Section 172 Statement
As a Board, we have a duty to promote the success of Rotork for the benefit of our members. In doing so, we must have 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, the desirability of maintaining a reputation for high standards of business conduct and the consequences of decisions in the long-term.
These stakeholder relationships are fundamental to our business and strategic direction. We have in excess of 3,500 shareholders and c.3,200 employees. We serve customers in more than 170 countries and enjoy a global supply base. All these stakeholders are important to the long term success of the business and strategic direction. Relationships with our stakeholders support the generation and preservation of value in the Group, as well as our culture and Values of ‘Stronger Together’, ‘Always Innovating’ and ‘Trusted Partner’. 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.
Stakeholder considerations are woven throughout all Board discussions and decisions. The table on pages 110-111 in the Annual Report sets out our key stakeholder groups and how they were engaged with, both directly and indirectly, by the Board throughout the year on those matters which the directors understand are important to each group. 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 page 109 of the Annual Report. These are incorporated by reference into this Section 172(1) Statement.