Section 172 statement
Section 172 (1) of the Companies Act 2006 ‘Duty to promote the success of the company’ requires a Director of a company to act in the way he or she considers, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole
Section 172 statement
The Directors recognise the significance of considering the Company’s responsibilities and duties for the long term and are focused on driving the long-term sustainable success of the Company for the benefit of all stakeholders.
We believe that maintaining strong relationships with all our stakeholders is key and that the interests of relevant parties should be considered when making key business decisions that may impact them.
The Board also acknowledges its responsibility to consider the long‑term impacts of the Company’s decisions on wider society and the environment. The principles underpinning S172 are not only considered at Board level but are embedded in everything we do as a Company.
Principal decisions
We define principal decisions as both those that are material to the Group, but also those that are significant to any of our key stakeholder groups.
In making principal decisions, the Board take the course of action that they consider leads to the success of the Group over the long term. When doing so, the outcome from stakeholder engagement as well as the need to maintain a reputation for high standards of business conduct, corporate governance and the need to act fairly between the members of the Company is considered.
The Directors acknowledge that every decision made will not necessarily result in a positive outcome for all our stakeholders but by considering the Group’s purpose and values, together with its strategic priorities, the Directors aim to make sure its decision is consistent and predictable.
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