The directors are fully aware of their responsibilities to promote the success of the company in accordance with s172 of the Companies Act and have acted in accordance with these responsibilities during the year. The board has identified the following key stakeholders: employees and members of the LLP, capital providers to the Managed Syndicates, Lloyd’s and regulators and indirectly through the Managed Syndicates, policyholders and brokers.
Throughout the year the board considered the wider impact of strategic and operational decisions on its stakeholders. Examples include the development and execution of the business plans for the Managed Syndicates; capital assessment and raising; communications with capital providers; and changes to board composition.
The board believes that the interests of all stakeholders were aligned for these decisions. Apollo’s employees are fundamental to the long-term success of ASML and we have various ways in which we engage with them, including staff surveys, workshops and staff forums. The board considers staff feedback important to ensure a positive working environment and indeed, the introduction of flexible and agile working supports this. The board further considers communication of strategy and company values and staff training important to achieving goal coherence and high standards which are achieved via Town halls, objective setting, appraisals and training support. The support and engagement of capital providers to the Managed Syndicates is imperative to the future success of our business.
We have regular meetings with capital providers and members’ agents throughout the year to discuss the performance and future prospects for the syndicates which they support. Feedback received during these meetings enables the board to factor the views of these key stakeholders into the development of business plans for future years. Developing and maintaining relationships with brokers and policy holders is key to the success of ASML and the Managed Syndicates. Our underwriters travel widely with our broking partners to visit clients and attend industry events to promote the Lloyd’s brand and ensure we continue to provide an excellent service to our policyholders. In developing insurance propositions and marketing them with our broking partners and in settling claims, we always seek to treat customers fairly. We maintain open and transparent relationships with our regulators and Lloyd’s, which is managed through our compliance team. Regular meetings are held with representatives of Lloyd’s and the PRA and significant regulatory engagements are reported to the board. The Apollo board recognises that the company has an important role in addressing its impact on the environment and the community.
The board has been committed to helping with the environment by raising staff awareness and promoting sensible behaviour, recycling, use of technology to reduce paper usage and offering to staff a cycle to work scheme. The company has introduced various initiatives to support the community including providing learning support to local schools an industry mentoring.
The Directors have considered the matters set out in Section 172(1)(a) to (f) when performing their duties and comments as follows:
a) the Directors are satisfied that the investment in Lloyd’s Syndicates 1729, 1969, 1971, 3268, 6103, 6133 and 7231 provides long term benefits to the Company and its shareholders given recent results and the current projections for future years of account;
b) the Company has no employees;
c) the Directors have continued business relationships with the Syndicates, reinsurers of the Company and Lloyd’s;
d) the Directors are satisfied that they have fulfilled their commitments to both the community and the environment;
e) the Company’s business is the investment in Lloyd’s Syndicates 1729, 1969, 1971, 3268, 6103, 6133 and 7231. The Directors are satisfied that those Syndicates have maintained their reputation for meeting the required high standards of business conduct in their interactions with employees, customers and regulators; and
f) the Company has acted fairly and has kept all shareholders fully informed of business operations and progress.