The Board recognises its responsibility to take into consideration the needs and concerns of our stakeholders as part of its discussion and decision-making processes. The Board continues to support the 2018 UK Corporate Governance Code's firm stance on this. Detail on how the Board and the Company ensure effective engagement with, and encourage participation from our stakeholders can be found on pages 63-69 of the Annual Report 2020/21. The Company's section 172 statement is set out on page 51 of the Annual Report 2020/21 and also below.
Companies Act Section 172 Statement
The Directors are fully aware of their responsibilities to promote the success of the company in accordance with section 172 of the Companies Act 2006 (the ‘Act’).
The Directors aim, in good faith, to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (among other matters) to:
- the likely consequences of any decision in the long term and 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; and
- employee interests, the need to foster the company’s business relationships with suppliers, customers, and others, and the effect of that regard, including on the principal decisions taken by the company during the financial year.
Ahead of matters being put to the Board for consideration, and in advance of many projects or activities, significant levels of engagement are often undertaken by the broader business. This engagement is often governed by formulated policies, control frameworks, regulation, legislation and may differ by region and Banner.
Kingfisher follows a highly developed and formalised governance and oversight framework, which includes but is not limited to Group policies, business principles and the Kingfisher Code of Conduct.
Kingfisher considers the following to be its core stakeholder groups:
- Customers.
- Colleagues.
- Shareholders.
- Suppliers.
- Communities & Non-governmental organisations.
- Regulators & Governments.
