Section 172(1) Statement
As a Board, we have a duty to promote the success of Rotork for the benefit of our members. In doing so, the Board has regard for the interests of our people, the success of our relationships with suppliers and customers, the impact of our operations on the community and the environment, and the desirability of maintaining a reputation for high standards of business conduct and the consequences of decisions in the long-term. Stakeholder considerations are woven throughout all Board discussions and decisions. The Board receives presentations from management to help it understand the impacts at operational level and the merits of proposed business activities over the short, medium and long term. Like any business, we sometimes have to take decisions that adversely affect one or more of these groups and, in such cases, we always look to ensure that those impacted are treated fairly.
Our policy is to understand our stakeholders views, and to deal with issues with integrity when they arise. We aim to:
- demonstrate how we have taken stakeholders’ views into account;
- as far as possible, achieve positive and fair outcomes for all stakeholders, while recognising that they sometimes have conflicting needs; and
- disclose full and accurate information about our performance, in a way that is accessible and understandable to our stakeholders.
Further examples of decisions taken by the Board and how stakeholder views and inputs, as well as other Section 172 considerations have been taken into account in its decision-making are set out on pages 132 to 135 of the Annual Report. Details on how stakeholders were engaged for our sustainability strategy can be found on pages 32 to 33. These are incorporated by reference into this Section 172(1) Statement. Further information on how these duties have been applied can be found throughout the Annual Report.