Corporate governance
For the financial year ended 26 September 2021
For the financial year ended 26 September 2021
The Companies Act 2006 requires the Directors to act in a way they consider, in good faith, would be most likely to promote the success of the Company and in doing so have regard (amongst other matters) to:
The directors define the successful running of the company in terms of achieving its long-term growth strategy, which focuses on building a sustainable, profitable business which has brand reputation at its heart. The success of the Group is about having positive and effective dealings with all stakeholders of the Group, and the directors were mindful of the long-term consequences of key commercial decisions made during the year. They determined these were in the interests of the company’s employees, suppliers, customers and other stakeholders, as they were all aligned to the Group’s growth strategy.
The directors consider the following as our key stakeholders here at Côte:
Guests (customers)
Team members
Shareholders
Suppliers
Community and the environment
Our guests are key to the continued existence and growth of our business. The directors regularly review guest feedback, Net Promoter Scores, the products we’re selling, the monitoring systems used by the business and the training we provide our teams to ensure we Make it special and deliver the best possible food and service in our restaurants. Feedback from guest research in the year is also allowing us to understand what our guests want and what we should be offering them in the future.
The Group places considerable value on the involvement of its people and has continued to keep them informed on matters affecting them as employees and on the various factors affecting the performance of the Group. Our people representatives are consulted regularly on a wide range of matters affecting their current and future interests.
The Group has set a goal to become the employer of choice and has invested considerably in establishing clear values and a full assessment of our reward and benefits offering. By doing this now, we are building for the future to attract and retain the best talent in the industry.
Our shareholders rely on us to manage their investment in a responsible and sustainable way to generate value for them. The directors are in regular contact with the shareholders and keep them informed on all Group operations and developments.
The Group regularly engages with its suppliers to maintain these critical relationships, as we rely on them to provide us with high-quality products to maintain our reputation as a high-quality dining establishment. During the pandemic, proactive discussions were held between the purchasing team and our suppliers to ensure they were kept up to date on trading plans and where possible, negotiations over Covid support that could be provided to the Group to assist with cash flows.
Côte has an important role in contributing not only to the local community but also to the wider community and our planet.
We proactively consider Environmental, Social Governance (ESG) with a practical, purpose-led plan that delivers tangible, quantifiable, and sustained outcomes across a number of different dimensions that effect the world.
The United Nations General Assembly established Sustainable Development Goals (SDGs) in 2015 with an achievement deadline of 2030. The SDGs or global ‘goals’ are a collection of 17 interlinked targets designed to be a “blueprint to achieve a better and more sustainable future for all.”
Therefore, we have chosen a number of SDGs to align with and focus on in the year ahead, and have incorporated these into five our ESG goals:
The Group has not formally adopted any corporate governance code for the financial year under review due to its start-up nature, and with the trade and assets being bought out of administration. The options for subsequent years are under review. While no code has been formally adopted, the following corporate governance arrangements were in place during the financial year:
The Board of the Group is collectively responsible for promoting the long-term success of the Group for its shareholders and other stakeholders and to provide effective leadership within a framework of prudent and effective controls that enable risk to be assessed and managed. It does this in close collaboration with the Executive team. The Board, with the Executive team sets the Group’s strategic aims and ensures the necessary resources are in place to allow the Group’s objectives to be met, in a way that enables sustainable long-term growth. The Board and Executive Team meet formally on a monthly basis with additional meetings when required. The Executive team meets weekly.
The Board establishes the Group’s culture, values and ethics, and these inform expected behaviours and practices throughout the Group.
The Board of directors has a clear understanding of their accountability and responsibilities to ensure effective decision-making.
The following matters are reserved for Board approval:
The Board use an extensive range of information sources to guide their decision-making, including financial information, key performance indicators, as well as team and guest feedback.
The Board believes its structure, which includes senior management and subject experts who are not directors, includes the appropriate combination of skills, backgrounds, experience and knowledge, in line with the size and complexity of the Group.