GOVERNANCE
FINANCIAL STATEMENTS
strategic report
S172 FACTOR
EXAMPLES OF MATTERS THE BOARD HAS REGARD TO
• Company’s purpose • Strategy • Business model • Risks including emerging risks • Key stakeholders • Regulatory framework
The Board has regard to all our stakeholders when developing and executing our strategy. Our business model is reviewed at least annually taking into consideration our Company’s purpose, strategy, key stakeholders and emerging risks, and addressing the changing regulatory environment.
LONG TERM
• Colleague engagement • Diversity and inclusion • Education and training • Hybrid working • Wellbeing • Anti-bribery and anti- corruption • Modern slavery • Responsible payment practices • Vulnerable customers • Consumer Duty
Ensuring colleagues feel proud to work at Just, with good levels of engagement, strengthening our talent, capabilities and inclusivity, and building well led, high performing and healthy teams have been key strategic focus areas for the Board during 2022. Our Colleagues and culture report details Just’s commitment to colleagues’ interests, diversity and inclusion, colleague engagement, education and training, and wellbeing. The Board is committed to fostering the Company’s business relationships with suppliers, customers and other stakeholders. The Relationships with stakeholders report outlines our relationships with our principal suppliers and customers, as well as other stakeholders, and how we engage, what matters to them and how we have addressed any challenges they have raised with us. In 2022, our supplier contracts were updated to ensure suppliers are committed to ethical business practice with regard to anti-money laundering, anti-bribery and corruption, whistleblowing and anti-slavery and human trafficking laws. For our suppliers we have a Procurement and outsourcing policy, ensuring tender processes are fair and transparent and suppliers receive feedback on submissions. Ensuring the fair treatment of vulnerable customers continues to be an important area of focus for the Board. The Board is also responsible for the oversight of implementation plans by relevant business areas to ensure the new FCA Consumer Duty requirements are met. The Board recognises Just’s place in society and has reaffirmed the Group’s purpose of helping people achieve a better later life. The Group continues to invest in community initiatives through various programmes as summarised in the Colleagues and culture report. Just also encourages colleagues to take part in a range of volunteering activities that are aligned to our purpose of helping people achieve a better later life. Following the adoption of Just’s sustainability strategy by the Board, various initiatives are being developed to deliver the Group’s sustainability ambitions, which includes leaving a responsible footprint. The Sustainability strategy: TCFD disclosure framework report outlines the Group’s sustainability strategy and how it aligns with Just’s strategic priorities. We understand that the expectations and requirements of the society in which we operate are set through legislation and regulation. We receive feedback from stakeholders including our regulators, the PRA and FCA, as well as other relevant bodies. The Board listens actively to stakeholders’ feedback and takes it into account when making judgements and taking decisions. Our intention is to ensure that Just and our colleagues operate the business in an ethical and responsible way. A healthy corporate culture is the cornerstone of high standards of business conduct and governance. In 2022, key risk indicators were developed in relation to Just’s risk culture. The Group Risk and Compliance Committee now receives biannual reports on risk culture including key themes requiring further attention. Everything Just and our colleagues do should be delivered sustainably and it is underpinned by clear behaviours of always adapting, collaborative, dynamic and for the customer, which we collectively call the Just way. The Board has overall responsibility for establishing and maintaining the Group’s systems of internal control and for undertaking an annual review of the control systems in place to ensure they are effective and fit for purpose. The Group Audit Committee reviews and approves Just’s whistleblowing policy annually. The Group has a dedicated whistleblowing hotline and portal that allows colleagues who suspect fraudulent, illegal or unethical behaviour by co-workers to report the matter through an independent and confidential service. We receive capital investment from shareholders and from debt investors. Without their investment we would not be able to achieve our purpose. We maintain regular dialogue with our shareholders, potential investors and research analysts to give them an opportunity to learn more about Just’s strategic priorities, trading conditions and other factors affecting our business. During the year we held seminars on our Defined Benefit strategy and investment strategy for analysts and investors. Our Annual General Meeting provides another opportunity for investors to meet with our Directors. Our Relationships with stakeholders report provides an overview of the various ways in which we engage with our different investor groups. Following a review of the dividend policy, the Board concluded to recommence dividend payments in 2022.
COLLEAGUES
BUSINESS RELATIONSHIPS – SUPPLIERS AND CUSTOMERS
• Community programme • Charity partnerships • Climate change and environmental impact • Sustainable investments
COMMUNITY AND ENVIRONMENT
• Just Group brand • Culture and values • Awards and recognition
HIGH STANDARDS OF BUSINESS CONDUCT
• Internal controls • Whistleblowing
• Shareholder engagement • General meetings • Education initiatives • Dividend policy
INVESTORS
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