FINANCIAL STATEMENTS
STRATEGIC REPORT
GOVERNANCE
REPORTING OF THE IMPACT OF THE GROUP ON THE CLIMATE The Board acknowledges that the changing climate presents risks and opportunities to the Group’s business model. Generally, the risks fall into two categories known as transition risks and physical risks. Transition risks are business-related risks that follow societal and economic shifts towards a low carbon and more climate friendly future such as policy and regulatory risks. Physical risks are risks which arise from the changes in weather and climate that impact the Group and the wider economy. The Board has adopted clear and measurable sustainability targets for the Group’s operations and investments to be net zero in terms of emissions. The Board has also considered how it can align the Group’s sustainability activities to its strategic priorities as covered in more detail on page 18. In determining the optimal way to consider and monitor the impacts of climate change on the Group, Just has adopted an approach whereby climate change is considered and reported as part of the current control framework. The sustainability targets that the Group has adopted will frame the discussion and build on actions taken by the Group in recent years. You can read more about the targets and our achievements to date on pages 18 to 29. CULTURE, DIVERSITY AND INCLUSION Engaged colleagues are crucial to creating a strong company culture, delivering innovative products and better customer experiences. The Board is committed to having a culture where our people feel proud to work at Just, where our people can thrive and are well led, well managed and have opportunities for growth and development. The Just culture is also reflected in how we work. This is enabled by the strong values underpinning our behaviour: we do the right thing so we can deliver our purpose of helping people achieve a better later life. We were delighted to have been accredited as a 2 star organisation representing outstanding levels of engagement via the Best Companies index and we are proud to have been awarded Company of the Year at the Financial Adviser Service Awards in 2021. In 2021, despite the difficulties presented by COVID-19, the Group continued to work on the organisation’s culture through the three key people priorities to enable the delivery of the Group’s strategy: building organisational resilience through our new ways of working; strengthening talent, capabilities and inclusivity; and maintaining outstanding engagement with colleagues resulting in them feeling proud to work at Just. Diversity remains a key focus for the Board, Group Executive Committee and senior leadership teamwho recognise the enhanced contributions a set of diverse people can bring to our business and wider society. During 2021, Just focused on broadening the diversity and inclusion (“D&I”) strategy with five clear areas of focus: increasing diverse representation, particularly at senior levels; strengthening leadership focus and accountability for D&I; ensuring all groups have equal opportunity for progression and development; educating on bias and developing the inclusive culture; and fostering belonging through supporting our people to be themselves. The Board sponsor for D&I is the Group Chief Executive Officer. In addition, members of the Group Executive Committee have been appointed as executive sponsors of inclusive groups. Further information on the D&I strategy can be found in the Strategic Report on page 33. The Board has adopted a diversity policy and remains committed to improving both the gender and ethnic diversity of the Board in line with the recommendations from the Hampton-Alexander and Parker Reviews. You can read more about the Nomination and Governance Committee’s work in relation to diversity on pages 81 to 83. I am pleased to report that, as at the date of this report, the percentage of women on the Board has increased to 40% (30% as at March 2021).
BOARD COMPOSITION AND SUCCESSION PLANNING As previously announced, there have been various changes to the Board and its Committees during the year. The Nomination and Governance Committee considered plans put in place for the orderly succession to both the Board and to members of the Group Executive Committee and the Group Company Secretary during the year, as covered in more detail in the Nomination and Governance Committee report on page 81. Some Directors have long tenures with the Group or its predecessor companies, Just Retirement Group plc and Partnership Assurance Group plc pre-merger. It remains a key focus to refresh the Board to bring fresh perspectives and challenge as part of the succession planning, whilst recognising the importance of maintaining a balance of skills, knowledge, experience and diversity. Keith Nicholson retired from the Board on 31 December 2021 after serving as Senior Independent Director since the Group’s merger with Partnership Assurance Group plc and prior to that as a Director of Just Retirement Group plc. Kalpana Shah and Mary Kerrigan were appointed as Non-Executive Directors of Just Group plc on 1 March 2021 and 1 February 2022 respectively. Following Keith Nicholson’s retirement, Ian Cormack, an independent Non-Executive Director of the Group, was appointed as Senior Independent Director and Kalpana Shah took over as Chair of the Group Risk and Compliance Committee. BOARD EVALUATION AND EFFECTIVENESS Board evaluation is an important annual process and this year we have undertaken an internal evaluation which built on the externally facilitated review performed by Value Alpha the previous year. The review covered both Just Group plc and the two life companies (Just Retirement Limited and Partnership Life Assurance Company Limited). I am pleased to report that following consideration of the feedback and findings from this year’s assessment, the Board concluded that it continues to be effective. As part of the annual evaluation process, all Non-Executive Directors were assessed as being independent and able to provide an effective contribution to the Board. More information about the Board evaluation can be found on page 80. 2022 ANNUAL GENERAL MEETING I am pleased to confirm that the 2022 Annual General Meeting (“AGM”) will be held at 10.00am on 10 May 2022 at our registered office, located at Enterprise House, Bancroft Road, Reigate, Surrey RH2 7RP. In order to facilitate the best possible engagement with shareholders, as well as inviting shareholders to attend the Group’s Reigate office, we also intend to broadcast the AGM through Microsoft Teams (“Teams”). There will be an opportunity for all shareholders attending in person or via Teams to ask questions during the meeting. There will also be a designated email to submit questions in advance of the AGM. More information about the 2022 AGM and the associated arrangements can be found in the Notice of Meeting which will be published and made available on the Group’s website separately.
JOHN HASTINGS-BASS Chair 9 March 2022
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