better later life. • Non-Executive Director engagement with colleagues to bring their voice into the boardroom. • Developing colleagues through in-role experience, coaching, mentoring, online learning and training. • Continued to make strong progress with respect to our commitment to build a diverse workforce and an inclusive culture at Just. • Offered support and guidance for our colleagues built around mental, physical, social and financial wellbeing. • Trialled a new, hybrid way of working incorporating feedback from colleagues, to encourage collaboration and innovation, and to sustain Just’s culture. • Organised activities to involve colleagues in supporting our corporate charity and launched Pawprint, an app to support colleagues to reduce their own carbon footprint. • The Chair met with various shareholders in 2021 to engage on Just’s performance and strategic developments, and to discuss any issues or concerns. • Further refined our strategy with clear, specific goals driven by appropriate priorities including a target to achieve greater than 10% return on equity. • Recommenced the payment of dividends to shareholders. • Issued a RT1 Sustainable Bond to strengthen Just’s broader sustainability credentials. • Continued focus and steps taken during the year to improve Board diversity. • Continued to respond to regulators in a timely and constructive manner and engage directly on any key regulatory matters. • Implemented various material management actions to further reduce residential property exposure. • Active participation in policy development directly with regulators and via trade bodies. • Timely preparation and filing of regulatory returns.
• Quality of service delivered. • Reputation of the Company.
• Good value for money. • Financial strength and strong counterparty credentials that deliver security for advisers, trustees and their members. • Reputation of the Company and service quality. • Access to the defined benefit de-risking market for smaller transactions. • Policyholder experience and service quality as many schemes are targeting future buy-out transactions. • A secure asset portfolio with ESG and sustainability at its heart.
• The Group having a clear vision and purpose. • Having the opportunity to grow and develop. • Diversity and inclusion. • Wellbeing. • Modern ways of working. • Strong community and environmental credentials.
• Improve returns for shareholders. • Assured regular interest payments and capital protection. • Deliver a sustainable capital model. • Operate in a socially responsible manner including greater Board diversity.
• Boards and senior management understand the regulatory objectives, and seek to ensure good consumer outcomes are achieved and policyholder commitments are met. • A culture that supports adherence to the spirit and the letter of regulatory rules and principles. • Foster open and transparent communications with our regulators. • Positive engagement to encourage effective competition and consumer protection which results in better customer outcomes. • Collaborative relationships with open, honest and transparent communications. • Fair, transparent and objective process and evaluation criteria when bidding for new business. • Fair payment terms which are consistently met within deadlines.
• Our Group procurement and outsourcing policy ensures that tender processes are fair and transparent, and all suppliers receive feedback on submissions. All suppliers are expected to adhere to relevant legislation and regulatory regimes, and to act ethically and with integrity. Risk-based profiling ensures all suppliers receive the relevant level of interaction with Just. • Clearly defined performance metrics are agreed with the supplier at the outset to measure on-going success. • Conflicts of interest checks at on-boarding ensuring advantages are not gained through personal relationships.
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