Section 172(1) statement
In accordance with their duties under s172(1) Companies Act 2006, the directors have collectively, and individually, acted in a way that they consider, in good faith, promotes the success of the Company for the benefit of its members as a whole.
In doing so they have regard for the factors specified in s172(1) (a) to (f):
- the likely consequences of any decision in the long-term
- 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 desirability of the Company maintaining a reputation for high standards of business conduct
- the need to act fairly as between members of the Company
Directors make their decisions within the context of medium to long-term strategies and shareholder expectations on investment return. The Company has a five-year strategic plan to continue to develop a national network of coach operations and build capabilities in order to achieve both organic and acquisitive growth.
The competing needs of the various stakeholders of the Company are monitored and reviewed at management and Board level. Where conflicting needs arise, advice is sought from the wider management team and as necessary from the Company’s external advisors. Through the careful balancing of stakeholder needs, the Company seeks to promote success for the long-term benefit of shareholders.
The directors consider the key stakeholders of the Company (in addition to the shareholders) to be its customers, employees, regulators, lending partners, suppliers and HMRC. Further details on how the Company manages its relationships with customers, employees and regulators are provided in the principal risks and uncertainties section above.
