Even before it became a mandatory disclosure, many companies were already reporting on how their directors were complying with their duty under section 172 of the Companies Act 2006 to have regard to the interests of other stakeholders – particularly the interests of employees, suppliers and customers.
This award recognises high quality reporting on the business’ efforts to engage with stakeholders. Strong reports in this category will go beyond the usual boilerplate disclosure on mechanisms used to secure employee feedback. They will really get under the skin of what has been done by way of engaging with employees and other stakeholders, and provide meaningful discussion of the learning outcomes from that work. They will include a clear definition of and discussion about non-employee stakeholders, and describe what mechanisms are used to solicit feedback.
The judges in this category are particularly interested in those reports which offer a clear explanation of how stakeholder feedback has been taken into consideration in board decision-making.