Strategic report Governance Financial statements Other information SECTION 172 STATEMENT CONTINUED Maintaining a reputation for high standards of business conduct The Board supports the Chief Executive Officer in embedding a culture that encourages the Group’s colleagues to live our values Approval of annual Each year the Board considers and approves the Group’s annual operating and help the Group deliver on its strategic objectives. The Group operating plan plan that determines the initiatives that the Group will prioritise in the year encourages colleagues to ‘do the right thing’ to ensure that, as a and the Group’s cost profile over a rolling three-year period. In developing business, we act with integrity in all our dealings and decisions with the operating plan, the Group considers: the aim of being clear, fair and transparent. This has recently been •How prioritising certain change initiatives will promote the achievement encapsulated in thecommunication of the HL Way to colleagues. of the Group’s long term strategic objectives; You can find more information about the HL Way on page 31 of the Strategic Report and you can read more about how we considered •Our clients, through the prioritisation of initiatives that develop our our stakeholdersin developing and launching the HL Way in the proposition and service to lead to better client outcomes; case study on page 133. The Board approves and oversees the The views of major shareholders as to acceptable levels of cost in pursuing • Group’s adherence to policies that promote high standards strategic objectives; of conduct. •Our colleagues through the prioritisation of initiatives that improve the The Board receives regular updates on the Group’s culture through colleague experience; and KPIs that form part of the Chief Executive Officer’s business performance update. During the period, the Board also carried out •The FCA, through the prioritisation of activities that will support the Group’s a deep-dive into the evolution of the Group’s approach to diversity risk management and compliance with regulatory initiatives. and building a culture of inclusion,as part of HL’s commitment to building a market-leading culture. The Board received an update Response to The Group’s response to the COVID-19 pandemic has paid particular on the initiatives in progress to ensure that it continues to develop regard to: and align to the Group’s purpose, values and strategy through COVID-19 pandemic the HL Way. You can read more on page 71 of the Corporate •Our clients, by prioritising activities to maintain the services that clients tell Governance Report. us are most important and by making adjustments to our services to assist Key decisions and consideration of stakeholder interests those with specific needs, such as those without internet access; The table below summarises how the Board and the wider Group •The safety and wellbeing of our colleagues, by facilitating home working have had regard to the duties under Section 172 when considering and by introducing new initiatives to support colleagues in looking after their specific matters. and their families’ physical and mental wellbeing; and •Our community, by introducing a number of initiatives to support those most in need and support the region’s economic and social recovery. 132 Hargreaves Lansdown Report and Financial Statements 2021