Just group PLC | Annual Report and accounts 2022
SECTION 172 STATEMENT – EXAMPLES OF DECISIONS DURING THE YEAR
This report assesses how the Directors have taken into consideration the Company’s business relationships with various key stakeholders. It also explores how the Directors have engaged with colleagues across the Group and how the principal decisions taken by the Board may impact them.
S172 FACTOR/ KEY STAKEHOLDERS
AREA OF DECISION
MATTER CONSIDERED
WHAT WE DID
Long term, high standards of business conduct, colleagues, customers, environment
The Board considered various initiatives to support its strategic priority to transform how we work.
The Board considered and agreed the Group’s strategy execution plan for 2022 which included a strategic priority to sustainably transform how we work that was supported by a set of key dependencies to deliver in 2022 and beyond. A key dependency included delivering a Defined Benefit modernisation roadmap. The positive impact on our trustees' experience and enhancements to the quality of our service have been key considerations for the Defined Benefit modernisation programme of activity. The Board has also committed to invest in transformation and operational improvements to enable the Group to create a business that can scale without adding significant cost to support its sustainable growth ambitions. The Directors provided oversight on these initiatives and regular status updates were received at Board and Board Committee meetings. During the year, our lease at The Minster Building in London came to an end. The Board considered and approved entering into a lease at 1 Angel Lane in London. A key consideration was the design of the new office to improve the office experience for colleagues and its low environmental footprint to support the Group to reduce its carbon footprint. A key strategic focus area agreed by the Board was to embed Just’s culture and establish a framework for measuring culture, which includes active management of performance and promoting individual accountability. Key risk indicators (“KRIs”) were developed in 2022 and the Group Risk and Compliance Committee now receives biannual reports on the risk culture KRIs. Diversity and inclusion remains a key focus area for the Directors both at Board level and the wider workforce. The Board considered and supported key initiatives for 2022 and beyond, which include offering reciprocal mentoring and cross- company mentoring programmes, building succession plans that monitor diversity and adjust if necessary, and using targeted recruitment channels to widen our talent pools and build diverse shortlists, particularly in senior roles. At Board level, the Board diversity policy was reviewed by the Nomination and Governance Committee during the year and updated to reflect the Listing Rules requirement concerning diversity and inclusion requirements. In line with the Board succession plan, the percentage of female Directors currently stands at 44% and minority ethnic representation is 11%. During the year, colleagues were invited to attend a series of engagement sessions with Non-Executive Directors branded as “Take on Board”. The discussions were framed around various themes and topics including the role of the Board, diversity and inclusion, culture and the alignment of Executive Directors’ remuneration with the wider workforce. At all sessions, colleagues had the opportunity to provide feedback and ask questions on any matters of interest to them to give the Directors visibility of any hot topics which required the attention of the Board. In addition to taking part in the engagement sessions, the lead Non-Executive Directors responsible for seeking the views of our colleagues and bringing them back to the Boardroom regularly engaged with the Group’s Chief People Officer on colleagues, culture and wellbeing matters. A particular focus area was the results of the annual engagement survey and the actions to be taken based on the feedback received. The Group Chief Executive Officer held a series of town halls during 2022 to reiterate the Group’s purpose and strategic objectives, and to provide general business updates. Feedback from colleagues on matters such as wellbeing, hybrid working and job satisfaction was gathered through various means including surveys and focus group sessions.
TRANSFORM HOW WE WORK
Colleagues
Based on the strategic priority be proud to work at Just, the Board considered a programme of activity to ensure it was engaged on key developments impacting colleagues and culture, and that it had opportunities to engage with colleagues through meaningful, regular dialogue.
COLLEAGUES AND CULTURE
54
Powered by FlippingBook