Companies Act 172 statement

This section of the Strategic Report describes how the directors have had regard to the matters set out in section 172(1) (a) to (f), and forms the directors’ statement required under section 414CZA, of the Companies Act 2006.

The Directors recognise that the long-term success of the Company is dependent on having regard to the interests of its stakeholders.  The Board has identified and documented its stakeholders in the Company’s Governance Framework and Board Charter.  Key stakeholders include its shareholder, employees, clients, regulators and suppliers and insurers.  Stakeholder engagement is considered as part of the decision making process of the Board. Given the new disclosure requirements, board and committee papers templates were updated to better focus on stakeholder interest.

The Board recognises the importance of engaging with stakeholders, understanding their views and interests in order to be successful over the long-term. Dialogue with stakeholders can help the Board to understand significant changes in the landscape, predict future developments and trends, and re-align strategy.


Shareholder (Lycetts Holdings Limited)

Lycetts Holdings Limited (Company No. 05866203) owns the entire issued Ordinary share capital of the Company who is ultimately wholly owned by Benefact Trust Limited through its subsidiary Benefact Group plc.  Protocols for the exchange of information between Benefact Trust Limited and its subsidiaries (including the Company) are in place and cover performance, operations and financial position.

The Board has an honest and constructive relationship with its shareholder. There is at least one “Common Director” (i.e. a Director who is a member of the Boards of the Company, Lycetts Holdings Limited and Benefact Group plc) who is expected to attend every Board Meeting.  Denise Cockrem (Group Chief Financial Officer and Executive Board Director at Benefact Group plc) was appointed as the “Common Director”.  Denise presents a summary of highlights from Benefact Group plc Board meetings to the Directors. There is also engagement between respective Board and Committee Chairmen. Moreover regular dialogue takes place on the Group’s expectations of the Company and strategy for the development of business.

This ensures that the views and expectations of the Shareholder are communicated to the Board as a whole. In turn, the Common Director is able to support the directors of Lycetts Holdings Limited and Benefact Group plc to understand the performance and strategic issues faced by the Company.


The Board recognises employees as their biggest asset given their specialist skills and knowledge and propensity to go above and beyond.  Employee matters are regularly considered by the Board via the Chief Executive’s and Divisional Reports.

In order to engage, involve and inform employees the following methods are used:

  • a variety of communication channels including the internal “hub”, all staff emails (including, results, achievements and changes), briefings and publishing of financial reports and feedback and discussion is adopted (including to make employees aware of financial and economic factors affecting the performance of the company);
  • an engagement survey (MySay survey) is conducted twice a year across all business areas. The survey allows the tracking of engagement and provides employee views on a range of matters affecting them. The results are reviewed by business areas and are cascaded to individual teams. Managers discuss local results with employees and create action plans to respond to concerns;
  • whistleblowing policy and procedures;
  • a range of training and development are available to employees, including technical courses, mentoring and coaching and opportunities.
  • Many staff live in the communities alongside their clients and a key aspect of life for our employees is their involvement in their communities.


Clients are the lifeblood of the Lycetts Group.  The Board considers that clients should be at the heart of everything we do, ensuring any actions or decisions demonstrate our passion for clients and make us first choice for clients both today and in the future.  In addition, the Board considered clients’ needs, knowledge and expectations as part of the implementation of Open GI (the Company’s key broking platform).

Regular meetings are held between management and key clients to understand their needs and perspectives.   In addition, the Company has regular engagement with clients (including monitoring customer complaints and satisfaction data) and key outcomes are shared with the Board. Our commitment to clients is further demonstrated by the tailored Client Proposition that has been developed.

During the year, the Board agreed a new service operating procedure for all clients to ensure that similar clients receive a consistent level of service hereby supporting our aim to become our clients ‘most trusted and ethical long-term specialist insurance and financial services adviser’.


The strategic aim is to provide a first class service to all clients to satisfy their needs and expectations and to deal promptly with claims. The importance of the role that suppliers play in ensuring a reliable service is delivered to clients is recognised by Directors. Consequently, the Board (via the Ecclesiastical Group’s Broker Advisory Management Board Audit, Risk & Committee) oversees the Company’s material outsourcing contracts.


The Board oversees the relationship with insurers and associated placement strategy and procedure. This includes consideration of matters highlighted by the Carrier Management Committee (including outcomes from third party audits undertaken on behalf of insurers).

A conflict of interest policy which sets out how actual and perceived conflicts of interests between Company and the Insurers that we use.

Community and environment

Many staff volunteer to assist or support their local communities. We support those member of staff who wish to be involved in such activities, after discussion and agreement with their manager.

Employees are supported to give to causes they care about through myGiving. This enables them to offer support with volunteering, small grants and fundraising matching to create direct involvement and help to drive charitable giving at a local level.


The Board recognises the importance of open and honest dialogue with regulators (including the Financial Conduct Authority (FCA)). In addition, the Board has received regular updates on legal, regulatory and compliance matters. The Board oversees ongoing obligations under the Senior Managers and Certification Regime (SMCR).

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