STRATEGIC REPORT
51
AREA OF DECISION
MATTER CONSIDERED
WHAT WE DID
STAKEHOLDERS
Strengthening of the Just Group plc and Life Company Boards as well as progressing the Board’s diversity targets.
In line with the Code the Board has always taken succession planning seriously. In April 2019 the CEO Rodney Cook stepped down as part of his longer term retirement plans. The Board along with the Nomination Committee decided to strengthen the Group’s leadership team in light of the organic capital target. Taking into account the Board’s requirements, extensive interaction took place with both regulators and shareholders giving rise to the appointments of the new CEO and consequently the new CFO. The Board was satisfied that the appointments of David Richardson as CEO and Andy Parsons as CFO were the most likely to promote the best interests of all stakeholders and enable the delivery of the strategy. In addition noting its diversity objective and the needs of the Board, Michelle Cracknell was appointed as a Non-Executive Director on 1 March 2020. Michelle is a qualified pensions actuary, with 30 years’ experience, focusing on the challenges facing consumers in later life and until recently was Chief Executive of the Pensions Advisory Service. The Board was satisfied that Michelle’s experience would enhance the Board’s ability to make the right decisions for all stakeholders. During the year the Board also considered the operation and composition of the Boards of the Group’s two regulated life companies (Just Retirement Limited and Partnership Life Assurance Company Limited). It was recognised that in order to enhance the governance of those two companies and to enhance the management of conflicts of interests, should they arise, it was appropriate to appoint an additional independent Non-Executive Director to the Life Company Boards. Mary Kerrigan has been added to the Boards. Further information on all of these appointments can be found in the Corporate Governance Report and particularly the Nomination Committee report on page 69. The Board is mindful of the Group’s impact on the environment and whilst the Group does not manufacture goods it has considered ways the Group can reduce its impact on the environment. As referred to more fully in the report on the GRCC there are a number of different emerging risks which could be aggregated under climate change. Whilst relatively low in terms of impact on the Group these could in due course have more significant impacts over time and the Committee monitors these closely on behalf of the Board. The Group’s Investment Committees were mandated to pursue a sustainable investment strategy and the way it manages our investment portfolio is increasingly influenced by ESG priorities. More detail can be found on page 18, which details the Group’s Sustainable Investment Strategy. 65% of the Group’s assets (excluding lifetime mortgages) are invested whilst having regard to ESG factors. We have reduced our carbon footprint by reducing our property footprint and modernising the workplace to enable more colleagues to take advantage of flexible working. As more fully detailed on page 22 in our report on relationships with stakeholders, we have a fair, open and collaborative relationship with our suppliers and business partners and introduced a Group procurement & outsourcing policy that requires prospective suppliers to provide evidence of their environmental management processes. We use environmental performance as a criteria when appointing new suppliers.
Improving the strength of our executive and non-executive leadership team and improving Board gender balance. These changes will benefit all stakeholders by enhancing Board decision making to deliver the
LONG TERM, COMMUNITY & ENVIRONMENT BOARD GOVERNANCE
Company strategy.
Environmental, Social and Governance (“ESG”) factors are a growing focus for our Group.
All stakeholders will benefit from a more sustainable business model.
COMMUNITY & ENVIRONMENT
SUSTAINABLE INVESTMENT STRATEGY
The Board considers it important how the Group deals with suppliers.
Suppliers and partners.
HIGH STANDARDS OF BUSINESS CONDUCT PROCUREMENT AND OUTSOURCING POLICY
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