Section 172
(a) the likely consequences of any decision in the long term;
(b) the interests of the company’s employees;
(c) the need to foster the company’s business relationships with suppliers, customers and others;
(d) the impact of the company’s operations on the community and the environment;
(e) the desirability of the company maintaining a reputation for high standards of business conduct; and
(f) the need to act fairly as between members of the company.
For each business case reviewed by the board, a summary of the considerations under section 172 of the act is included, and these considerations, amongst others, are weighed up in regard to board decisions.
We actively and directly engage with our stakeholders and with our shareholders to ensure that their concerns, insights and interests are considered in our discussions and decision making processes, and the section 172 requirements are enshrined in our core corporate values of respect, commitment, integrity and innovation.
- Respect – Be honest and honor every person and organization we interact with
- Commitment – Take initiative, display a “can do” attitude, work together to reach a common goal and celebrate victories
- Integrity – Stand behind what we say and act accordingly
- Innovation – Create new opportunities and relentlessly improve
All of our employees are regularly trained and reminded of our core values, such that our corporate values are considered at all levels of the organization.
We have set out some examples below of how the directors have had regard to, and continue to have regard to the key requirements of section 172(1). This is not an exhaustive list, but is designed to provide meaningful information at a strategic level.
(a) Consequences of any decision in the long term
Our business plan is designed to have a long-term beneficial impact on the company’s operations, and this is enshrined in our values, in particular of commitment and innovation. The long term success of the company is dependent on maintaining relationships with all stakeholders, and the board keeps this under constant review, as to which stakeholder interests best support, preserve and grow value in the company.
Staying true to our core values is the most important thing we can do to insure our long-term success and the long-term success of our customers
(b) Interests of the company’s employees
Every ENTEK employee is provided a copy of our core values, is trained and regularly reminded of the same, which helps our employees to understand what the board’s responsibilities are. Board members are regularly present at the company and regularly interact with employees at all levels, including update meetings on the status of the business.
(c) Fostering relationships with supplier, customers and others
We enjoy long standing relationships and collaborative partnerships with our base of customers, these are strengthened by our ongoing commitment to innovation and to the development of highly technical products which meet our customers precise and evolving needs. This requires years of co-operative development, and ensures that the board is fully invested in customer’s current and future requirements, and to the process of relentless improvement.
The board has processes and procedures in place to ensure that our supply chain is subject to audit, and that our suppliers and customers work with us to meet and further our commitments with regard to anti-bribery and corruption and to the eradication of modern slavery.
Our modern slavery statement is available at Modern Slavery Statement (PDF).
In addition, we have adopted an anti-bribery policy which we train for all of our employees and an Ethics Statement that all employees are required to sign.
We also timely pay our suppliers based on our contractual commitments.
Impact on the community and the environment:
ENTEK is committed to being a good steward of our environment and engages regularly with our employees and engineers to continually improve our process to lower our impact.
ENTEK’s commitment to service is rooted in its founders’ belief that being the “best supplier to our customers” extends beyond products and services to encompass community stewardship. Annually, our employees participate in community service events.
(d) Maintaining a reputation for high standards of business conduct
ENTEK is a world leader in the development and manufacture of separators for energy storage technology and has a commitment to manufacturing excellence and superior customer service, which has enabled the company to distinguish itself from its competition.
(e) Acting fairly between members of the company
As noted above, we encourage active participation from all members of the company in the governance process.