In line with section 172(1) (A) to (F) of the Companies Act 2006 and the 2018 Miscellaneous Reporting Regulations, SuperBike Factory's (SBF) directors are tasked with ensuring that the interests of key stakeholders are taken into account for the company's long-term success. This statement outlines how SBF's directors have engaged with stakeholders and considered their interests in the company's major decisions over the past fiscal year.
SBF's directors have focused on strategic issues and have shared information relevant to the company's scope and operations. This includes preparing and reviewing investment cases with a focus on stakeholder impact, overseeing strategic progress and business portfolio changes, monitoring board decisions and performance against strategy, identifying and managing risks, and ensuring the company's values are reflected in the expected conduct of business and employees.
The directors make decisions in good faith, prioritising the company's success for the benefit of all members. They consider the long-term consequences of their decisions, stakeholder engagement, employee interests, fostering business relationships, the impact of operations on the community and environment, maintaining a high standard of business conduct, and acting fairly among company members.
SBF's board understands the importance of stakeholder engagement and recognises the aligned priorities of the company's employees, customers, and suppliers. They've taken steps to meet stakeholder expectations through a materiality assessment on a range of environmental, social, and governance (ESG) topics, and the establishment of a People Champion group to provide input on employee-related issues. Employee career development and corporate social responsibility are key components of the company's strategy.
SBF highly values its employees and their contribution to the company's success. The directors consider employee interests when making decisions about benefits, wages, and working conditions. SBF strives to create an inclusive working environment and supports employee development through training, apprenticeships, and career progression opportunities. The company regularly communicates with employees to ensure their views are considered in decision-making.
SBF also prioritises fostering strong relationships with suppliers, customers, the government, regulators, and delivery partners. The directors are mindful of the potential impact of the company's actions on its supply chain and have implemented a prompt payment policy. They interact with businesses on issues related to these relationships and continually evaluate customer priorities.
The company is committed to positively impacting the community and environment. SBF raises funds for community charities, encourages employee participation in fundraising, and is considering the establishment of an Environment and Social Impact Committee to achieve a high ESG rating. The company is also dedicated to maintaining a high standard of business conduct by upholding its values and implementing governance policies.
Health and safety is a significant priority for SBF, given the potential risks associated with the motorcycle industry. The company has developed health and safety training for employees and implemented a comprehensive system for incident and near-miss reporting. The directors are also considering the introduction of additional health and safety roles.
The directors strive to act fairly among all company members, making decisions that best support the company's long-term strategy and considering the impact on all stakeholders. Employees contribute to board decisions through the People Champion group, and the board is currently reviewing topics such as working hours and maternity/paternity benefits.
The board is committed to fostering a positive company culture, exemplified by the company's core values of honesty, integrity, and respect for people. The recent decision to expand the business to Bristol and Milton Keynes was made with careful consideration of the impact on stakeholders, reflecting the company's commitment to promoting its long-term success while considering the interests of key stakeholders.