Section 172
HOW THE BOARD COMPLIED WITH ITS SECTION 172 DUTY
The Board recognises that the long-term success of the business is dependent on maintaining relationships with our key stakeholders and having consideration for the external impact of the Company’s activities. The table below identifies our key stakeholders, how we engage and how their views have shaped our decision-making.
Customers
Why they are important
We know that customers’ needs are changing. It is vital that we engage with our customers to ensure we grow our business in a way that meets their needs now and into the future.
We know that high levels of customer satisfaction will enhance the reputation of our business and the Inland brand, increasing the likelihood of third-party endorsements and repeat customers.
Stakeholder priorities
- High-quality, affordably priced homes delivered on time
- Excellent customer service and after care
- Placemaking, design and community infrastructure
How we engage
Through advertising campaigns, and via our dedicated and professional Sales and Customer Service teams. We also hold ‘meet the builder’ sessions and homebuyer demonstrations. Our on-site community engagement events are also important to our customers.
What we have done
- Invested in our customer relations teams
- Offered a key worker discount
- Supported homebuyers in the home buying search by offering virtual tour
Communities and the environment
Why they are important
Working alongside communities helps us better understand the likely consequences of our decisions in the long term, ensuring we build communities which will thrive.
We know we have a part to play in reducing the negative impact of climate change, whilst providing sustainable, affordably priced homes and communities where people are proud to live.
We place a great deal of importance on public and stakeholder engagement and the critical need to allow local communities the ability to view and comment on development proposals.
We believe the importance of considering feedback, addressing issues and providing clarification prior to an application being submitted greatly improves the quality of a planning application and process.
Stakeholder priorities
- Opportunities to engage and influence
- Investment in parks and public open spaces, with increased biodiversity
- Investment in infrastructure, schools and health facilities
- Leaving a lasting legacy
How we engage
We engage with local communities via a number of methods, including social media, local media campaigns, community engagement events, freephone and direct link to project teams. We work with schools, colleges and universities to raise aspirations, increase awareness of construction and develop the talent of the next generation.
What we have done
- Contributed £1.4m via Section 106, legal agreements and Community Infrastructure Levy payments
- Achieved an average 41/50 Considerate Constructors score
Investors and lenders
Why they are important
We have a clear responsibility to engage with shareholders as the owners of our business, as well as appealing to new shareholders.
We understand the importance of maintaining long-term relationships with investors and key banks to ensure the flow of short, medium and long-term funding.
Stakeholder priorities
- Long-term, sustainable income and capital growth
- Robust governance
- Debt reduction
- Risk management
How we engage
Shareholder engagement is the responsibility of the Chairman and Executive Directors. They maintain and develop relationships with institutional investors, prospective investors and analysts through a programme of face-to-face meetings, roadshows and direct calls.
The Annual General Meeting provides an important opportunity for our shareholders to participate in the governance of the Company and for the Board to engage and communicate with private and institutional investors through the Q&A session held after the formal meeting.
What we have done
- The views of analysts and major investors are fed back to the Board on a regular basis, especially following roadshows, and this feeds into discussions on future strategy
- In advance of establishing new incentive plans for Executives, the Remuneration Committee Chairman writes to, and consults with, major shareholders on proposals regarding Executive remuneration
Employees
Why they are important
Our employees are our greatest asset and it is their experience and expertise that gives us a competitive edge. We are committed to creating a culture where all our employees can give their best. It ensures we retain and develop their exceptional talent.
With the world changing quickly as a result of the pandemic, our employees have told us they want to feel informed and connected, share successes and have access to information wherever they are working. Supporting their well-being is more important than ever.
Stakeholder priorities
- Understanding the direction and strategy of the business
- Having the right opportunities to grow and develop
- Interesting and challenging work
- Feeling valued and recognised
How we engage
We encourage open and constructive discussions throughout the business. We engage with our employees in many ways, including through an employee engagement survey, intranet, team meetings, messages from the CEO, newsletters and regular business updates from the Executive team.
What we have done
- Introduced a hybrid office/ home working policy
- Developing a People Strategy
- Formed a cross departmental ESG working party with a remit that includes workforce engagement and diversity and inclusion
Suppliers and subcontractors
Why they are important
We know that we are ‘stronger together’ and because of this, we invest in our integrated supply chain.
Our collaborative approach ensures all parties have a shared long-term objective to working together, reducing risk, maintaining high standards of business conduct and delivering to time and cost.
We recognise the importance of two-way communication and through sharing our expertise, we know that we improve working practices, business conduct and our health and safety procedures.
Stakeholder priorities
- Visibility of future projects and workload
- Sharing risk and rewards
- Operational efficiency
- Timely payment
- Projects delivered safely and on time
- Financial target
How we engage
Our engagement with suppliers and subcontractors is continuous. We have a formal programme of engagement, but we believe effective communication comes from informal dialogue that takes place on a day-to-day basis between our teams.
This keeps our subcontractors and supply chain up to date in respect of any changes to our working practices as appropriate.
What we have done
- Introduced project framework plans to ensure visibility of project pipeline
- Standardised build type and fit-out
- Supported open dialogue at tender stage around workload and resource to ensure continuity of work and success of projects
- Held regular meetings to discuss supplier performance and areas for improvement and introduced Key Performance Indicators to assist
- Managed cost inflation by fostering robust, volume-based long-term agreements with supply chain partners
Government and regulators
Why they are important
We understand the importance of fostering relationships with Government and regulators to ensure policies are developed in the best interest of our customers, our business and the sector in which we operate.
Stakeholder priorities
- Communication
- Clear sustainability and environmental policies
- Increasing the number of homes and fast housing delivery
How we engage
We have ongoing engagement with planning authorities on a number of projects. This involves regular contact with local government, highways agencies and education departments. Our onsite teams also work closely with other regulators, such as HMRC and HSE.
What we have done
- Contributed at a policy level to proposed reforms to the planning system
- Developed our ESG framework
- Active members of trade associations including the House Builders Federation and Land Promoters and Developers Federation
- Participated in industry forums and events