Section 172 Companies Act 2006 SUMMARY: KEEPING SECTION 172 HIGH ON THE AGENDA We ensure that the requirements of s172(1) Companies Act 2006 are met and the interests of our stakeholder groups are As a Board, we must always seek considered, challenged and debated through a combination of the following practical approaches: and be open to feedback from • The Board sets the Company’s purpose, ambitions andstrategy and carries out an annual strategy review which anyone affected by our activities. assesses the long-term sustainable success of the Group This enables us to understand and our impact on key stakeholders. Agenda items for the following year are set based on the decisions and next steps the impact of decisions on key agreed at these meetings. • The Board’s risk management procedures identify the stakeholders, and ensures that principal risks facing the Group, and the mitigations in place we are aware of significant to manage the impact of these risks. Many of these relate specifically to our stakeholder groups. changes in the market or • The Company Secretary sets out the text of section 172(1) Companies Act 2006 on every Board agenda by way of a external environment, including reminder, and notes the relevant factors to be considered the identification of emerging against each agenda item, which is reflected in the minutes. • Standing agenda points and papers are presented at each risks, which can be fed into Board meeting as detailed on page 116 for example, theChief Executive Officer presents a Customer report, a the Board’s formal strategy Health and Safety report and an update on People matters discussions and our risk at each meeting; the Company Secretary reports on sustainability matters in each meeting. management process.” • There are regularly scheduled in-depth Boardpresentations and reports: for example, investor feedback twice a year from our brokers and corporate PR advisers; an update on People matters and a ‘Colleague Dashboard’ twice a year; an annual presentation on health and safety; and annual updates on ethical trading, modern slavery and climate change/sustainability. • There is a formal review of many of these topics through standard Audit and Risk Committee and Remuneration Committee agenda items, as described later in this report. • Where a particular matter or decision requires a balance of stakeholder interests, a summary of the relevant factors SECTION 172(1) COMPANIES ACT is set out by stakeholder in the supporting papers that are submitted to the Board and are minuted. The Board of Directors confirms that during the year • Board members regularly attend seminars organised by under review, it has acted to promote the long-term external parties which provide updates on investor and success of the Company for the benefit of shareholders, governance concerns, including climate change and whilst having due regard to the matters set out in section sustainability. The Company Secretary also regularly 172(1) (a) to (f) of the Companies Act 2006, being: attends theseevents, and circulates a summary of relevant issues and presentations/papers with Board papers. • The likely consequences of any decision in the long • This year, to improve the Board’s awareness of issues term. relating to diversity and inclusion, the Board attended five • The interests of the Company’s employees. training events hosted by Dunelm’s partner, Unleashed. • The need to foster theCompany’s business Details are in the Nominations Committee report. relationships with suppliers, customers and others. • The Board regularly reviews the KPIs which it receives in • The impact of the Company’s operations on the relation to each stakeholder group and requests additional community and the environment. or different information which it finds relevant. For example, • The desirability of theCompany maintaining a at the Board’s request we have developed a ‘customer reputation for high standards of business conduct. lifetime value’ measure. • The need to act fairly between members of the Company. DUNELM GROUP PLC ANNUAL REPORT & ACCOUNTS 2021 103 GOVERNANCESTRATEGIC REPORT FINANCIAL STATEMENTSOTHER INFORMATION