Just group PLC | Annual Report and accounts 2022
SECTION 172 STATEMENT – EXAMPLES OF DECISIONS DURING THE YEAR continued
S172 FACTOR/ KEY STAKEHOLDERS
AREA OF DECISION
MATTER CONSIDERED
WHAT WE DID
Community and environment,
SUSTAINABILITY The Board considered its approach to sustainability governance.
The Board receives regular updates on the Group’s sustainability initiatives including updates on progress to reach the sustainability targets for the Group’s operations to be carbon net zero by 2025 and its investments and supply chain to be net zero by 2050, with a reduction of 50% by 2030 in line with the Association of British Insurers (“ABI”) climate change roadmap. In addition, the Non-Executive Lead on Sustainability regularly engages with management in relation to our targets and wider sustainability trends. During the year, the Board revisited its approach to sustainability governance and considered the merits of establishing a Board Sustainability Committee. When considering its options, the Directors took into consideration Just’s strategic approach to sustainability, the expectations of various stakeholders including shareholders, trustees and new business partners, regulatory requirements and expectations, the approach taken by Just’s peers and emerging best practice. As sustainability is an integral part of Just’s strategy and underpins the way in which the Group operates and makes decisions, the Board concluded that oversight should remain at Board level. It was agreed that additional time would be allocated on the Board meeting agenda each quarter to engage on sustainability matters. Additional training is being provided to the Directors in 2023 on sustainability matters. The approach will be revisited regularly to reflect on evolving requirements and best practice. In 2022, each of the Board Committee’s terms of reference and Group policies were reviewed and, where appropriate, specific responsibilities have been included to consider climate change matters and the impact on the Group’s targets. Board and Committee papers now include information on the impact of any proposals on the Group’s sustainability strategy. The Group Risk and Compliance Committee on behalf of the Board, continues to receive regular updates on actions taken to enhance climate-related disclosures and to better understand the longer-term climate risks to the Group’s investment and property portfolio, and to embed climate risk factors in the risk management framework. Throughout the Annual Report you will find information on sustainability initiatives and the steps taken by the Group to strengthen its sustainability credentials. Just takes a zero tolerance approach to modern slavery and implements various measures to prevent modern slavery and human trafficking in our supply chain as covered in more detail in the Modern Slavery Statement approved by the Board. The Modern Slavery Statement can be found on the Company’s website. Our supplier contracts were updated during the year to ensure suppliers are compliant with anti-slavery and human trafficking laws. The implementation of IFRS 17, the new insurance accounting standard, has been one of the key focus areas for the Directors during the year to ensure compliance with the new requirements. The Group Audit Committee has been responsible for oversight of the progress to implement IFRS 17. Additional meetings were held to specifically focus on this project. A key consideration was to ensure key stakeholders including investors, regulators and the external auditor understood the changes to financial reporting and the associated impact on the Group.
colleagues, customers, suppliers, investors
High standards of business conduct, suppliers and partners
The Board considered processes for procurement and outsourcing arrangements to prevent modern slavery and human trafficking in our supply chain. The Board considered the requirements to comply with IFRS 17, the new insurance accounting standard and the impact on key stakeholders.
PROCUREMENT AND OUTSOURCING
High standards of business
FINANCIAL REPORTING
conduct, investors
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