Section 172 of the Companies Act 2006 requires directors to take into consideration the interests of stakeholders in their decision making. Furthermore, companies are required to publish a statement describing how directors engage with these stakeholders and discharge their duties under the Companies Act. Glory Global Solutions (International) Limited (“GGSI”), the UK trading entity and the main trading entity of the Glory Global Solutions Limited Group (“GGS” or the “Group”) falls under this reporting requirement. The statement below is intended to meet the requirements of Section 426A of the Companies Act 2006. It describes the endeavours of the Main Board of Glory Global Solutions Limited (“the Board”) as a whole, and therefore applies to the whole GGS group, including GGSI, as well as those directors of GGSI who are not directors of GGS.
The directors aim to promote the long-term success of GGS for the benefit of our parent company, Glory Limited (“Glory”) and in accordance with Glory’s direction. GGS has always recognised the importance of the Group’s employees and other stakeholders, including the impact of its activities on the community, the environment and the reputation of GGS, in order to succeed in its business aims, as well as echoing its corporate values. GGS proactively engages with its key stakeholders in order to understand their needs, build mutually beneficial relationships and to ensure that all stakeholder insights and interests are heard when making decisions.
The groups considered to be the principal stakeholders of GGS, and the key ways in which the Group encourages participation with these parties and considers their interests, are set out below:
Shareholder (Glory Limited)
As sole shareholder, communications with Glory Limited are frequent and collaborative. Financial and operational reporting occurs monthly and information is shared to enable the directors to assess the ways in which they can promote the success of the Group. Board meetings with the Japanese business are held bi-monthly and two of the directors of Glory Global Solutions Limited sit on the Glory Limited Board. This enables our shareholder to evaluate and provide input into the Group’s financial and operational performance, strategic direction and controls structure, as well as incorporating GGS results in their consolidated reporting to the stock market.
GGS recognises that its employees are vital in achieving our business aims and that their concerns include compensation, career development and wellbeing. GGS promotes an open communication culture including the ‘Great Place To Work’ scheme and employee forums/work councils whereby elected employees represent broader employee interests which facilitate the consideration of the employee perspective. As an example, a new Wellbeing Programme has been introduced and recently GGS has launched a new Learning and Development initiative, both in direct response to the results of employee surveys.
Satisfaction of customers is essential to GGS business and customer relationships are developed and maintained through direct communications and continued high quality service. We recognise that customers are interested in improving their efficiency in cash management and we strive to create value for our customers by understanding the specific challenges of each business and designing custom solutions to best meet their needs. Maintaining product quality and service levels remain a priority and are consistently monitored and developed. Direct engagement with customers occurs at various levels from service engineers, sales managers, product development staff and regional directors, with relevant information informing decisions. GGS also widely participates in tradeshows and industry events and is at the forefront of thought leadership in the cash technology solutions industry as further ways of gathering current and potential customer views and trends.
Community and the Environment
GGS strives to play an active role in social and community issues and to act as a responsible corporate citizen when making decisions, including consideration of the impact on the environment of the Group’s activities. GGS has committed to a process of continual improvement in environmental efficiency, thus environmental implications form part of the assessment of Board decisions where relevant. In addition, in order to promote an environment of trust and integrity, as well as maintaining the reputation of GGS, the Group ensures all outcomes not only comply with relevant legislation but will also fit with our culture of integrity and the Glory Spirits that shape our conduct.
As an example, a recent significant decision taken by the Board has been the significant investment in 80% of the shares of Acrelec Group SAS, completed in April 2020. The investment was approved by our shareholder Glory Limited as it furthers Glory’s long-term diversification and growth strategy and hence is expected to secure increased long-term returns. Its impact on existing GGS customers and the wider market will also be positive through its offering of a wider product range in the area of consumer payment options, with an integrated solution available to customers. Employees of both businesses are expected to benefit through increased opportunities for collaboration and development and the cultures of the businesses are considered to be both complementary and enhancing. The transaction was also reviewed and approved by Acrelec’s employee representatives.