Taking risk is an inevitable aspect of the businesses we operate within and therefore risk management is a fundamental part of achieving our strategy. Risk is present in everything we do and it is therefore our policy to identify, assess and manage the key areas of risk on a proactive basis. We seek to embed risk management into the culture of the Group without introducing unnecessary bureaucracy.
We involve, empower and give ownership of the identification and management of risk to all of our operating companies.
All of our principal risks are considered against the backdrop of the overarching Group strategy and purpose: "One Company united by a common purpose and culture, committed to serving our customers and the community" and are mapped against the three central tenets:
- Serving our customers in a way that no one else can;
- Creation of long-term value; and
- Making Cambridge a better place.
For more information, please see page 35 of the 2020 Annual Report and Accounts.
The Group endeavours to apply the highest standards of corporate governance and has a goal of continuous improvement in governance processes. Although as a private limited group it is not subject to the UK (Corporate Governance) Code ("the Code"), the Group has, for the last 20 years, implemented the Code guidelines where it has been practical and appropriate to do so.
For more information, please see page 57 of the 2020 Annual Report and Accounts.
Code of Business Ethics
The Board continues to ensure that the Group’s code of business ethics remains up to date with latest best practice and legislation. All new employees receive a copy of the code of ethics, along with the Marshall Values booklet, and the risk management framework booklet, and are asked to reinforce these messages via an e-learning system. In accordance with the Group’s disclosure obligations under the Modern Slavery Act 2015, the Group has published its Slavery and Human Trafficking Statement on this website.
Tax Strategic Intent
The principles which govern the Group’s management of its tax affairs are fully aligned with the Group’s wider commercial, reputational and business practices and are consistent with the Group’s values and commitment to good corporate responsibility. The principles are also fully aligned with the Confederation of British Industry’s seven tax principles, and consist of the following:
- to manage the Group’s tax affairs responsibly and transparently;
- not to use contrived or artificial structures to reduce tax liabilities;
- to take advantage of the reliefs and incentives that exist, but show respect for the intention, as well as the letter of the law at all times in conformity with the Group’s values;
- the Group is committed to conducting its affairs in a way that ensures a low risk tax rating, a classification first awarded by HMRC in 2009;
- as part of its aim to conduct business safely, tax is considered in all significant business developments or acquisitions so as to assess fully any potential tax consequences of actions in advance and thereby reduce risk;
- where required, proportionate external advice is sought from reputable professional firms; and
- there is skilled in-house resource so that the Group can adhere to these principles without exception.