Section 172 Statement
Engaging with stakeholders
The success of the Group is dependent on the support of all stakeholders. Building positive relationships with all stakeholders assists YSC in delivering long-term sustainable success.
The directors make decisions with a long-term view in mind and with the highest standards of conduct in line with Group policies. In order to fulfil their duties, the directors take care to have regard to the likely consequences on all stakeholders of the decisions and actions which they take. Where possible, decisions are carefully discussed with affected groups and are therefore fully understood and supported when taken.
Reports are regularly made to the Group Board by the directors about the strategy, performance and key decisions taken which provides the Board with assurance that proper consideration is given to stakeholder interests in decision-making.
At Group level, the Board is well informed about the views of stakeholders through the regular reporting and it uses this information to assess the impact of decisions on each stakeholder group as part of its own decision making process. Details of the Group’s key stakeholders and how we engage with them are set out below.
As owners of our Group we rely on the support of shareholders and their opinions are important to us. We have an open dialogue with our shareholders through one-to-one meetings, and annual update meetings. Discussions with shareholders cover a wide range of topics including financial performance, strategy, outlook, governance and ethical practices. Shareholder feedback is regularly discussed by the Board and their views are considered as part of decision-making.
Our employees are key to our success and we wish them to be successful individually and as teams. There are many ways we engage with and listen to our people including colleague surveys, team and face-to-face meetings, internal communities and newsletters. Key areas of focus include health and well-being, development opportunities, pay and benefits. Regular reports about what is important to our employees are made to the Board ensuring consideration is given to colleague needs.
Our ambition is to deliver best-in-class service to our clients. We build strong lasting relationships with our clients and spend considerable time with them to understand their needs and views, and listen to how we can improve our services for them. We use this knowledge to inform our decision-making, for example to continuously develop and enhance our strategic offerings.
We build strong relationships with our suppliers to develop mutually beneficial and lasting partnerships. Engagement with suppliers is primarily through individual meetings and regular feedback sessions. Key areas of focus will include innovation, product development and service levels. The Board recognises that relationships with suppliers are important to the Group’s long-term success.
The Group is dependent on the support of a small number of financial lenders to provide the necessary long – term funding to enable the Group to fulfil its growth ambitions. Engagement with the lenders is through regular reporting on the performance of the Group, in addition to face-to-face update meetings several times each year. Lender feedback is regularly reported to and discussed by the Board.
During the year ended 30 April 2020 the key decisions taken by the Board considered to be of strategic importance to the Group’s stakeholders are as follows:
Appointment of new CEO
In May 2019 Eric Pliner (previously MD of YSC North America and Chief Commercial Officer) was appointed as the Group’s new CEO, replacing Robert Sharrock, who remains as a consultant within the YSC European business. The Board ran an internal process to make the appointment. Given the nature of YSC’s business and culture, this was considered to be the most appropriate route and in the best interests of the business, its shareholders and employees.
Covid-19 measures undertaken
The Group was quickly and severely impacted by Covid-19 from early March 2020. In order to best protect the interests of all Group stakeholders, the Board rapidly undertook a number of substantive measures. These included the temporary closure of all Group offices and remote working for all employees, significant reductions to operating costs wherever possible and changes to working hours.