The Board is fully aware of its duty to promote the success of the Company pursuant to Section 172 of the Companies Act 2016. Consequently, each Director must act in a way they consider in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:
The likely consequence of any decision in the long term
The interests of the company’s employees
The need to foster the company’s business relationships with suppliers, clients, candidates and others
The impact of the company’s operations on the community and the environment
The desirability of the company maintaining a reputation for high standards of business conduct
The need to act fairly between members of the company
The following describes how the directors have had regard to the matters set out in S172 (1) of the Companies Act 2006. This section of the Strategic Report comprises the Company’s Section 172(1) statement.
During the year, the board reviewed and assessed who they considered to be the Company’s key stakeholder groups, why they are considered key and what is done to engage with these groups, and the output of that engagement.
Stakeholder group | Why considered key | How engagement is facilitated | Stakeholder feedback | Groups' response |
Employees | Our people are at the heart of everything we do and without them the business cannot succeed and grow | Quarterly staff engagement surveys with HR led feedback sessions and action plans. Regular town halls facilitated by senior staff in all our offices and regions Local collaboration teams with representatives from all parts of the business Monthly newsletter with content from CEO, CFO and other board members. | Staff want: Career growth/reward To see where they fit into the business strategy An inclusive and diverse organisation | Investment in our learning and development teams, particularly rolling out digital content as part of the curriculum, as well as structured on the job training and mentoring The "SO Grow with us" career programme was refined alongside a comprehensive competency framework Full transparency around our people population and diversity challenges we face at varying levels and locations. A detailed report was produced outlining our commitments Establishment of employee driven group diversity and inclusion board to gather feedback and drive action Establishment of an Environmental, Social and Governance ("ESG") Committee to drive the Group's agenda in this respect. |
Clients | Our clients rely on us to help source the best talent for their businesses when they need it. | Net Promotor Scores are collected from clients at the point of delivery of our services. That client feedback is cascaded to staff at quarterly intervals. Informal feedback via our consultant network and their managers. | Clients want to be able to engage with local entities in as many markets as possible to facilitate ease of process. | On-going review of the solutions that we offer across the territories where we operate. |
Candidates | Our network of talented candidates enables us to quickly meet our clients needs and create exciting career opportunities for our candidates | Net Promotor scores are collected from candidates at the point of delivery of our services. That feedback is cascaded to staff at quarterly intervals. Regular contact via our consultant teams and their managers. | Smooth processes for our contractor candidates to ensure timesheets are approved and payments made without difficulty. | Investment in an on-line timesheet platform for submission and approval of timesheets as well as strong teams to support those processes. |
Suppliers | Smooth supply chains support uninterrupted business operation. | Relationship with the relevant purchasing manager. | Good processes in terms of contracting and payment. | Commitment to robust internal processes. |
The wider community | Society demands businesses that make a positive impact on the environment and community. | Our corporate purpose is "Creating Careers to Power a Sustainable Future". Evaluating our business activities from the starting point of this clear corporate purpose ensures we consider the impact of the business on society and the environment. | It is clear that there is a need for sustainable energy supplies and a need to address other pollution issues. In some jurisdictions, governments were focused on job retention during the Covid-19 pandemic and provided state aid to support certain roles. Where appropriate and necessary, the group accepted this financial support. | Investment in renewable energy recruitment teams to support those industries find the talent they need. The group has clear commitment to a CSR agenda focused on sustainability. Linked initiatives include: Ongoing investment in renewable energy recruitment teams to support those industries find the talent they need. Appointment of a Sustainability Manager to ensure we meet our sustainability objectives. A clear commitment to reduce our own carbon footprint, committing to clear targets set to align us with the goals of keeping the rise in global temperature to within 1.5 - 2 degrees celsius. Partnership with Seven Clean Seas, a charity who aim to reduce plastic pollution by removing plastic waste from the sea - donations made by Spencer Ogden through 2022 mean a total of 4,473kg of plastic has been removed from the oceans. Partnership with Cool Earth who work to halt deforestation and its impact on climate change. For every peer-to-peer "PACE" recognition given we pledged to donate £3 to Cool Earth meaning in 2022 a total of £3,987 was donated. All staff have 4 paid CSR days per year and many of our employees have used their CSR days to participate in various beach cleans across the regions in which we operate. |
Shareholders | The group's shareholders have made a considerable investment in the business and the success of the business is essential for continued investment. | The group's shareholders include an investment fund and the founder shareholders as well as senior management. The investors, via the monthly board meeting as well as informal interactions, meet with senior management at a strategic level. Management shareholders are part of the Group's daily operations. | Shareholders are looking for consistent and sustained business growth in terms of NFI growth and operational efficiencies. | Adjustments to the groups strategy in particular in response to the changing market conditions both favourable and unfavourable. |