Our Stakeholders

We are committed to creating value for all our stakeholders

Engagement and collaboration through our value chain is essential. Partnering with our stakeholders, understanding their challenges and managing risks, we can find solutions for our shared success, sustain our business and benefit all our stakeholders.

We have aligned our strategic priorities with the requirements and needs of our stakeholders to enable delivery of profitable, sustainable value.

The Board recognises that it has a duty to act in the best interest of the Company for the benefit of its shareholders, as well as considering other stakeholder interests. In its decision-making, the Board considers all relevant factors, including:

  • How the decision would align with the Group's over-reaching purpose
  • The likely short-, medium- and long-term consequences of the decision
  • The value created for our investors
  • The enhancement of our performance created by the decision
  • The potential impacts on our people, local communities and environment of making the decision
  • The need to create strong, mutually-beneficial customer and supplier relationships
  • The Group's commitment to business ethics Section 172(1) statement

This section serves as our section 172(1) statement explaining how the Directors have had regard to the matters set out in section 172(1)(a) to (f) Companies Act 2006, when performing their duty under section 172.

The Board aims to promote the success of the Company for the benefit of its shareholders as a whole, taking into account the long-term consequences of its decisions while giving due consideration to the interests of the Company's stakeholders (including employees, customers, suppliers, shareholders, as well as the environment and local communities which are impacted by our operations), while also considering the importance of maintaining our reputation for high standards of business conduct.

Corporate social responsibility

The Company is committed to building a sustainable and profitable business while continuing to operate responsibly with honesty, integrity and fairness.

Our Board of Directors is ultimately responsible for establishing high ethical standards of behaviour, effective corporate governance and defines our strategic and financial objectives. Corporate responsibility remains central to delivering our strategy and the Chief Executive Officer is the Director with specific responsibility for corporate responsibility matters and oversees the processes and measures used to manage the Group’s social, environmental, ethical, health and safety and associated internal controls.

The Group has implemented a number of policies covering anti-bribery and corruption, business ethics, whistle-blowing and diversity which support our approach to corporate responsibility. The effectiveness of these policies and procedures are monitored and reviewed on a regular basis to ensure that they align with our Group strategy.

We require all of our employees to conduct themselves to the highest level of ethical conduct in their business activities and to comply with relevant laws, regulations and standards of market practice in all jurisdictions where the Group operates. We do not permit bribery, illegal or corrupt business practices and we provide a procedure for employees to raise any malpractice concerns in an appropriate forum without fear of recourse.

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Shareholders

Why we engage


Shareholders help to provide the financial liquidity we require to operate and are key beneficiaries in the value created by the Group. We are committed to transparent communication and engagement with them.

How the Board engages

  • The Directors have regular meetings with investors, principally through investor roadshows, investor events and the AGM.
  • The Chairman meets with the Company’s largest equity shareholders to discuss results and other announcements.
  • The Annual Report and Accounts and the Group website set out the Group’s strategy, progress against its strategy and the Group’s activities.

How we supported during 2021

  • We were unable to hold an AGM due to COVID restrictions, but held a pre-AGM webinar and Q&A session online, enabling shareholders to receive the 2020 results presentation and ask questions prior to their proxy vote.
  • Consultation with shareholders on the new remuneration policy (approved at the 2020 AGM) was led by the chair of the Remuneration Committee.
  • The Company completed a refinancing and has started to implement a disposal programme, aimed at improving leverage.
  • New Chairman and other Board appointments aimed at bringing additional experience and skills to the Board.
  • Reverting to physical AGM in 2022.

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Employees


Why we engage


We are committed to ensuring that James Fisher is a great place to work. Attracting and developing talent is a key driver of the Group’s sustainable and profitable growth.

How the Board engages

  • Although restricted by the pandemic, the Executive Directors have held town hall meetings, in person where possible and virtually in other cases, engaging with employees via Q&A sessions in relation to purpose, values, strategy, employee engagement and Group performance.
  • Inken Braunschmidt (designated Non-Executive Director) has undertaken a number of engagement activities, including through her role on the employee engagement group, and reports back to the Board on a regular basis.
  • We built on the Group engagement survey with the support of Gallup, providing valuable insights for the Board on issues that matter to our people.
  • The Company makes available an employee sharesave scheme to encourage employees’ involvement in Company performance.


How we supported during 2021

  • We have continued the implementation of the Group’s employee strategy and are adapting to the limitations imposed by the pandemic e.g., moving training online to reach a wider audience.
  • We have deepened engagement and coordination through online “lunch and learns” available to anyone in the Group to hear about different businesses.
  • We have extended our mental health first aid training and now have over 80 trainers across the Group.
  • We have continued our internship programme, with interns bringing fresh ideas and energy into the businesses.

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Customers and suppliers


Why we engage


The Group’s success depends on achieving a deep understanding of the challenges our customers face, and the complexities posed by the environments in which they operate. In doing so and with the support of our supply chain, we can identify products and services to support them.


How the Board engages

  • The Board receives regular updates from business Managing Directors on their strategic priorities, their markets and key customers.
  • Through the Sustainability Committee, the Board receives updates on efforts within the Group to engage with and support our customers and suppliers (led by the customer and supplier working groups).
  • Where appropriate, our Executive Directors and divisional Managing Directors work with major customers to ensure we develop innovative products and services to find solutions to their problems.


How we supported during 2021

  • Investment has continued into innovation in products and services to meet customer needs.
  • We have sought to align our process for obtaining customer feedback in order to have a coordinated view of our customers’ key requirements.
  • We are revising our Code of Ethics to align with our sustainability policy and the changing macro factors impacting our industries and environment.
  • Through the supplier working group, we are identifying synergies and other benefits of procurement coordination between Group businesses, as well as introducing a supplier code of conduct to create within the supply chain clear accountability and alignment with our sustainability priorities.

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Local communities

Why we engage

Aligned with our purpose and values, we must conduct business responsibly and sustainably to ensure that we support the local communities that are impacted by our global operations.

How the Board engages

  • Through the Sustainability Committee, the Board receives updates on the implementation of each business’s local communities strategy.
  • The Board actively encourages and supports employees to engage with projects across the UK and internationally to help make a positive impact, either through charitable fundraising, volunteering their time, or collection and distribution of items to support those less fortunate or in need.
  • The Board regularly reviews the Group to consider how our businesses and their services align with the Group purpose.


How we supported during 2021

  • We supported our companies and people who were providing support locally in response to the global pandemic.
  • We have developed and launched our new sustainability strategy.
  • We have provided assistance to individuals through a difficult period for many due to the pandemic and other international issues, including through extension of the employee assistance programme to friends and family.

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Environment

Why we engage

Our activities are inextricably linked to the environmental considerations related to climate change and the energy transition. This creates specific risks and opportunities which, when managed effectively and responsibly, will reposition James Fisher for a sustainable future.


How the Board engages

  • The Board receives regular updates and recommendations from the Sustainability Committee. The Sustainability Committee is led by the Group CEO and includes the leaders of all our stakeholder working groups, including the environment working group. Stakeholder working groups act in the interest of the stakeholders they represent, and improvement recommendations are communicated accordingly.
  • The Board engages with shareholders directly to understand their ESG priorities.
  • ESG specialist advisers provide expert support to the Board in relation to sustainability and the Group’s role in relation to climate change and the energy transition.


How we supported during 2021

  • The Group conducted an extensive emissions footprint reporting and consolidation exercise across all operating companies, choosing the one-year period spanning 1 October 2020 to 30 September 2021 as our base year for target setting.
  • The new sustainability strategy, with Planet as one of its core pillars, was put forward and approved by the Board. An ongoing portfolio management programme is aimed at aligning the composition of the Group with our sustainability objectives, material issues, and stated commitments.
  • We made efforts to implement the recommendations set out by the Task Force on Climate-related Financial Disclosures (TCFD) and aim to publish a comprehensive TCFD report later in 2022 when ongoing efforts have been concluded.
  • The Group continued its reporting and disclosures in accordance with the Carbon Disclosure Project and the UK SECR regulation
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