Section 172 Statement
Directors’ statement of compliance with duty to promote the success of the Company Act 2006 and set 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.
The Board considers it crucial that the Company maintains a reputation for the highest standards of business conduct and is responsible for setting, reviewing and upholding the culture, values, standards, ethics and reputation of the Company to ensure our obligations to key stakeholders are met. By using the core values of our owner-managed business, we seek to sustain and develop strong, stable, profitable partnerships with all our customers, employees and suppliers by providing outstanding innovative services and products.
During the year, the directors consider that they have at all times acted in a way, and have made decisions, that would most likely promote the success of the Company and for the benefit of its members as a whole, and in making those decisions have had particular regard to;
- The likely consequences of any decision in the long-term
- The interests of the Company’s employees
- The need to foster the Company’s business relationships with suppliers, customers and others
- The impact of the Company’s operations on the community and environment
- The desirability of the Company maintaining a reputation for high standards of business
- The need to act fairly between members of the Company
The Board’s engagement with who it regards as its key stakeholders is summarised as follows;
Our People
We continue to value our staff very highly. A further four people during the course of the year reached twenty years’ service and were awarded their long service watch, they joined in excess of 100 staff members on the celebratory board in our foyer in Bury St Edmunds. All staff benefit from a shared bonus structure, based on the sales performance of the Company on a monthly basis. Everyone has an opportunity to take part and benefit when we are doing well. We continue to reward loyalty through the specialist pension scheme which has greater rewards than the government automatic enrolment and we fully recognise that the staff we have, are vital in providing customer service and for the success of the Company going forward.
Our Customers
We continue to set customer services as our highest priority and devote significant resources to the management of and dealing with issues post sales should they arise. We recognise the importance of training our staff, so that new customers are provided with the most useful and up to date information regarding a potential purchase in order to help them make the right choice. We have introduced new communication standards with customers via the postal system and email to let our customers know of the various offers that we currently have. The Covid-19 pandemic has meant that it is doubly important for us to continue to let our customers know the status of the Company and their orders particularly, whilst the shops have been closed for 6 weeks. Since reopening supply chains have been disrupted and delivery dates have been often delayed. Despite rising costs we have honoured selling prices for orders placed. We have placed great pride in providing a safe environment during this pandemic period and recognised that the longevity of our customers and their regular purchases over a number of years is essential to the future prosperity of Glasswells.
Our Suppliers
Our supplier base remains very stable; we work closely with a number of businesses which we have had relationships with for many decades. Continuously we have made sure that our suppliers received their due payments in very good time. We are pleased to confirm that we achieve a very high rating with regard to the suppliers paid within terms and indeed seek to support our suppliers with payments within a few days where appropriate. Buyers are instructed to negotiate firmly, but fairly, in order to make sure that we have a stable partnership with our suppliers where the supply of product will benefit both our Company and theirs.
Shareholders
Glasswells celebrated its 75th Anniversary and since its foundation has always been there for the benefit of the shareholders and the Glasswell family as a whole, the directors endeavour to add value to the Company and therefore to the shareholders and we have consistently increased the value of the Company each and every year.
Community
Glasswells is very important to the local Suffolk community and we take an active part by supporting a number of clubs, charities and churches where we can and seldom turn down requests for charitable help. We recognise that there are many good works which take place within the communities where individuals are seeking to improve their particular area in a small way and we see that it is important to support and encourage those individual efforts. Our focus is of course on the local community, as opposed to any national assistance.
Our Environment
The Company works hard at improving its position relative to the environment in which we live. We are continually improving our rates of recycling. We have installed a number of solar panels on three of our properties in an attempt to reduce the amount of power that we buy in. Whilst this benefits us as a Company financially, it also benefits the world in general by using the sun to help provide us with electricity. Our staff at Glasswells continue to look at reducing wastage and recycling carpets, cardboard and plastic where they can. In the previous year we have replaced our air conditioning and hope to achieve a 14% energy saving from more modern equipment.