Bidstack group PLC

Corporate governance statement

Directors, senior managers and employees

At 31 December 2020, there were six male directors of the Company and the Company had sixty nine other employees. Please see page 103 – 104 for details of the biographies of the directors.

Section 172 Statement

Under section 172 of the Companies Act 2006 (“Section 172”), a director of a company must act in a way that they consider, in good faith, would most likely promote the success of the company for the benefit of its members as a whole, taking into account the non-exhaustive list of factors set out in Section 172.

Section 172 also requires directors to take into consideration the interests of other stakeholders set out in Section 172(1) in their decision making.

Bidstack Group Plc’s (“Bidstack”, “Group” or the “Company”) key stakeholders include its investors, employees, regulatory bodies, suppliers and customers.

The Company’s strategy is to expand and further monetise its product suite and/or its associated complementary technologies. Upon the successful implementation of the Company’s strategy, the Company will have an expanded range of internal and external stakeholders, relations with which the Board will take into consideration when making decisions on Company strategy.

Engagement with our members plays an essential role throughout our business. We are cognisant of fostering an effective and mutually beneficial relationship with our members. Our understanding of our members is factored into boardroom discussions regarding the potential long-term impacts of our strategic decisions.

Post the reporting period end, the directors of the Company (“Directors”) have continued to have regard to the interests of the Company’s stakeholders, including the potential impact of its future activities on the community, the environment and the Company’s reputation when making decisions. The Directors also continue to take all necessary measures to ensure the Company is acting in good faith and fairly between members and is promoting the success of the Company for its members in the long term.

The table below acts as our Section 172 statement by setting out the key stakeholder groups, their interests and how the Company engages with them. Given the importance of stakeholder focus, long-term strategy and reputation to the Company, these themes are also discussed throughout this Annual Report.

Stakeholder

Our Employees

Why we engage

Our people are at the heart of the growth of our business. Effective employee engagement leads to an effective, incentivised, healthier workforce who are invested in the success of the Group and who are all pulling in the same direction. Our engagement seeks to address any employee concerns regarding working conditions, health and safety, training and development, as well as workforce diversity.

Our customers have unique requirements that require diligence and trust in our offering. We aim to listen

to and engage with our customers on a regular basis

to ensure that we understand their needs and can provide solutions that address them. We ensure that information is easily accessible and customer concerns are dealt with in a timely and professional manner.

We have a number of key partners and suppliers with whom we have built strong relationships with and strongly value. We establish effective engagement channels to ensure our relationships remain collaborative and forward focused, and to foster relationships of mutual trust and loyalty.

Our people are at the heart of the growth of our business. Effective employee engagement leads to an effective, incentivised, healthier workforce who are invested in the success of the Group and who are all pulling in the same direction. Our engagement seeks to address any employee concerns regarding working conditions, health and safety, training and development, as well as workforce diversity.

Our customers have unique requirements that require diligence and trust in our offering. We aim to listen

to and engage with our customers on a regular basis

to ensure that we understand their needs and can provide solutions that address them. We ensure that information is easily accessible and customer concerns are dealt with in a timely and professional manner.

We have a number of key partners and suppliers with whom we have built strong relationships with and strongly value. We establish effective engagement channels to ensure our relationships remain collaborative and forward focused, and to foster relationships of mutual trust and loyalty.

How we engage

  • Introduction of the role of Head of Human Resources;
  • Evaluation and feedback processes for employees and management;
  • Competitive rewards packages;
  • Encouraging employee training and development;
  • Flat structure communication with executive Board;
  • Continual review of feedback from customers to ensure satisfaction;
  • Dedicated team for Client Services and Operations to ensure consumer concerns are addressed;
  • Face to face meetings with customers to further develop relationships;
  • Investment in content control and consumer safety through acquisition;
  • Building strong partnerships with suppliers through open two-way dialogue and regular face to face meetings;
  • Relationships with suppliers allow the ongoing review and monitoring of their performance levels.

Our Customers

Our Suppliers

Stakeholder

Our Investors

Why we engage

We maintain and value regular dialogue with our financial stakeholders throughout the year and place great importance on our relationship with them. We know that our investors expect a comprehensive insight into the financial performance of the Company, and awareness of long-term strategy and direction. As such, we aim to provide high levels of transparency and clarity about our results and long-term strategy and to build trust in our future plans.

How we engage

  • Regular reports and analysis on investors and shareholders;
  • Annual Report;
  • Company website;
  • Shareholder circulars • AGM;
  • RNS announcements • Press releases.

The above statement should be read in conjunction with the Strategic Report (on pages 94 – 97) and the Company’s Corporate Governance Statement.

The Strategic Report was approved by the Board of Directors on 26 March 2021 and was signed on its behalf by:

James Draper

Chief Executive

26 March 2021