Ferguson plc Annual Report and Accounts 2020
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Stakeholder engagement
Why relevant? We engage actively with our stakeholders at all levels of our business, which we believe is critical to the success of the Group. At a Board level, all members are encouraged to engage with our stakeholders directly, for example through meeting with individual associates and customers during site visits or through investor meetings, such as those to obtain Remuneration Policy feedback or through attendance at the Annual General Meeting. In addition, the Board is advised of stakeholder views on a regular basis in a number of ways including through Board reports and investor feedback reports. For further information see page 66.
Associates • Existing and prospective associates, including apprentices and trainees
Customers • National and large accounts • Small and midsized contractors
• Our associates want to work for a company that values them, provides ongoing development, treats them fairly and remunerates them appropriately • Investing in our associates ensures we maintain our culture by having the right people and enables us to deliver on our strategic goals
• Our customers want to have confidence in the availability of our offering and tailored advice to deliver their projects, so they are better because they worked with Ferguson
• Individuals
Suppliers • Branded manufacturers • Outsourced third party manufacturers for own brand
• Working with our suppliers in a collaborative manner ensures that we have access to the products our customers need when they need them and enables us to deliver new innovations to the market • In turn we give our suppliers an attractive path to market and provide feedback on customer needs
Section 172 statement
Communities
• We want to make a positive contribution to the communities in which we operate
Section 172 of the Companies Act 2006 requires the Directors to take into consideration the interests of the stakeholders in their decision-making. The Directors have regard to the interests of the Company’s employees and other stakeholders, including its impact on the community, the environment and its reputation, when making their decisions. The Directors consider what is likely to promote the success of the Company for its members in the long term in all their decision-making.
• Local communities to our operations
• Establishing the right relationships with our communities also helps us to attract the best talent into our business
• Families of associates
• Supporting the families of our associates is just the right thing to do
Investors
This statement should be read in conjunction with the corporate governance report on pages 61 to 70, the sustainability section on pages 48 to 52, the risk section on pages 53 to 59 and the stakeholder engagement section above and right.
• Shareholders (institutional)
• Our investors want to understand how we are managing the business to generate sustainable returns through the economic cycle and to promote the long-term success of the Group
• Shareholders (private) • Financial institutions e.g. lending banks
• Specific engagement on important corporate matters e.g. remuneration, listing location
