| Stakeholder Group | Why important to us? | Key Priorities of the Stakeholder Group | Engagement with Stakeholder Group | Impact on Board decisions |
Investors | Our shareholders provide funds which aid the growth of our business and are vital to our future success. | • Strong financial performance • Good governance practices • Transparency and openness • Adoption of sustainable business practices | Examples of engagement with our shareholders include: • formal results presentations immediately following publication of the interim and final results; • Dedicated investor related section of the Company website (providing easy access to RNS announcements, key financial dates, dividend details, reports and publications); • comprehensive consultation exercise carried out with major shareholders regarding the remuneration policy renewal; • meetings held between the Executive Directors and current and potential significant shareholders; • meetings held between the Group Finance Director and Group Communities Director with significant shareholders to discuss their requirements surrounding ESG matters; • due to the limits on attendance at the 2020 AGM imposed by Government restrictions on public gatherings, shareholders were able to dial into the meeting to listen to the proceedings of the meeting and were also provided with the opportunity to submit questions to the Board ahead of the meeting. For further details of engagement with shareholders, see page 98* of the Corporate Governance Report, under heading: Shareholder Engagement | Examples of the impact of shareholders on the Board’s decision making include: • appointment of Richard Akers as Chair-Designate and an independent Non-Executive Director, to replace John Tutte as Non-Executive Chairman on 15 September 2021 which will align the Board structure with the provisions of the UK Corporate Governance Code 2018; • payment of an interim dividend of 6p per share on 9 April 2021; • proposal to pay a final dividend of 18.5p per share on 17 November 2021, subject to shareholder approval at the 2021 AGM; • introduction of the ESG Scorecard which provides transparency to investors of the performance against key metrics to help drive business performance; and • if the Remuneration Policy is approved by shareholders at the 2021 AGM, the application of a lower bonus opportunity of 125% of salary (within an overall policy limit of 150% of salary) for the financial year ending 2022, to allow for a phasing of the bonus opportunity increase. |
Employees | Our employees are essential to preserving long-term value and Valuing People is a fundamental part of our strategy. | • Development of our people • Safety and wellbeing of our people • Good quality employment opportunities • Transparency and openness • Diverse and inclusive workforce • Support in all aspects of life, not just the work element • Good work-life balance • High quality health, safety and environmental practices | Examples of engagement with our employees include: • designated workforce Non-Executive Director and bi-annual workforce engagement meetings hosted by Nicky Dulieu; • employee communication via the intranet, Engage; • employee engagement meetings; • employee working group meetings and communication spaces; • annual INsight survey; • direct email communication channel to the Board; • promotion of share ownership through employee share plans; • Division specific communications, including regular updates from the Managing Directors and Heads of Department on news relating to the division and beyond; and • Company performance communications. For further details of engagement with employees, see page 99** of the Corporate Governance Report under heading: Workforce Engagement | Examples of the impact of employees on the Board’s decision making include: • the introduction of ‘Agile Work Places’, which allows colleagues to work from wherever they are most efficient; • becoming accredited with the Living Wage Foundation by ensuring that the pay of every Redrow employee is aligned with the real living hourly wage, which takes into consideration the cost of living as outlined by the Foundation, and extending this to the supply chain as a condition to working with Redrow; • the introduction of bi-annual workforce engagement meetings with representatives from each area of the business and Nicky Dulieu, the designated Non-Executive Director for workforce engagement, to obtain their views on a wide range of matters relating to life at Redrow; • the development of the Equality, Diversity and Inclusion (ED&I) agenda, including the launch of the ED&I Policy and putting in place the initiatives required to ensure that this inclusive culture is embedded across the business. |
Suppliers | Having strong relationships with our suppliers is important to our long-term success and the Board is briefed on supplier feedback and issues on a regular basis. | • Assistance with training and development opportunities • Assistance with addressing the industry skills shortage • Timely payment practices • Creation of jobs for our subcontractors • Safety and wellbeing of our people • Compliance with laws and regulations • High quality health, safety and environmental practices | Examples of engagement with our suppliers include: • participation in workshops, delivered through our partnership with the Supply Chain Sustainability School, to engage with our suppliers on a number of matters; • collaboration with subcontractors on health and safety matters and ensuring that our values on customer service, quality, safety and sustainability are in alignment; • working with our supply chain to attract new entrants into the industry and actively supporting our subcontractors to train their recruits to agreed standards, including inviting them to workshops and briefings; • engagement by way of a supply chain mapping system enabling us to work with supply partners to identify and avoid high risk products; • working with our supply chain to find ways to eliminate, reduce or reuse packing; and • collaboration with key suppliers to collate their Scope 1 and Scope 2 energy and carbon data allowing the creation of a bespoke online tool to assist with the calculation of greenhouse gas emissions from our supply chain that are applicable to us. | Examples of the impact of suppliers on the Board’s decision making include: • the Company partnering with the Supply Chain School which has granted access to thousands of online presentations, training modules, guidance documents and checklists with regular invites to attend workshops and briefings; • the identification of waste reduction opportunities following workshops with suppliers to identify the root causes of waste; • retained services of an external specialist to manage all temporary labour requirements and processes, including carrying out periodic audits to ensure temporary agency workers are legally compliant and there are no instances of modern slavery; • placing apprentices, who are employed and trained by the Company, with subcontractors for their apprenticeship, with around 85% of apprentices going on to take a position with the subcontractor at the end of their apprenticeship; • the signing up of the Company to the Talent Retention Scheme set up by the Construction Leadership Council to assist where possible with helping out apprentices who have lost their jobs; and • the launch of the Training Hub in Tamworth, in partnership with the NHBC and Tamworth Borough Council to help develop the next generation of skilled tradespeople starting out in-house building. |
| Customers | 'Putting our customers first' is a key principle underpinning our strategic theme of Building Responsibly. The Board believes that the most meaningful praise it can get is from the people who buy our homes and live in the communities we help create. | • Build a quality product and provide a great place to live • Provide excellent customer service • Be a considerate constructor and good neighbour • Develop places that enhance health and wellbeing | Examples of engagement with our customers include: • face-to-face interactions and interactions via the My Redrow platform; • interaction via social media and online reputation platforms, retaining the utilisation of Crowd Control HQ technology and Rep.com which enables over 100 colleagues to respond to verified customers on social media; • customer feedback via the NHBC surveys; • close monitoring of customer complaints and feedback; • direct engagement regarding the value of the Group’s wider offering around placemaking and community via the Customer Experience Suites; and • reports to the Board from the Customer and Quality Director and the Group Customer & Marketing Director. | Examples of the impact of customers on the Board’s decision making include: • launch of an extension to the award winning My Redrow platform with a Homeowner Support area, enabling customers to submit their warranty issues online and to access helpful tutorial videos and content; • the opening of the new Customer Experience Suites which use digital platforms to highlight the Group’s wider offer around placemaking and the community; • introduction of a new three-stage complaints process to make the initial complaints and escalation procedure more efficient and the appointment of a Group Resolution Manager to oversee this process and the day-to-day relationship with the forthcoming New Homes Ombudsman; and • the holding of the first combined Customer Conference, which saw 500 colleagues in attendance along with the Executive Directors, the focus of the event being around raising our quality standards across the board. |
| Community and Environment | ‘Nature for people’ is a key principle underpinning our strategic theme of Developing Thriving Communities and ‘listen to learn’ is one of our key Redrow 8 placemaking principles. | • Provide affordable homes • Mitigate for effects of climate change and flood risk on our developments • Protect and enhance biodiversity • Develop places that enhance health and wellbeing • Share value through the communities we build • Be a considerate constructor and good neighbour • Reduce waste from our construction activities • Support with local causes and community projects | Examples of engagement with the communities in which we operate include: • engagement and consultations with local communities at an early stage to discuss matters that may inform the development process, to enable us to design developments that are sensitive and responsive and foster a sense of belonging; • direct communications with local wildlife organisations which can provide a wealth of knowledge about the local context and help influence our designs to ensure the best outcome for nature and the community; • engaging directly with local schools to ensure that green spaces and play areas are well planned and used; • working with the emerging community as the development progresses to help foster a sense of community, ownership and belonging through active involvement of residents; and • discussions with a variety of organisations local to our developments, allowing us to understand what is happening locally and enabling us to provide donations and sponsorship for local community projects to ensure that communities continue to thrive. | Examples of the impact of the community and environment on the Board’s decision making include: • introduction of the ESG Scorecard which comprises key metrics relevant to stakeholders and which will help drive business performance; • independent assurance obtained to support the integrity of the ESG Scorecard data; • introduction of a climate-based ESG target as part of the measures for determining the annual bonus of the Executive Directors; • development of a new climate change working group to develop the Company’s climate change strategy, including the Redrow Zero Carbon Roadmap, carbon reduction targets and climate-related financial disclosures; • appointment of a new Group Communities Director, responsible for placemaking and the sustainability framework and ensuring that these functions align with the Group’s long term objectives, and a new Head of Sustainability to support ESG performance improvement; • retained contractor partnership with the Considerate Constructors Scheme (CCS); and • the maintenance of our environmental management system, which is externally certified to ISO14001. |
| Government and Regulators | Active engagement with governmental bodies and regulators is important to allow us the opportunity to have input on matters relating to our industry where possible and to ensure we are able to put in place appropriate measures to ensure compliance with laws and regulations. | • Compliance with laws and regulations • Ethical operations and practices • Address the UK housing shortage • Provide affordable homes • Prevent pollution from our construction activities • Provide good quality employment opportunities | Examples of engagement mechanisms with Government and regulators include: • participation in a range of consultations affecting our industry and practices, which during the year included the following: Planning for the Future; Changes to the Current Planning Systems; and the National Planning Policy Framework and the National Model Design Code; • attendance at meetings and forums to engage with policy makers relevant to our operations; • discussions with Government bodies regarding their new emphasis on the design quality of housing developments; • closely working with Government bodies to contribute to the agenda on the mandatory biodiversity net gain requirements for new developments and the nutrient neutrality agenda; • Government lobbying in relation to matters impacting the housing market; • feedback sought from councillors via a third party survey provider on design and placemaking matters following the publication of the National Model Design Code for consultation; and • engagement with regulatory bodies during industry sector visits. | Examples of the impact of Government and regulators on the Board’s decision making include: • consultation exercise carried out on a varied audience regarding the impact of the National Model Design Code; • contribution to the Future Homes Delivery Plan, a sector-wide delivery plan for meeting climate, nature and the wider environmental targets set by Government; • receipt of regular updates on statutory and regulatory developments following engagement with the Government and regulators to enable the Board to put in place structures to align practices with potential future legislation; and • regular interaction with regulators and policy makers to provide key business insights on issues surrounding housing delivery across the UK. |