STRATEGIC REPORT
45
We recognise the role that each stakeholder group plays in our success and our responsibilities towards them. Building strong stakeholder engagement based on dialogue and participation is essential. The table below identifies those 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 48 to 50 within the Section 172 report.
WHAT MATTERS TO THEM
HOW WE HAVE/ARE ADDRESSING THESE CHALLENGES
• Quality of service delivered. • Good value for money. • Advice they can trust. • Reputation of the Company. • Security and peace of mind that Just will deliver its promises.
• 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). • Invested in our Just For You Lifetime Mortgage (“LTM”) digital initiative for LTM advisers to obtain rates and quotes. • Launched “Destination Retirement”, a financial planning service that gives individuals tailor-made advice about retirement within our HUB Financial Solutions business. • We behave prudently and have strong, effective governance to ensure we will always meet the promises we make to our policyholders. • 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. • Invested in new technology to improve digital services. • Hosted a wide range of virtual events for advisers to share knowledge. • CEO quarterly briefing sessions for all colleagues across the Group to reiterate the Company’s purpose and provide a business update on key initiatives. • Non-Executive Director engagement with colleagues to bring their voice into the boardroom. • Organised events to involve colleagues in supporting our corporate charity. • Developing colleagues through in-role experience. • Coaching, mentoring, online learning and training. • Broadened our diversity and inclusion strategy to, amongst others, increase diverse representation, educate on unconscious bias and develop an inclusive culture. • Increased the range of support and guidance for our colleagues built around mental, physical, social and financial wellbeing. • Designed and implemented a number of material management actions in response to PRA changes to the treatment of lifetime mortgages. • Further management actions identified to support our commitment to deliver a sustainable capital model. • There is an active programme underway 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 in response to the PRA changes to the treatment of lifetime mortgages. • Active participation in policy development directly and via trade bodies. • Timely preparation and filing of regulatory returns. • We introduced a Group procurement and outsourcing policy, ensuring tender processes are fair and transparent and all suppliers receive feedback on submissions. All suppliers are expected to adhere with 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 ongoing success. • Conflict of interest checks at onboarding ensure advantages are not gained through personal relationships.
• Reputation of the Company and service quality. • Financial strength and strong counterparty credentials that deliver security for advisers, trustees and their members. • Good value for money. • A secure asset portfolio with ESG and sustainability at its heart. • Access to the defined benefit de-risking market for smaller transactions. • Policyholder experience and service quality as many schemes are targeting future Buy-out. • Being clear on the Company’s vision and purpose. • Working for a company that gives something back to its communities. • Having the opportunity to grow and develop. • Diversity and inclusion. • Wellbeing.
• Improve returns for shareholders. • Deliver a sustainable capital model. • Make progress achieving 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. • Dealing with the regulators in an open and cooperative way. • 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.
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