S172 Statements
Statements under section 172 of the Companies Act 2006
This section of the strategic report describes how the directors have had regard to the matters set out in Section 172 (1) of the Companies Act 2006 (“s172”) when performing their duty to promote the success of the Company for the benefit of its shareholders.
The Board is aware of its responsibilities to promote the success of the company as set out in s172. The Company is a wholly owned subsidiary of the PageGroup group of companies providing recruitment services to the UK market. The Directors ensure that decisions are to the benefit of all stakeholders, as well as having regard to the long-term success of the group as a whole. Within the stakeholder map the key stakeholder groups are identified (employees, customers, society & government, and suppliers), along with their interests and the methods of engagement employed to understand their needs and concerns.
To assist in discharging their s172 duties, the Directors also have access to and receive regular information from the UK Executive Committee, known as the “UK Board”, who are charged with the day to day running of the Company.
| s172 factor | Approach taken |
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a. Likely consequences of any decisions in the long term |
The Board considers PageGroup’s purpose and values when making decisions, with the intention of promoting the Company’s long term success. |
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b. Interests of the Company’s employees |
The Board identifies the Company’s employees as a key stakeholder. See more information in the stakeholder map. |
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c. Need to foster the Company’s business relationships with suppliers, customers and others |
The Board identifies the Company’s customers and suppliers as key stakeholders. See more information in the stakeholder map. |
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d. Impact of the Company’s operations on the community and environment |
The Board identifies society & government as a key stakeholders. See more information in the stakeholder map. The Directors fulfil their duties by applying PageGroup plc policies and practices, underpinned by PageGroup’s purpose and values. Further details of these can be found in the PageGroup plc Annual Report and the Page Group plc Sustainability Report, located on the PageGroup website. |
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e. Desirability of the Company maintaining a reputation for high standards of business conduct |
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f. Need to act fairly between the members of the company |
The Company is a wholly owned subsidiary of the PageGroup group of companies. Accordingly, the interests of the group have been taken into account by the directors and decisions have been made in agreement with the Board of PageGroup plc, the ultimate parent entity of the group. |
Stakeholder map
The stakeholder map below identifies the key stakeholder groups of the company (employees, customers, communities & government, and suppliers), along with their interests and concerns, engagement activities undertaken during the year, and the outcomes of those activities.
| Stakeholder | Interests and concerns |
Engagement |
Outcomes |
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Employees |
The Company has identified that employees want to work in a supportive, inclusive culture where they experience real opportunities for development and a long and rewarding career. |
Throughout the year, employees were engaged through the use of Viva Engage, internal networking events, global live events and townhalls. Employees also participate in an annual engagement survey. |
the Directors understand that employees continue to value flexible working and the hybrid business model. In London a brand-new office space was acquired with facilities better adapted to hybrid working. The move to the new office was completed in December 2023. Engagement surveys have continued to show that employees value a focus on their wellbeing. In 2023 the Company’s wellbeing initiatives have included an emphasis on men’s health and mental wellbeing with a number of events organised around mental health awareness week. This has also included a refresh of the wellbeing toolbox, a resource for information about general health and wellbeing, and the grant of an additional day of leave intended to allow employees to make the most of their wellness regimes. As part of the Company’s ongoing commitment to DE&I, reverse mentoring schemes continued to help educate senior leadership on the issues faced by underrepresented groups. |
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Customers |
Customers rely on us to provide world class specialist recruitment services and solutions to help drive their business and careers forward. |
Customers are engaged through contact with assigned staff and customers relationship meetings. |
Following the launch of the new Group Strategy, the Company has adopted a strategic goal of best-in-class customer service measured by customer NPS scores of 60+. |
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Society & Government |
Need businesses that have a positive impact on society. The Board is highly supportive of creating a positive social impact. |
Through engagement with a wide range of stakeholders, the company understands the importance of sustainability initiatives and seeks to give back to the community through voluntary and charitable work. |
Following the launch of the new Group’s Strategy, the Company fully supports the Group strategic goal of changing 1 million lives. Other activities include demonstrating the Company’s Commitment to positive social impact, partnering with RefuAid to support the resettlement of refugees in the UK, providing mentoring to help them into full time employment, or return to studies. The Company also raised funds for the MND Association via a Company Three Peaks Challenge charity event. |
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Suppliers |
Seek strong and enduring partnerships based on fair terms. |
Suppliers are engaged through the Company’s onboarding process, and relationship meetings with key suppliers. |
The Company takes its obligations to suppliers seriously and aims to have enduring partnerships. For this reason, it is important the Company pays supplier in a timely manner. The company conducts regular vendor management review meetings, including financial reviews of the service. The Directors consider it important for suppliers to be paid in a timely manner - the Company’s payment practices report dated 31 December 2023 reported a 7 day average to pay invoices. |
This section of the Strategic report describes how the directors have had regard to the matters set out in Section 172 (1) of the Companies Act 2006 (“s172”) when performing their duty to promote the success of the Company for the benefit of its shareholders. The Board is aware of its responsibilities to promote the success of the company as set out in s172.
The Company is wholly owned subsidiary of PageGroup plc and its stakeholders are largely other companies within the PageGroup group of companies. The needs and concerns of these stakeholders are understood via the Company’s interactions with other group companies and through PageGroup plc, the ultimate parent entity of the Group.
PageGroup’s purpose is to change lives for people through creating opportunity to reach potential, which is supported by core values of earning trust, growing connections and making a difference.
| s172 factor | Approach taken |
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a. Likely consequences of any decisions in the long term |
The Board considers PageGroup’s purpose and values when making decisions, with the intention of promoting the Company’s long term success. |
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b. Interests of the Company’s employees |
The company has no employees. |
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c. Need to foster the Company’s business relationships with suppliers, customers and others |
The Company does not trade independently as it is responsible for managing intellectual property and certain banking arrangements for other group companies. The Directors, one being a Director on the PageGroup plc Board, and another the General Counsel and Company Secretary of PageGroup plc, oversaw the review and approval of the Treasury Policy adopted by PageGroup plc. Additionally, the Company continued to operate the £80m Revolving Credit Facility (“RCF”) set up in 2022. The reason for continuing to operate the RCF is that it provides greater liquidity to the Company and the companies within the Group, should it be required. To date this RCF has not been utilised, but it is considered prudent to have it available for liquidity management purposes. The Board’s management of intellectual property is delegated to the Group’s General Counsel, who is also a Director of the Company, ensuring a group wide and consistent approach to intellectual property owned by the Company.
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d. Impact of the Company’s operations on the community and environment |
In 2023 the Company continued to invest surplus cash in money market funds that promote sustainable objectives in line with the PageGroup’s sustainability vision. The Directors fulfil their duties by applying PageGroup plc policies and practices, underpinned by PageGroup’s purpose and values. Further details of these can be found in the PageGroup plc Annual Report and the Page Group plc Sustainability Report, located on the PageGroup website. |
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e. Desirability of the Company maintaining |
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f. Need to act fairly between the members of the company |
The Company is a wholly owned subsidiary of the PageGroup group of companies. Accordingly, the interests of the Group have been taken into account by the directors and decisions have been made in agreement with the Board of PageGroup plc, the ultimate parent entity of the Group. |
*A “Section 172(1) statement” describes how directors have had regard to the matters set out in section 172(1)(a) to (f) of the Companies Act 2006 when performing their duties under section 172.
*A “Section 172(1) statement” describes how directors have had regard to the matters set out in section 172(1)(a) to (f) of the Companies Act 2006 when performing their duties under section 172.