STRATEGIC REPORT
23
We recognise the role that each stakeholder group plays in our success and our responsibilities towards them. Building strong stakeholder engagement based on dialogue and participation is essential. The table below identifies those 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 on page 50 within the Section 172 report.
WHAT MATTERS TO THEM
HOW WE HAVE/ARE ADDRESSING THESE CHALLENGES
• Quality of service delivered. • Good value for money. • Advice they can trust. • Reputation of the Company. • Security and peace of mind that Just will deliver its promises.
• Continued to invest in our colleagues and infrastructure to ensure we maintain our outstanding reputation for service design and delivery, evidenced by our portfolio of awards (see page 3). • We have been developing a pioneering new service within our HUB Financial Solutions business to provide affordable regulated financial advice to those people with more modest pension pots. • We behave prudently and have strong, effective governance to ensure we will always meet the promises we make to our policyholders. • Attended industry events and delivered a Just defined benefit summit to build the profile of our DB de-risking offer and to educate trustees of smaller schemes on how to prepare for a transaction. • Selectively participate in bulk annuity tenders and have deployed our innovative defined benefit partnering solution to preserve capital and help maintain our secure counterparty credentials. • Developed strong asset sourcing capability and medical underwriting that delivers pricing advantage. • Regular attendance at client trustee boards to update them on their Just buy-in assets. • CEO quarterly face-to-face briefing sessions for all colleagues across the Group. • Organising events to involve colleagues in supporting our corporate charity. • Developing colleagues through in-role experience, coaching, mentoring, online learning and face-to-face training. • Non-Executive Director accountable for engaging with colleagues and bringing their voice into the boardroom (see people and culture section on page 40). • We launched a new career framework in 2019 which provides a map of potential career paths. This helps us to offer opportunities for personal growth and career development to the right groups of people at the right stage of their career. • Designed and implemented a number of material management actions in response to PRA changes to the treatment of equity release mortgages. • Further management actions identified to support our commitment to deliver a sustainable capital model. • There is an active programme underway to improve Board diversity. • Response to regulators in a timely and constructive manner. • Implemented a number of material management actions in response to PRA changes to the treatment of equity release mortgages. • Active participation in policy development directly and via trade bodies.
• Reputation of the Company and service quality. • Financial strength and strong counterparty credentials that deliver security for trustees and their members. • Good value for money. • A secure asset portfolio with ESG and sustainability at its heart. • Access to the defined benefit de-risking market for smaller transactions. • Policyholder experience and service quality as many schemes are targeting future buy-out. • Being clear of the Company’s vision and purpose. • Working for a company that gives something back to its communities. • Having the opportunity to grow and develop. • Diversity and inclusion.
• Improve returns for shareholders. • Deliver a sustainable capital model. • Make progress achieving greater Board diversity.
• 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. • Dealing with the regulators in an open and cooperative way. • 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.
• We introduced a Group procurement and outsourcing policy, ensuring tender processes are fair and transparent and all suppliers receive feedback on submissions. • 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 on-going success. • Conflict of interest checks at on-boarding ensure advantages are not gained through personal relationships. • Payment terms are met and shared via governmental payment practice reporting.
Powered by FlippingBook