s.172 Statements
s.172 Statements
The Companies (Miscellaneous Reporting) Regulations 2018 require a number of NEC Group entities to publish a statement explaining how the Directors have given due regard for the matters set out in section 172(1) (a) to (f) of the Companies Act 2006 while performing their duty to promote the success of the Company for the benefit of its members as a whole ("s.172 statement").
Below are the s.172 statements for the Group's entities captured by these Regulations.
The National Exhibition Centre Limited s.172 Statement 2022
Statement by the Directors on performance of their statutory duties in accordance with s172(1) Companies Act 2006
The Board of Directors of the company have acted in a way that they consider to be most likely to promote the success of the company for the benefit of its members and the wider Group headed by LHTCA Midco Limited, during this challenging, COVID-19 impacted, year ended 31 March 2022. A summary is set out as follows:
(i) The likely consequences of any decision in the long term
The Masterplan sets out our strategy for the NEC campus over the next 15 years. This important strategic document guides our internal decision-making and how we work with our many partners and stakeholders to balance sometimes competing priorities and find mutually acceptable ways forward.
(ii) The interests of employees
Our employees are fundamental to the delivery of our day-to-day operations and the delivery of our Masterplan.
During the year the remaining employees on furlough returned to work by September 2021 when the Government supported Coronavirus Job Retention Scheme ended, and a number of employees made redundant during COVID-19 have been re-hired.
The wellbeing and health and safety of our employees is our number one priority, along with training required to support employees to perform their duties. This is more important than ever as they return to work and we recruit to build-back our workforce to meet business demand.
We have supported our employees through engaging in regular communications and providing wellbeing and specific COVID-19 safety advice through both our Human Resources and dedicated Health and Safety team. Both the Board and the company’s senior management receive regular reporting on health & safety matters.
(iii) The need to foster the company's business relationships with suppliers, customers and others
We know that a great customer experience is not only about our facilities but also how our staff and the staff of our partners operate every day to consistently deliver a great service. As the business recovers from COVID-19 we will continue to invest in our people through customer focused training together with reward and recognition for great customer service through our Stars program.
A primary focus will be to reconnect with our visitors. To this end we will continue to leverage the investment in our facilities, including the catering offers and way finding and digital signage. We work closely with our business partners across the region, including Resorts World, Birmingham Airport, Birmingham International Railway Station, major corporates, the Chambers of Commerce, government agencies and Solihull and Birmingham local authorities to understand their plans and to make sure that both visitor demand and visitor experiences can be managed for the mutual benefit of all.
We provide a diverse and balanced choice of facilities and services across our venues with something for all customer groups.
Our procurement strategy seeks to segment our supply chain by criticality and level of expenditure so that procurement activities can be focused on delivering best practice supply chain solutions which represent value for money, are innovative and have an emphasis on sustainability and health and safety and deliver outcomes which meet our requirements. Through the delivery of effective procurement, there is also a commitment to creating partnerships with our suppliers.
We continue to maintain strong relationships with our debt providers which involves the provision of regular business updates. These strong relationships have been critical in managing the financial and operational impacts of COVID-19.
(iv) The impact of the company's operations on the community and the environment
We take our community responsibilities seriously and work closely with key stakeholders, government agencies and local authorities on a wide range of projects and initiatives including Masterplan, High Speed Two programme (HS2) and broader related infrastructure matters. We also take our environmental responsibilities very seriously across all areas such as carbon reduction, water and waste. Managing waste is a key priority and we have implemented an on-site recycling centre that reduces the level and cost of waste going to landfill sites. We are striving continually to become much more carbon efficient and we continue to invest in our infrastructure and systems to drive down our carbon footprint.
(v) The desirability of the company maintaining a reputation for high standards of business conduct
The company is a key contributor of economic generation in the West Midlands Region and it has a high profile and generates significant public interest. This makes it particularly important that the standards of business conduct are maintained at a high standard. This is achieved through a suite of company policies which are regularly reviewed.
(vi) The need to act fairly between members of the company
The relationship between the company and its members is primarily guided by a Shareholder Agreement and the limited number of members also enables each group to be represented on the Board of Directors.
LHTCA Midco Limited s.172 Statement 2022
Statement by the Directors on performance of their statutory duties in accordance with s172(1) Companies Act 2006
The Board of Directors of LHTCA Midco Limited have acted in a way that they consider to be most likely to promote the success of the Group for the benefit of its members as a whole in the decisions taken during this challenging, COVID-19 impacted, year ended 31 March 2022. A summary is set out as follows:
(i) The likely consequences of any decision in the long term
The NEC Masterplan sets out our strategy for the NEC campus over the next 15 years. This important strategic document guides our internal decision-making and how we work with our many partners and stakeholders to balance sometimes competing priorities and find mutually acceptable ways forward.
(ii) The interests of the Group's employees
Our employees are fundamental to the delivery of our day-to-day operations and the delivery of our Masterplan.
During the year the remaining employees on furlough returned to work by September 2021 when the Government supported Coronavirus Job Retention Scheme ended, and a number of employees made redundant during COVID-19 have been re-hired.
The wellbeing and health and safety of our employees is our number one priority, along with training required to support employees to perform their duties. This is more important than ever as they return to work and we recruit to build-back our workforce to meet business demand.
We have supported our employees through engaging in regular communications and providing wellbeing and specific COVID-19 safety advice through both our HR and dedicated Health and Safety team. Both the Board and the Group’s senior management receive regular reporting on health & safety matters.
(iii) The need to foster the Group's business relationships with suppliers, customers and others
We know that a great customer experience is not only about our facilities but also how our staff and the staff of our partners operate every day to consistently deliver a great service. As the business recovers from COVID-19 we will continue to invest in our people through customer focused training together with reward and recognition for great customer service through our Stars program.
A primary focus will be to reconnect with our visitors. To this end we will continue to leverage the investment in our facilities, including the catering offers and wayfinding and digital signage. We work closely with our business partners across the region, including Resorts World, Birmingham Airport, Birmingham International Railway Station, major corporates, the Chambers of Commerce, government agencies and Solihull and Birmingham local authorities to understand their plans and to make sure that both visitor demand and visitor experiences can be managed for the mutual benefit of all.
We provide a diverse and balanced choice of facilities and services across our venues with something for all customer groups.
Our procurement strategy seeks to segment our supply chain by criticality and level of expenditure so that procurement activities can be focused on delivering best practice supply chain solutions which represent value for money, are innovative and have an emphasis on sustainability and health and safety and deliver outcomes which meet our requirements. Through the delivery of effective procurement, there is also a commitment to creating partnerships with our suppliers.
We continue to maintain strong relationships with our debt providers which involves the provision of regular business updates. These strong relationships have been critical in managing the financial and operational impacts of COVID-19.
(iv) The impact of the Group's operations on the community and the environment
We take our community responsibilities seriously and work closely with key stakeholders, government agencies and local authorities on a wide range of projects and initiatives including Masterplan, High Speed Two programme (HS2) and broader related infrastructure matters. We also take our environmental responsibilities very seriously across all areas such as carbon reduction, water and waste. Managing waste is a key priority and we have implemented an on-site recycling centre that reduces the level and cost of waste going to landfill sites. We are striving continually to become much more carbon efficient and continue to invest in our infrastructure and systems to drive down our carbon footprint.
(v) The desirability of the Group maintaining a reputation for high standards of business conduct
The Group is a key contributor of economic generation in the West Midlands Region and it has a high profile and generates significant public interest. This makes it particularly important that the standards of business conduct are maintained at a high standard. This is achieved through a suite of Group policies which are regularly reviewed.
(vi) The need to act fairly between members of the Group. The relationship between the Group and its members is primarily guided by a Shareholder Agreement and the limited number of members also enables each group to be represented on the Board of Directors.