STAKEHOLDER STATEMENT
The Directors of the Company must act in accordance with a set of general duties as detailed in section 172 of the Companies Act 2006 in order to promote the success of the Company and Group (hereafter "the Company"). The following paragraphs detail how the Directors have fulfilled these duties:
- The Directors are responsible for the overall strategy of the Company and delegate the execution of the strategy and the day-to-day management of the Company’s business to senior management.
- The senior management team along with members of the Board of Directors meet regularly and review current and forecast trading, finances, employee matters, marketing initiatives and technological developments.
- The overall strategy is set with a view to creating value for the members of the Company over the long term. As such, decisions made by the Company take account of both the short and long term impact that these decisions will have on the value to the Company. Whilst it is often self-evident, the decisions made by senior management and the Board are taken having carefully identified any potentially affected stakeholders and the consequence of any decision on them.
- As disclosed elsewhere in this report, on 24 June 2022 there was a change in the ownership structure of the Group. This was an important decision that the Board took and in making this decision the impacts on all stakeholders were considered with the Board concluding that the future of the Group would be further secured by this change.
- The Board place great importance on the Company’s reputation. This reputation has been built and continues to be reinforced by the Board’s focus on ensuring that the Company maintains very high standards of business conduct. Internally there are well-established controls and processes in place to ensure good business practice is followed. Further, the Company is supported by a number of external professional advisors who ensure compliance with all laws, regulations and professional standards relevant to the Company’s operations.
In addition to the above, the Directors recognise their responsibilities with regard to a wider range of stakeholders, including employees, customers, suppliers and the community.
The Company engages with these stakeholders through a variety of channels:
EMPLOYEES
The Company has regular communication with all employees, as well as providing information through an intranet platform. During the year regular communications with employees have been important in order to ensure everyone was aware of the latest developments in the business, as well as the change in the ultimate ownership of the Group. As such, monthly presentations to the whole team have continued throughout the year.
A number of staff training courses continue to be run to enable employees to develop their skills and an annual staff survey is completed to ensure the Company understands the views of its employees.
CUSTOMERS
The Company regularly engages with customers through a range of means. The company has a well utilised website and also has an annual virtual conference, with over 2,000 customers attending. A series of webcasts has been created for customers and prospects which have been very well received. Customers are also helped on a day-to-day basis through best-in-class technical support and training courses, providing insight and assistance on an ongoing basis. The level of customer service offered is highlighted through the Feefo Platinum Trusted Service award, obtained for having an average service rating of at least 4.5/5 from customer reviews.
SUPPLIERS
The Company has a strong relationship with key suppliers and conducts regular business reviews as well as attending supplier-led training courses and conferences. The Company works collaboratively with suppliers, both on product development and helping to resolve technical queries customers may have.
COMMUNITY
The Company recognises the important role it can play in the community and supports its employees in charitable events in which they participate, through the provision of a matched-funding sponsorship scheme.