Under section 414 of the UK 2006 Companies Act (the “Act”), the Company is required to include a section 172 statement, describing how the directors have had due regard to those matters set out in section 172 of the Act. In addressing these matters, section 172 requires that the directors have regard (amongst other things) to:
a) the likely consequences of any decision in the long term;
b) the interests of the company's employees;
c) the need to foster the company's business relationships with suppliers, customers and others;
d) the impact of the company's operations on the community and the environment;
e) the desirability of the company maintaining a reputation for high standards of business conduct; and
f) the need to act fairly between members of the company.
The Company provides business and other related services to the Insight group of companies. With this in mind, the directors of the Company are conscious of the potential impact that their actions could have on the long-term success of its parent company and the Insight group as a whole. The directors of the Company are also members of the board of Insight Investment Management Limited (the parent entity) and therefore appreciate the integral role of the Company as part of the larger Insight group.
The Company has no direct employees but has due regard to its prominent role in promoting the interests of Insight’s employees. Through its services to the overall Insight group, the activities of the Company could be seen to have a potential impact on the interests of Insight's staff and other stakeholders.
Having due regard to the long-term interests of its sole member, the directors did not recommend a dividend payment during the period. This decision was in line with the expectations from the existing parent entity.
Due to the purpose of the Company and its structural position within Insight, the Company has undertaken limited stakeholder engagements during the period. For a more detailed assessment of how Insight has engaged with a range of stakeholders please see the Section 172 Statement for Insight Investment Management Limited for the year ending 31 December 2022.