Stakeholder Management
The directors of the Group and Company must act in the way they consider, in good faith, would most likely promote the success of the Company for the benefit of its members as a whole, taking into account the factors as listed in section 172 (1) of the Companies Act 2006.
Engagement with our shareholders and wider stakeholder groups plays a vital role throughout the business. We set out in the table below our key stakeholder groups, their material interests and how the Company and Board engage with them. Each stakeholder group requires a tailored engagement approach to foster effective and mutually beneficial relationships.
| Stakeholder |
Their interest |
How we engage |
How the Board engages |
| Employees |
- Training, development and prospects
- Health and safety
- Working conditions
- Diversity and inclusion
- Fair pay and benefits
|
- Employee surveys
- All staff emails
- Workforce posters and communications
- Whistleblowing procedures
- Annual appraisal process
- Employee handbook and policies available on shared drive
- Sustained communication with workforce representation organisations
|
- Board receives periodic reports on employee matters
- Monthly updates given by Vice President of HR in Business Management Team meetings
|
| Customers |
- Reputation
- On time delivery
- Price and pricing consistency
- Range and product/service availability
- Safety
- Innovation and technology
- Financial performance
|
- Customer surveys
- Customer complaints
- Industry events
- Attendance at exhibitions/air shows
- Direct marketing and communication
- Service life leaflets distributed to all customers as and when required
- Annual review of new technology developments
|
- Quarterly updates given by Vice Presidents of Engineering and Business Development.
- Monthly Board meetings and updates on trading
- Executive Director involvement with senior executives of customers
|
| Suppliers |
- Fair trading
- Payment terms
- Anti-bribery and corruption
- Long term partnerships
- Ethical behaviour in the supply chain
- Financial performance
|
- Half yearly disclosures of Supplier Payment Practice Reporting
- KPIs and feedback
- Resolution of issues in a timely manner
- Payment within agreed payment terms
|
- Monthly updates given by Vice President of Sourcing in Business Management Team meetings
- Executive Director involvement with senior executives of suppliers
|
| Investors |
- Long term sustainability of the business
- Reputation
- Financial performance
- Returns/dividends
|
- External audit
- Non-executive directors in place for the Board, Risk and Audit Committees
- Half year and Annual Shareholders Report
- Quarterly presentation of subsidiary results by CFO
|
- Monthly Board meetings
- Quarterly Board meeting for parent company
- Audit and Risk Committee meetings throughout the year
- AGM
- Board review and approval of financial statements
|
| Corporate Social Responsibility (CSR) |
- Sustainability
- Recycling and waste management
- Energy usage and carbon emissions
- Climate change
- Road safety
- Human rights
- Education
|
- Direct engagement with local councils and community groups
- Working with local schools, colleges and universities to offer placements and employment
- Awarding scholarships and funding to help deserving applicants from deprived backgrounds study Engineering at university
- Maintenance of our registration to the global ISO 14001 standard
- Environment Steering Group meets monthly to manage, track and report on progress with environmental issues
- Supporting a range of local projects and charities
- Departmental Business Continuity Plans are reviewed and updated frequently
|
- Board oversight of Corporate Responsibility plans
- Disclosure of key CSR events in the Annual Shareholders’ Report
- Board approval of all charitable donations
- Board oversight and overall responsibility of Business Continuity Plans
- SECR reporting in financial statements
|
