Hughes Insurance Services Limited (Company number 04451375)

Section 172(1) Statement

Extract from the Strategic Report for the year ended 31 December 2023 (from pages 3 & 4)

S.172(1) of the Companies Act 2006 ("S.172") sets out a series of matters to which the Directors must have regard in performing their duty to promote the success of the Company for the benefit of its shareholders, which includes having regard to other stakeholders. These matters are:

a) the likely consequences of any decision in the long term,

b) the interests of the Company's employees,

c) the need to foster the Company's business relationships with key stakeholders,

d) the impact of the Company's operations on the community and the environment,

e) the desirability of the Company maintaining a reputation for high standards of business conduct, and

f) the need to act fairly as between members of the Company.

The Directors of the Company consider, both individually and together, that they have acted in accordance with their duties under S.172 as set out above.

Consequences of decisions in the long-term and the need to act fairly in relation to the single shareholder of the Company

The Company regularly makes decisions which directly impact its stakeholders, and there are occasionally certain key decisions that can have a significant impact.  In making such decisions the directors are always conscious of, and have regard to, the impact on the stakeholders.  The Board also engages with the Company's shareholder in a way that is proportionate for a company of its size and complexity. We consult and engage with stakeholders on an ongoing basis.           

Employee Engagement

The company recognises the importance of providing opportunities for employee involvement and consultation as a means of achieving company objectives.  Robust Policies and Procedures exist to provide employees with the information necessary to enable consultation on a wide range of topic including staff matters, company vision, company performance and operations.  We monitor the voice of the employee on a monthly basis through surveys and team sessions and implement action plans to ensure best in class employee experience.

Customers, insurance partners and others

Excellent customer service is a key foundation for the Company.  We seek to build a loyal customer base to whom we offer a range of insurance products.  We are always seeking to improve our existing working relationship with insurance partners as well as establishing new partnerships in order that we can continue to bring the most competitive products to our customers.   

Environmental, Social and Governance (ESG)

The Company is committed to operating in a responsible and sustainable manner, considering the environmental, social and governance (ESG) factors that impact our business and stakeholders.  This disclosure note provides a brief overview of our ESG approach.

Environmental

We are committed to delivering on our Climate Action Pledge and our action plan to reduce our Scope 1 and 2 emissions by 50% by 2030.

Social

We are committed to providing a safe and healthy work environment for all our employees, adhering to all relevant labour laws and regulations.  We are dedicated to diversity and inclusion in our workforce, fostering a culture that values and respects all individuals.  We are actively involved in supporting the local community through offering volunteering time off for community engagement projects.

Governance

We have a strong corporate governance framework in place, ensuring ethical and transparent decision-making.  We are committed to compliance with all relevant laws and regulations.  We regularly review and update our ESG policies and practices to ensure continuous improvement.

Maintaining a reputation for high standards of business conduct

Aside from the employee, customer, and supplier matters discussed, the Company seeks to maintain the highest ethical standards in all of its dealings.