JUST GROUP PLC Annual Report and Accounts 2021
SECTION 172 STATEMENT – EXAMPLES OF DECISIONS DURING THE YEAR
This report assesses how the Directors have taken into consideration the Company’s business relationships with various key stakeholders. It also explores how the Directors have engaged with colleagues across the Group and how the principal decisions taken by the Board may impact them.
AREA OF DECISION
MATTER CONSIDERED
WHAT WE DID
S172 FACTOR/ KEY STAKEHOLDERS
High standards of business conduct, colleagues
The Board considered various initiatives to support its strategic priority to transform how we work.
The Board considered and agreed the Group’s strategy execution plan for 2021 which included a strategic priority to transform how we work that was supported by a set of key dependencies to deliver in 2021. The key dependencies included delivering a retail transformation programme, a finance transformation programme and modern workplace technology, environment and processes. The Board has committed to invest in transformation and operational improvements to enable the Group to create a business that can scale without adding significant cost. The Directors have provided oversight on these initiatives and regular status updates were received at Board and Board Committee meetings. The implementation of IFRS 17, the new insurance accounting standard, is one of the key focus areas for the year ahead to ensure compliance with the new requirements which are effective from 1 January 2023. As part of the modern workplace programme, the Board engaged on plans to trial new, hybrid ways of working and received updates from senior management on the new working model for Just and how the changes optimise our organisational footprint, and the impact of the programme on our culture. The Board engaged on culture, colleague engagement and wellbeing, and considered the impact that more flexible models of working could have on our culture, which is grounded firmly in our clear and compelling purpose as a business to help people achieve a better later life. The Board also considered the framework for measuring culture, which included active management of performance and promoting individual accountability. Diversity and inclusion remains a key focus area for the Directors both at Board level and the wider workforce. Key initiatives included conducting workshops to raise awareness and understanding of diversity and inclusion more broadly and issues around race and ethnicity at work in particular. Group inclusion measures were also defined during the year. At Board level, the Board diversity policy was reviewed by the Nomination and Governance Committee during the year. In line with the Board succession plan, the percentage of female Directors has increased and currently stands at 40%. During the year, colleagues were invited to attend a series of virtual engagement sessions with Non-Executive Directors branded as “Conversations with the Board”, which were framed around various themes and topics including the impact of COVID-19, challenges and opportunities for our business, diversity and inclusion, and our culture where the pay of Executive Directors was discussed and its alignment with the wider workforce. At all sessions, colleagues had the opportunity to provide feedback and ask questions on any matters of interest to them to give the Directors visibility of any hot topics which required the attention of the Board. The Group Chief Executive Officer held a series of virtual and hybrid town halls during 2021 to reiterate the Group’s purpose and strategic objectives, and to provide general business updates. Feedback from colleagues on matters such as wellbeing, hybrid working and job satisfaction was gathered through various means including surveys and focus group sessions. During the year, Just was accredited by Best Companies as a 2 star organisation representing outstanding levels of engagement, which is our highest level of employee engagement since starting to take part in the survey in 2009.
TRANSFORM HOW WE WORK
Colleagues
Based on the strategic priority be proud to work at Just, the Board considered a programme of activity to ensure it was engaged on key developments impacting colleagues and culture, and that it had opportunities to engage with colleagues through meaningful, regular dialogue.
COLLEAGUES AND CULTURE
40
Powered by FlippingBook