Statement by the directors of CVC Advisers Limited (the "Company") in performance of their statutory duties in accordance with section 172(1) of the UK Companies Act 2006 (the "Act") for the Financial Year ended 31 December 2019.
Each director of the Company considers that they have individually and as a board acted in a way which they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole having regard to the matters set out in section 172(1)(a)-(f) of the Act.
The following paragraphs summarise how the directors of the Company fulfil their duties:
Purpose, strategy and consideration of the consequences of our decisions for the long term
The Company's strategy and operational focus is to provide best in class investment advisory services to the CVC investment management business. Throughout the year the board have had regard to changing socio and economic factors (such as the effect of "Brexit") on its clients' investment strategies and has taken a risk-based approach to its long-term decision making.
Employees and culture
Following feedback as part of the Company's 2018 employee engagement survey, in 2019 the Company refined what it considers to be CVC's core values and has reinforced the Company's strategy in Company communications and at employee events. The Company has also focussed on how it can best attract and retain more diverse candidates by creating an appealing environment where everyone has the opportunity to be successful.
Impact of the Company's operations on the community and environment
We believe the management of environmental, social and governance (ESG) issues is a critical part of ensuring the long-term success of any business today. As part of the board's plans for the upcoming refurbishment of the Company's offices we have sought to improve energy efficiencies and encourage environmentally friendly practices such as by improving our cycle to work amenities.
Our employees are encouraged to work directly with our charity partners through providing their professional skills to charities or volunteering to help disadvantaged young people in their communities. An example of this is the CVC Young Innovator Awards where young entrepreneurs launching a new business or social enterprise are invited to pitch their ideas to members of the Company's staff, who then award cash grants up to €20,000 and provide ongoing mentoring support. The Company also operates a policy of 2:1 matching on any charitable fundraising that an employee undertakes up to an annual limit per employee.
Engagement with stakeholders
The Company supports building and maintaining strong working relationships with our suppliers, sole shareholder and our clients (being other entities within the CVC network). The Company regularly engages with it sole shareholder to ensure its strategic vision is aligned. During 2019 the Company also focussed on further engaging with those of its suppliers who access the CVC IT network or have access to confidential or personal information as part its ongoing supply chain engagement and risk management process. Each year the Board also considers and approves the Company's modern slavery statement, which explains the activities it has undertaken during the year to demonstrate our commitment to seeking to ensure that there is no slavery, forced labour or human trafficking within any part of the Company’s business or in its supply chains.
Maintaining a reputation for high standards of business conduct
In accordance with its commitment to maintaining high standards of business conduct, the Company has implemented and updated various of its internal policies and procedures during 2019 in order to reflect its core values and the changing regulatory landscape, such as the introduction of the Senior Managers and Certification regime. The Company's internal Compliance team provides, introductory, annual and ad-hoc Code of Ethics training sessions to Company employees. Additionally, the Company conforms with the Walker Guidelines and works closely with UK based portfolio companies owned by Funds advised by CVC to improve their level of transparency and the quality of disclosures.