Corporate Governance

 

 

“The Board has a vital role to play in defining our behaviours and how we grow the business.”

Stuart Sinclair, Chairman

Good governance and control are at the heart of a well-run business.  The recent changes in the UK Corporate Governance Code emphasise the important role played by companies today and recognises the key role the Board has in setting the tone and encouraging broader stakeholder engagement.  We are committed to the creation of long-term sustainable value for the benefit of our shareholders, and wider stakeholders, particularly our customers, and strong and robust corporate governance is integral to supporting this.

At the core of the business, we are committed to responsible lending and making finance accessible to consumers who are less likely to be served by mainstream lenders and, with us, are able to build their credit history.  We are proud of our 20-year heritage of serving home credit to millions of customers who value the face-to-face service provided in their home by our agents.  At the same time, we are progressing well on building an innovative, digital future for lending alongside home credit.

The Board recognises the importance of its role in setting the tone of the Group’s culture and embedding it throughout the business.  Making the right decisions and ensuring that we do the right thing by our stakeholders are recognised facets of our corporate culture.

There is a formal schedule of matters reserved specifically for decision by the Board which is reviewed annually. Other matters are delegated specifically to the principal Board Committees. The Chair of each Committee briefs the Board at each meeting on the principal items that were discussed, decisions made and key issues. The management of the business is delegated to the Executive Committee which comprises the Chief Executive Officer and the Chief Financial Officer. The Executive Committee considers matters relating to the day-to-day running of the business, where specific matters require approval.

2020 highlights Key priorities for 2021
  • Prompt action taken to protect our people, prioritise our loyal customers and protect the business in response to the Covid-19 crisis.
  • To ensure key lessons learned from the crisis are embedded in the Group’s future operations.
  • Action taken to deliver the successful refinancing of the Group’s Eurobond providing the financial foundation for the business to deliver future long-term growth.
  • To continue to ensure the safety and wellbeing of our people.
  • Redefined our medium-term strategy and began its implementation to ensure we emerge from the Covid-19 crisis in a strong competitive and financial position.
  • Focus on rebuilding the business to return to profitability and enable sustainable long-term growth.
  • Took decisive action to safeguard the Group’s liquidity in response to the impact of the pandemic, including cancellation of the 2019 final dividend and deciding not to declare any dividends for 2020
  • To review dividend policy with a view to resuming dividends at an appropriate level when the Group’s performance and financial position support this.
  • Rightsized the business to reflect the requirements of a smaller sized business.
  • Monitor resourcing and costs to match capability and capacity to business needs and opportunity.
  • Maintained and continued to develop our engagement with all major stakeholders, notwithstanding Covid-19 challenges.
  • Further develop our engagement with stakeholders ensuring a ‘closed loop’ approach whereby feedback garnered is actively applied in Board decision-making.

Board Committees

The Board Committees are responsible for business oversight.

Our Board

Our Board bring together extensive experience of working in international markets, consumer finance and digital technologies.

Data Protection

Your privacy is important to us. We are committed to processing your personal data in a transparent manner and in accordance with the law.