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Section 172 Statement

This statement is made pursuant to sections 414C and 414CZA of the Companies Act 2006 by:

Surf (Holdco) Limited

Surf (Midco) Limited

Surf (Bidco) Limited

Section 172 Statement made under sections 414C and 414CZA of the Companies Act 2006

The board of Directors of the Group consider, both individually and together, that they have acted in the way they consider, in good faith, would most likely promote the success of the Group for the benefit of its members as a whole (having regard to the stakeholders and matters set out in S172 (1) (a-f) of the Companies Act 2006) in the decisions taken in the year ended 30 April 2020 and summarise those actions below:

(a) Likely consequence of any decision in the long term

The board considers all decisions on the basis of reports made to it by the executive directors. Supporting papers setting out the relevant facts are provided and set out the background and reasons for any proposals and the associated costs, benefits and risks and impact on our stakeholders. All decisions are taken with the long term interests of our stakeholders in mind.

Key decisions made during the year were:

  • Agreed the implementation of a global finance system to improve the efficiency, quality and scope of financial information provided to stakeholders. The new system’s functionality is appropriate for the current business and its growth plans
  • Actions taken following the COVID-19 pandemic to conserve cash and profitability.

(b) Interests of employees

The diversity agenda is critical to our group’s success. Due to the nature of the work we undertake and the services we provide we are at the forefront of promoting to our clients the value of a more diverse workforce representative of wider society.

The board takes the wellbeing of its employees seriously and offers a range of benefits such as gym memberships, medical insurance, flexible working arrangements and regular social events. In addition the Group undertakes employee surveys on a frequent basis.

(c) Foster business relationships with suppliers, customers and others

The success of the Group is dependent upon the strong relationships it builds both externally with its customers and suppliers and internally with employees and stakeholders. Customer and secondee lawyer relationships are managed through the Group’s CRM and candidate management systems together with regular meetings to ensure both customer and supplier expectations are exceeded. Strong relationships are built with suppliers and secondee lawyers, ensuring that they are paid on time.

Internally, the Group ensures that employees are kept up to date via regular communications including monthly newsletters, bimonthly business updates and the Group’s intranet.

The Group carries out checks on both new customers and suppliers, undertakes detailed reference and security checks on new secondee lawyers, and referencing of new employees.

(d) Maintain a reputation for high standards of business conduct

The Board periodically reviews and approves clear frameworks to ensure high standards are maintained within the wider group and the business relationships we maintain. The Board monitors compliance with relevant governance standards which assures that decisions are taken, and that the company acts in a way that promotes high standards of business conduct.

(e) Act fairly as between members of the company

After weighing up all relevant factors, the Directors consider which course of action best enables delivery of our strategy through the long-term, taking into consideration the impact on stakeholders. In doing so, our Directors act fairly as between the Company's members but are not required to balance the Company's interest with those of other stakeholders, and this can sometimes mean that certain stakeholder interests may not be fully aligned.

(f) Impact of the operations on the community and the environment

We are mindful of what we do in respect of the impact on the environment. We are constantly considering how we can conduct ourselves in a way that reduces our carbon footprint. This is evident in the sustainable manner in which we look to conduct our business. All offices have recycling facilities, and the group promotes minimising the use of paper and remote collaboration to reduce our carbon footprint.

An example of a key decision made by the Board in the year ended 30 April 2020 includes its timely response to minimising the impact of Covid-19 including the establishment of a team to manage and coordinate whether or how to open offices, the sourcing of PPE, enrolling for government financial support initiatives. Other factors taken into account included the monitoring of evolving government instruction and guidance, assisting customers with the remote onboarding of new lawyers and monitoring the financial impact on the Group on a weekly basis and strong cash management.

This statement was approved by the board of each Company.

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