41061 Unite AR22 HI-RES WEB-READY - Flipbook - Page 68
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THE UNITE GROUP PLC | Annual Report and Financial Statements 2022
SECTION 172
Statement by the Directors in accordance with
Section 172(1)(a) to (f) of the Companies Act 2006
Meeting the needs and expectations of our stakeholders is
fundamental to delivery of our purpose, Home for Success.
The Board of Directors confirm that for the year ended
2022, it has acted to promote the success of the Company
for the benefit of the members, having regard to the
interest of stakeholders in their decision-making, as further
detailed below.
The likely consequences of any decision in the long
term and desirability to maintain a reputation for
high standards of business conduct
Acting in the long-term interests of the business and all
our stakeholders is central to the Board’s decision-making
process and shapes the Group’s strategy. To help the Board
understand our wider stakeholder relationships and inform
the Board’s decision-making, the Board receives regular
updates from the Executive team, as well as the wider
senior leadership team. In all decision-making, the potential
impact on our stakeholders is taken into account, together
with the likely consequences of these decisions in the long
term and also the desirability of the Company maintaining a
reputation for high standards of business conduct as set out
in our Code of Ethics. You can read more about our principal
decision-making as further detailed on pages 109–113 and
our whistleblowing programme as detailed on page 103.
The Board maintains oversight of the Company’s
performance and reserves specific matters for approval,
including significant new strategic initiatives and major
decisions relating to capital raising and allocation. Through
measurement against long-term objectives, the Board
monitors how management is acting in accordance with the
Board’s agreed strategy and the long-term interests of our
key stakeholders.
The interests of our employees
As a service business, providing homes for 70,000 young
people, who are often living away from home for the
first time, the Board recognises the importance of our
employees and the role they play in delivering our Home
for Success purpose. Following the formation of our
employee engagement forum, Culture Matters in 2021,
the Board receives regular feedback through our NonExecutive Director for Workforce Engagement, Ilaria del
Beato, who attends the Culture Matters meetings, as well as
regular updates from our Group People Director, ensuring
consideration is given to employee needs and concerns.
The Board also understands employees’ views through our
employee surveys as well as “Unite Live” sessions with our
CEO and senior leaders enabling employees to ask questions
directly. Our commitment to employee engagement can be
seen by our regular employee engagement surveys where we
take the feedback received and turn it into meaningful action.
The need to act fairly between members
of the Company
The Board recognises that acting fairly in the interests of all
shareholders increases investor confidence, reduces our cost
of capital and ensures good governance. This also supports
the ability of the business to invest and grow through access
to capital when it is required. We provide all investors with
equal access to information through our public reporting
for financial results and trading statements, as well as
additional disclosures in areas such as sustainability through
our corporate website. Our Annual General Meeting also
provides an opportunity for all shareholders to have their
say. We engage regularly with investors at conferences
and ad-hoc meetings, which address investor groups from
a range of markets and of differing sizes. The Chair of the
Board engages with shareholders on governance matters
and the Chair of the Remuneration Committee engaged
with stakeholders through the 2021/2022 remuneration
consultation process.
The Board had oversight of the Company’s investor
roadshow held in May 2022, focused on progress around
our sustainability strategy. This roadshow included meetings
with our existing top 10 investors to understand their
future sustainability expectations. The Board received
positive feedback overall on the progress made through
the Group’s sustainability strategy, particularly around its
SBTi-validated targets for achieving net zero carbon by 2030.
Investor feedback contributed to the evolution of how our
sustainability strategy is communicated, following approval
from the Sustainability Committee, with a new focus on
People and Places to better highlight the social impact
delivered by the Group.
Further information on employee engagement can be found on pages 97–103
and shareholder engagement on page 104
The need to foster business relationships with
our key stakeholders including our customers,
University partners and suppliers
Our customers
Our purpose, Home for Success, is to provide a safe and
welcoming home for students to engage, learn and thrive
at university, while preparing them for life beyond. Our
regular student surveys provide opportunities for students
to provide direct and frank feedback so that we can
understand what is important to them during their time
living with us and also on wider topics. The Board reviews
the Net Promoter Score from our student surveys which
help the Board decide where to invest in customer service
and property enhancements to ensure we deliver value-formoney for our customers.
