Creating Effective Engagement with our Key Stakeholders (s.172)
Effective engagement with our key stakeholders and managing our impacts
AMS aims to sustainably grow its medical device and woundcare businesses organically and via acquisition – focusing on customer satisfaction, productivity, innovation, business continuity and Health and Safety. We achieve this through the application of our values – Care, Fair, Dare – which ensures we value our employees and behave as good corporate citizens. To achieve this we maintain close relationships with our key stakeholders.
Engagement with our stakeholders is critical to the business. It helps us to appreciate the impact our decisions have on stakeholder interests and better understand their needs and concerns. It strengthens our relationship with them and is an ongoing part of the operational management and governance of the Group.
We have identified our key stakeholders below. We engage with our stakeholders in a number of ways.
Section 172 obligations
The UK Corporate Governance Code 2018 (Code) emphasises the importance of s.172 of the Companies Act 2006, which requires Directors to act in a way that promotes the success of the Company for the benefit of shareholders as a whole. In doing so s.172 requires the Directors to have regard to a number of matters including:
- The likely consequences of any decision in the long-term;
- The interests of the Group’s employees;
- The need to foster the Group’s business relationships with patients, suppliers, customers and others;
- The impact of the Group’s operations on the community and the environment;
- The desirability of the Group maintaining a reputation for high standards of business conduct; and
- The need to act fairly as between members of the Company.
An overview of the Board’s 2019 engagement with stakeholders who are material to the long-term success of the business is explained in the Engagement with Stakeholders, which can be found via the link below.
In 2020 the Board will receive regular updates from the Executive Directors on how the business has engaged with stakeholders, the feedback received and the impact this has had on the Group’s existing policies, processes and procedures. This will include an enhanced Health, Safety and Environment Report to support the Board’s consideration of the impact of their decisions on our community and the environment. Board reports will include an assessment of the impact on our stakeholders.
Ensuring high standards of business conduct is also critical for the success of the Group. The Directors receive regular updates throughout the year on ethical and compliance issues and our Corporate Governance Report (click here) identifies policies and guidelines governing our approach to anticorruption, anti-bribery, social matters and human rights.
Consideration of the long-term impact of decisions is integral to the approval of the strategy. Our strategic progress in 2019 is disclosed in the Chief Executive’s Q&A (click here) and in the review of our Strategic Pillars (click here).