GOVERNANCE
FINANCIAL STATEMENTS
strategic report
The Board recognises that the long-term sustainable success of Just is dependent on the way it engages with our key stakeholders.
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 within the Section 172 report.
WHAT MATTERS TO THEM
HOW WE ADDRESS THESE CHALLENGES
• Behave prudently and have strong, effective governance to ensure we always meet the promises we make to our policyholders, and that due care and attention is given to customer outcomes. • 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. • Differentiate our products offering unique features to customers such as our medically underwritten Just For You Lifetime Mortgage (“LTM”) which offers personalised terms for customers. • Further investment in our Just For You LTM automation initiative to enhance the LTM digital adviser services. • Offer Destination Retirement, a financial planning service that provides tailor-made advice to individuals approaching or transitioning into retirement after work. • Ongoing development of strong asset sourcing capability that delivers pricing advantage. • Selectively participate in bulk annuity tenders and deploy 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 to share knowledge. • Offer a bulk quotation service to provide early visibility of insurer pricing. • 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. • Embedded a hybrid way of working to encourage collaboration and innovation, and to sustain Just’s culture. • Provided volunteering opportunities to make a positive impact in our local communities. • Communicated sustainability initiatives through Pawprint, an app to support colleagues to reduce their own carbon footprint. • Held meetings with shareholders in 2022 to engage on Just’s performance and strategic developments, and to discuss any issues or concerns. • Seminars were held for investors and potential investors on Just’s Defined Benefit de-risking strategy and the Group’s investment strategy with webcasts published on our website. • Further refined our strategy with clear, specific goals driven by appropriate priorities including a target to achieve greater than 10% return on equity. • Payment of dividends to shareholders. • Continued focus and steps taken during the year to refresh the Board. • Continued to respond to regulators in a timely and constructive manner and engage directly on any key regulatory matters. • Implemented 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. • Our 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 ongoing success. • Conflicts of interest checks at on-boarding, ensuring advantages are not gained through personal relationships. • Offer helpful tips and guidance on topics relating to retirement on our customer website. • Initiatives to raise awareness in the financial advice community to support the needs of vulnerable customers. • Partnered with Hourglass, a national charity whose mission is to end the harm, abuse and exploitation of older people in the UK. • Continued to make progress to reach our carbon net zero targets. • Partnered with EcoTree, a sustainable forestry management company, to plant trees, as one of our sustainability initiatives.
• Security and peace of mind that Just will deliver its promises. • Advice they can trust. • Good value for money. • Product differentiation. • Quality of service delivered. • Reputation of the Company.
• An insured solution that offers certainty for trustees and security for members. • 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 initiatives. • Wellbeing. • Hybrid working. • Strong community and environmental credentials. • Returns on investment. • Assured regular interest payments and capital protection. • Deliver a sustainable capital model. • Operate in a socially responsible and sustainable manner including greater diversity in the organisation. • 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. • Offer support and information to help individuals transition from work to retirement. • Providing support for vulnerable customers. • Support fundraising efforts in local communities. • Leave a responsible footprint.
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