Strategic Report | Governance | Financial Statements | 59
AREA OF DECISION
MATTER CONSIDERED
S172 FACTOR/ KEY STAKEHOLDERS Long term, investors and customers
WHAT WE DID
The Board considered and refined the Group’s strategy with clear, specific goals driven by appropriate priorities to be delivered sustainably and following the Just Way.
The Board considered Just’s strategy and agreed on goals for 2023 and beyond, driven by appropriate priorities to fulfil its purpose of helping people achieve a better later life. The Group remains focused on achieving its growth ambitions, building a sustainable capital model and reaching its environmental sustainability targets. Key actions by the Group during the year included: • delivering major milestones within the defined benefit (“DB”) business including the securing of new reinsurance counterparties and upgrading the DB pricing platform to enable an increased number of priced deals each month; • the model of Just’s pioneering automated financial advice and integrated retirement service, Destination Retirement, was adjusted to enable the provision of guidance and support to customers who need help to structure their financial plans for life after work at a much earlier stage in life (from age 45 up). The new developments have significantly broadened the relevance of the offering to a much wider population and positions Destination Retirement as the UK’s premier customer facing platform for retirement consolidation, guidance, and advice; • from 11 September 2023, as part of becoming a greener business, the Green Mortgage discount applied to our entire Just For You Lifetime Mortgage (“LTM”) range, with the discount extended to include properties with C-rated Energy Performance Certificates (“EPC”). Extending the offering to our customers is another step in helping us meet our sustainability goals of reaching net zero by 2050 and halving our emissions by 2030, as our LTM portfolio forms part of our scope 3 emissions; • continued investment in environmental, social, and corporate governance (“ESG”) related assets with over £300m invested in social housing, the renewable energy industry, and public health care facilities at NHS University Hospital Southampton; and • progressed plans to expand our Secure Lifetime Income proposition onto an additional platform in 2024. The long-term sustainability of the Group and the associated impact on investors and customers were key considerations by the Board when determining the Group’s strategic priorities. Further information on the Group’s strategy can be found in the Strategic priorities report. As part of the Board’s considerations for the payment of a final dividend for the year ended 31 December 2022, the Board assessed the affordability and sustainability of a dividend with regard to the solvency position, business performance, liquidity of the business across the plan period and reviewed the outcome of various stress tests. The Board also considered the impact of the dividend decision on shareholder expectations as it relates to the Group’s dividend policy. Following due consideration of the various matters, the Board declared a final dividend of 1.23 pence per share which was paid to shareholders in May 2023. An interim dividend of 0.58 pence per ordinary share was declared, which was paid to shareholders in October 2023. Just’s Directors’ Remuneration policy (the “Policy”) was previously approved at the 2020 Annual General Meeting (“AGM”) and had remained in place for three years. On behalf of the Board, the Remuneration Committee conducted a review of the Policy during the year. As part of the review, the Directors took into consideration how the Policy aligned with Just’s longer-term strategic objectives and emerging best practices. The Remuneration Committee Chair also engaged with our largest shareholders to listen and reflect on their views in 2023 prior to finalising the proposed new Policy. On 9 May 2023, the new Policy was approved by shareholders at the 2023 AGM.
STRATEGY
Long term, Investors
The Board considered the long-term impact of payment of dividends on the Group’s liquidity and solvency positions.
DIVIDEND AND CAPITAL MANAGEMENT
Long term, Investors
The Remuneration Committee reviewed the Directors’ remuneration policy.
REMUNERATION
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