GOVERNANCE
FINANCIAL STATEMENTS
strategic report
S172 FACTOR/ KEY STAKEHOLDERS
AREA OF DECISION
MATTER CONSIDERED
WHAT WE DID
Long term, investors and customers
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.
Each year, the Board considers Just’s strategy and agrees on priorities and goals for the year ahead and beyond. The Group remains focused on achieving its growth ambitions, building a sustainable capital model and reaching its environmental sustainability targets. The Board has agreed specific goals driven by appropriate priorities to fulfil its purpose of helping people achieve a better later life. Key actions by the Group during the year included: • the sale of a portfolio of lifetime mortgages to further reduce the Group’s exposure to UK residential property risk. It also reduces the sensitivity of the solvency capital coverage ratio to movements in UK residential property prices; • expanding Just’s proposition in the defined benefit de-risking market to fully meet the needs of deferred members of pension schemes; • building a pipeline of companies for Just’s pioneering automated financial advice and integrated retirement service, Destination Retirement, to guide and support customers who need help to structure their financial plans for life after work; • continued differentiation of lifetime mortgage propositions to offer increased value to customers; and • progressed plans to expand our Secure Lifetime Income proposition onto an additional investment platform in 2022. 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. Given the stronger capital position of the Group and its focus on delivering profitable and sustainable growth while generating capital, the Board decided to review the dividend policy and concluded to recommence dividend payments from May 2022. As part of its deliberations on whether to declare a dividend for the year ended 31 December 2021, the Board considered the ability of the Group to continue to generate capital, the impact on its solvency capital ratio, and its stakeholders’ views. After assessing affordability and taking into consideration the impact on the Group’s solvency position, the Board also declared an interim dividend of 0.5 pence per share which was paid to shareholders in September 2022. Just’s Directors’ remuneration policy (the “Policy”) was last approved at the 2020 Annual General Meeting (“AGM”) and the current Policy has remained in place for three years. In accordance with legislation, shareholders will be invited to approve the new Policy at the 2023 AGM. 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 strategic objectives and emerging best practice. The Remuneration Committee Chair also engaged with our largest shareholders to listen and reflect on their views in early 2023 prior to finalising the proposed new Policy. Details of the proposed Policy changes can be found in the Directors’ Remuneration report.
STRATEGY
Investors
The Board considered whether to recommend the payment of dividends taking into consideration the key focus on delivering profitable and sustainable growth.
DIVIDEND AND CAPITAL MANAGEMENT
Investors
The Remuneration Committee reviewed the Directors’ remuneration policy
REMUNERATION
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