UK Section 172(1) statement, board engagement with stakeholders, cross references to other disclosures

Serco Group plc – Annual report – 31 December 2019

Industry: support services

Section 172 (1) Statement
Board Engagement with Stakeholders
The Board is committed to enhancing engagement with all our stakeholders. In addition to the methods of engagement described over the following pages, the interests of our stakeholder groups are considered by the Board through a combination of:
• Regular reports and presentations at scheduled Board and Committee meetings, including operational reports presented by the Chief Executive and updates from senior management on health and safety, ethics and compliance, people matters (including employee engagement) and investor feedback.
• A rolling agenda of matters to be considered by the Board and Committees throughout the year, including a strategy review which considers the purpose of the Company and strategy to be followed by the Group, which is supported by a budget for the following year and a medium-term financial plan.
• Formal consideration of large bids and other matters, including any factors which are relevant to major decisions taken by the Board through the year in line with the regularly reviewed Delegation of Authority and Terms of Reference for each Board Committee.
• The risk management process and other routine Audit Committee, Corporate Responsibility Committee, Group Risk Committee and Remuneration Committee agenda items, as described later in this report on pages 109 to 121 and 124 to 129.

As with other large and complex companies, the Directors fulfil their duties partly through a governance framework that delegates day-to-day decision-making to the Executive Directors. The Board recognises that such delegation needs to be much more than simple financial authorities. You will find detailed in the Annual Report a summary of the governance structure which covers the values and behaviours expected of our employees; the standards they must adhere to; how we engage with stakeholders; and how the Board looks to ensure that we have a robust system of control and assurance
processes (see pages 76 to 95).

Our Corporate Responsibility (CR) framework is structured around our key stakeholders and we summarise our progress and performance in delivering our CR agenda in the CR section of this Annual Report on pages 76 to 95.

The following disclosure describes how the Board has had regard to the matters set out in section 172(1) (a) to (f), and forms the Directors’ statement required under section 414CZA of the Companies Act 2006.