41061 Unite AR22 HI-RES WEB-READY - Flipbook - Page 106
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THE UNITE GROUP PLC | Annual Report and Financial Statements 2022
BOARD LEADERSHIP AND PURPOSE continued
Section 172 of the Companies Act 2006 (Section 172)
Section 172 requires the Directors to take into consideration the interests of stakeholders in their decision-making. In
particular, Section 172(1) states that regard should be had to the long-term consequences of decisions; the interests of the
Company’s employees; the need to foster the Company’s business relationships with suppliers, customers and others; the
impact of the Company’s operations on the community and the environment; the impact of the Company maintaining a
reputation for high standards of business conduct and the need to act fairly as between members of the Company. Pages
66–67 explain how this was considered during 2022. Further, page 68 explains Board activity and decision-making during the
year which flowed from our stakeholder engagement and how this is aligned to our strategic objectives.
How we engage with our investors
The Board values effective communication with shareholders and other providers of capital to the business and welcomes
their views on the Group’s approach to corporate governance. The Board creates sustainable value for our three types of
investors: institutional, retail and debt investors.
INSTITUTIONAL INVESTORS
RETAIL INVESTORS
DEBT INVESTORS
Investors attend our year-end and half-year
results presentations which resumed in person
this year.
Our 2022 Annual General Meeting
resumed in person allowing
shareholders the opportunity to
attend and to raise questions of the
Board. In addition, shareholders were
invited to ask questions via email in
advance of the meeting.
Bond holders
Bond holders are invited to an annual
meeting with senior management and
Treasury to update them on performance
and business strategy. Other discussions
are held with bond holders on specific
topics as required, such as ESG and our
sustainability strategy.
After our results, our Executive Directors held
meetings with investors to ensure their views
were taken into consideration as we develop
our strategy, help them understand the
ongoing performance of the business and our
approach to the reinstatement of dividends.
We held an investor roadshow in May
dedicated to sustainability. This included
meetings with our largest investors, updating
our progress around our sustainability
strategy and learning more about the future
sustainability expectations of our investors.
All resolutions put to the 2022
AGM received overwhelming
support from our shareholders.
The results of voting are available at:
www.unitegroup.com/investors/agm.
There were no resolutions with less
than 80% voting in favour and
therefore Code Provision 4 did
not apply.
We also engage with investors throughout
the year on various aspects of environmental,
social and governance matters.
Credit Rating Agencies
During the year, business and financial
updates were provided by our Treasury
team to Standard & Poor’s and Moody’s
who reaffirmed our investment grade
corporate rating of BBB with a stable
outlook and Baa2 with a positive outlook,
respectively.
The Board is made aware of the views of
major shareholders concerning the Company
through, among other means, regular analyst
and broker briefings and shareholder surveys.
These will continue throughout 2023. The Chair,
Richard Huntingford, also reaches out to the
top 20 shareholders each year.
INSTITUTIONAL INVESTORS: c.750
Lenders
Regular dialogue is maintained with our
key relationship lenders, through meetings
or conference calls with our CFO and
Treasury team. Our Treasury team also
actively engages with new and potential
lenders. During 2022, engagement with
our lenders focused on addressing our
financing commitments more generally.
PRIVATE INVESTORS: c.450
NUMBER OF LISTED BONDS: 5
NUMBER OF EQUITY INVESTORS: c.1,200
The Company continues to offer a scrip dividend alternative to shareholders, which enables them to opt for shares rather
than cash with no dealing costs or stamp duty. The scheme was renewed for a further three years at the 2021 Annual
General Meeting. Full details are available on our website. The Company has frequent discussions with shareholders on
a range of issues affecting its performance, both following the Company’s announcements and in response to specific
requests. The Company regularly seeks feedback among its shareholders, the investor community more broadly and its
wider stakeholders.
