No Javascript detected! This website works best with Javascript enabled. Here is some help to get you started - How to enable Javascript

Downloads

Annual Report 2020

Annual Report and Accounts for the Year Ended 3 April 2020

Corporate Governance Report Stakeholder Engagement

How the Board Engages with Stakeholders

Effective utilisation of our resources and relationships are an integral part of our plan to drive long-term sustainable growth. Our model is underpinned by our financial discipline, astute purchasing and strategic reinvestments.

Shareholder Engagement

Key Themes Discussed with
Shareholders in FY20

Progress on our strategy, "To Inspire and Support a Lifetime of motoring and cycling", including our intention to accelerate investment in our Services and B2B businesses.
The dynamics of the motoring, cycling and services markets, including our growth opportunities and relative financial returns from each segment.
Capital allocation priorities, specifically the balance of maintaining a prudent balance sheet, maintaining the dividend and enabling investment for growth.
The impact of foreign exchange volatility.
Gross and operating margin performance.

The Chairman is responsible for ensuring that appropriate channels of communication are established between Directors and shareholders and that Directors are aware of any issues or concerns that major shareholders may have. Regular engagement provides investors with an opportunity to discuss any areas of interest and raise concerns. The Group is eager to make sure that it understands shareholders' views and that it is able to communicate its Strategy in the most effective way. The Group engages through regular communications, the Annual General Meeting and other investor relations activity (such as the investor perception study).

Investor Relations
Programme

The Group has a comprehensive investor relations ("IR") programme through which the Chief Executive Officer, Chief Financial Officer and the Corporate Finance Director regularly engage with the Company's largest shareholders on a one-to-one basis, to discuss strategic issues and give presentations on the Group's results. Further communication is achieved through the Annual Report and Accounts, corporate website and investor meetings as follows:

Annual Report and Accounts – this is the most significant communication tool, ensuring that investors are kept fully informed regarding Group developments. Management continually strives to produce a clear and easily accessible Annual Report and Accounts, which provides a complete and transparent picture;
the corporate website – provides investors with timely information on the Group's performance as well as details of Environmental, Social and Governance activities;
management roadshows – allow key investors access to management. These are usually attended by the Chief Executive Officer, the Chief Financial Officer and the Corporate Finance Director; and
responding promptly – the Group is committed to responding to any investor-related queries within a short time frame.

IR Calendar Dates for FY20–21

FY20 Prelim Results
UK Management Roadshow

FY21 20-week Trading Update
Annual General Meeting

FY21 Interim Results
UK Management Roadshow

FY21 Q3 Trading Statement

We aim to encourage our shareholders to receive communications by electronic means, helping to make the Company more environmentally friendly. Information available on the Company's website includes current and historic copies of the Annual Report and Accounts, full and half-year financial statements, market announcements, corporate governance information, the Terms of Reference for the Audit, Nomination, Remuneration and ESG Committees and the Matters Reserved for the Board.

The Annual General Meeting ("AGM") gives all shareholders the opportunity to communicate directly with the Board and their participation is welcomed. It is the Company's practice to propose separate resolutions on each substantial issue at the AGM. The Chairman will advise shareholders on the proxy voting details at the meeting.

We very much hope that we will be able to hold our 2020 AGM in the usual way, but we will continue to monitor the COVID-19 situation and will have regard to developments over the coming weeks ahead of the meeting.

By order of the Board

Tim O'Gorman

Company Secretary

6 July 2020