Stakeholders In line with the UK Corporate Governance Code 2018, we have this year further built on the Code’s recommendations by increasing our focus on stakeholder engagement. Constructive engagement with stakeholders enables us to better understand stakeholder needs and better meet them, creating value for the business and the community in the process. Our stakeholders are people or organisations with an interest in our Purpose, Vision, our operations, and our actions, or who may be affected by them. As the sole supplier of electricity in Jersey, our stakeholders are broad and varied and go well beyond our shareholders. We see stakeholders as our customers, suppliers, partners, NGOs, Government, parishes, regulatory bodies, lenders and investors – as well as of course our employees.
We continue to regularly engage with organisations such as Age Concern, Citizen’s Advice Bureau and the Consumer Council on issues around vulnerable customers, prices and energy efficiency. Our Chairman, CEO and Financial Director also have regular meetings with both Government and independent shareholder representatives. How we engage with our people and our customers are detailed elsewhere in this report.
In addition to these groups, we have this year identified a further 17 stakeholder groups with an interest in the Company and have reached out to engage at a deeper level. This has helped them firstly to understand what we stand for as a company and where we are going in the future and secondly, to gain insights and perspectives from these groups to better guide our own strategy and product or service development and associated decision making.
Method of engagement
In order to engage with each of these groups in the most relevant way, and to prioritise our approach, we classified each cluster by the perceived urgency of their needs, their levels of interest and depth of relationship with us.
At year end, our Executive Leadership Team had conducted 93 such stakeholder engagements, helping those affected by our business to better understand Jersey Electricity. We have further measures planned in the coming year.
30
JERSEY ELECTRICITY
