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Meggitt (UK) Limited - Section 172 Statements

As set out in Section 172 of the Companies Act 2006 (the “Act”), the directors must act in good faith to promote the success of the Company for the benefit of its shareholders as a whole. In performing this duty, they are required to have regard to, amongst other things, the interests of employees, the impact of operations on the communities and environment in which the company operates, and the need to foster relationships with suppliers, customers and other key stakeholders in order to maintain a reputation for high standards of business conduct and the sustainable long-term success of the company.

As a wholly owned subsidiary, the company’s directors are subject to Group policies set by Meggitt PLC, the ultimate parent company, which set out the expectation to act ethically and conduct business fairly and impartially. The Group Corporate Responsibility and Sustainability Policy in particular requires business to be conducted in a manner that achieves sustainable growth by balancing the interests of all stakeholders. This policy, and other Group policies, prompt consideration of the matters set out in section 172 of the Act and by complying with these policies the directors ensure that the company is ran for the benefit of its members and the Group as a whole.

Decision making in practice

On 30 January 2021, the Group sold its ducting and clamps businesses to Leggett & Platt. On 21 December 2020, in preparation for the sale, the businesses were transferred from the Company and Meggitt Aerospace Limited respectively to Avica Aerospace Ducting Limited, a newly incorporated Group company.

The ducting and clamps operations were non-core to the Group’s strategy and their sale will enable the Group to focus on its core business activities. The businesses were sold to a strategic buyer with a long term commitment to ducting. Employees were consulted on both the TUPE transfer and pensions and were kept updated throughout the process. On pensions, following input from Ms. Thomas, steps were taken to ensure that employees who were members of the Group’s defined benefit plan were not disadvantaged in the short period following the transfer to Avica Aerospace Ducting Limited and its sale to Leggett & Platt. The overall prospects of employees were considered better with Leggett & Platt due to their long term commitment to ducting and plans to increase their ducting activities.

Managers worked with the businesses and Leggett & Platt to create a customer engagement plan and work was also undertaken to engage with suppliers.

Employee engagement

The Company benefits from Group activities to consult and engage with employees. As part of their Group roles, Mr Wood, Mrs Burdett and Ms Thomas host town halls and provide employees with regular updates via the intranet on the Group’s financial performance, strategy, culture and other matters of concern.

The results of the Group employee engagement survey are reviewed by Meggitt PLC’s Executive Committee and Board of Directors which includes Mr. Wood, Mrs Burdett, Ms Thomas and Mr Garard, to ensure that the views of employees inform the Group’s strategy and Group Policies, thereby influencing decisions taken at all levels of the organisation.

Employees are also encouraged to participate in the Group’s success through share ownership via the Share Incentive Plan and Sharesave plan.

Engagement with other stakeholders

Similarly, the company benefits from stakeholder engagement activities at Group level, details of which can be found on pages 63 to 65 of the Meggitt PLC 2020 Annual Report. 

Approved by the Board of Directors on 20 September 2021.

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