The directors act in good faith, to promote the success of the Group for the benefit of the members as a whole. Management focus on long-term strategies in order to deliver sustainable shareholder value having regard to the sometimes conflicting needs and priorities of key stakeholders.
Directors make their decisions within the context of medium and long-term strategies and shareholder expectations on investment return. The Group has a five-year strategic plan to further leverage its strong national branch network and buy and build capabilities in order to achieve both organic and acquisitive growth.
The competing needs of the various stakeholders of the Company are monitored and reviewed at management and Board level. Where conflicting needs arise, advice is sought from the wider management team and as necessary from the Group’s external advisors. Through the careful balancing of stakeholder needs, the Group seeks to promote success for the long-term benefit of shareholders.
The directors consider the key stakeholders of the Group (in addition to the shareholders) to be its service users, service funders, employees, regulators, lending partners, suppliers and HMRC. Further details on how the Group manages its relationship with service funders, employees and regulators are provided in the principal risks and uncertainties section above. Statements of engagement with employees, customers and suppliers are included within the directors’ report.
The Group takes its relationship with HMRC very seriously and seeks to maintain a responsible and responsive relationship with HMRC to ensure that the Group remains compliant with its taxation obligations. The Group publishes its tax strategy on its website which covers its approach to engaging with HMRC