Section 172 statement
The following disclosure describes how the Directors had regard to the matters set out in section 172(1) (a) to (f) and forms the Directors’ statement required under the Companies Act 2006.
Corporate Information
Statement under section 172 of the Companies Act 2006
Customers
The group works closely with customers to understand their evolving needs in order to improve and adapt to meet them. The digital transformation in which everything is connected continues to rapidly expand and OKI can only achieve sustainable growth by helping solve problems through co-creation with customers.
The board receive regular updates regarding customer relationships, development and engagement, including customer feedback and complaints data. Investment and innovation to meet customer expectations and further strengthen relationships is a key consideration of the Group’s strategy. The group remains committed to improving customer experience by setting targets for priority issues and incorporating sustainable goals into corporate management to tackle global social issues.
Suppliers
The Group’s suppliers are fundamental to ensuring that the group meets the high standards of conduct which are expected by key stakeholders. The group’s main supplier is its parent company which is based in Japan.
There is active supplier management including contingency planning. The group uses OKI Group Procurement Policies which sets out the standards to which suppliers engaging with OKI must apply.
The Board receives updates regarding material developments in key supplier relationships, including updates through internal audit and risk management.
Employees
The Group’s long-term success is based on the commitment of the workforce to the group’s purpose and demonstrating OKI values on a daily basis. To maintain a competitive advantage and meet the demands of the commercial environment, employees are adaptive and have a constantly evolving skill base.
Engagement with employees is essential to ensure the Group fosters an environment that the workforce is motivated to work in and that best supports their wellbeing. Colleagues have opportunities for personal development and career progression, a culture of inclusion and diversity, compensation and benefits, and the ability to make a difference within the Group. The employees have a crucial role in delivering the group’s strategy and creating value.
The “Employee involvement” section of the Directors’ report on Page 6 explains how the group engages with employees. Employees are provided information that is of concern to them, including business and financial performance updates which are provided by senior management. Colleagues are encouraged to share their views on all matters with senior management.
Shareholders
The Board is committed to openly engage with our shareholders, as we recognise the importance of a continuing effective dialogue.
The senior management participates in regular engagement with OKI Electric Industry Co.,Ltd management where the group’s operational and financial performance, strategic plans, risks and opportunities are reviewed. Challenges are raised and addressed by management ahead of approval.
Senior management provide regular operational and financial performance communications such as monthly trading results to OKI Electric Industry Co.,Ltd.
Community and Environment
The group’s vision is to create positive change for people and communities with which we interact. Sustainability is crucial, and communities expect the Group to provide means to minimise waste, reduce carbon emission, ethical resource circulation, biodiversity conservation and prevention of pollution.
Realisation of low-carbon societies
The aim is to maximise energy efficiency across business operations, while reducing energy consumption and achieving low-carbon societies by continuously providing environmentally friendly products and services.
Prevention of pollution
To reduce the emission of chemical substances that can adversely affect the health of individuals and cause damage to the environment.
Resource circulation
The group has been working to increase the volume of products which can be recycled by 25%. In addition, OEL is looking to expand the recycling of waste materials, while actively promoting environmentally friendly designs.
Biodiversity conservation
The group engages in conservation and sustainable use of biodiversity to help the prevention of global warming and prevention of air and water pollution caused by chemical substances, while further expanding recycling processes.
Outcomes
The group has been successful in increasing reuse and recycling of products, conserving resources and energy, and simplifying waste processing. The group continues to work towards achieving their sustainable development goals.
