Section 172 statement - 2019

The directors of Hyperoptic Ltd (the “Company”) act in the way they consider, in good faith, will be most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:

(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.

Strategy and business model

The board of directors of the Company (the “Board”) believes it has established a strategy and business model that promotes long-term value for shareholders.

The Company is building a full fibre broadband network.  It works with freeholders, developers, property managers and residents to bring award-winning services to residential and business developments, delivering a future-proof connection that increases the attractiveness and value of each property. Hyperoptic broadband is already available at selected sites in 39 UK towns & cities.  The business model will deliver long term value by connecting new sites, towns and cities and increasing penetration rates at existing sites.

Shareholder needs and expectations

The Board of Hyperoptic Limited acts within the powers granted by Thunderbird Topco Limited shareholder agreement.  The Company’s strategy and budgets are approved by the Thunderbird Topco Limited Board which is controlled by representatives of the shareholders.  There is a monthly reporting process and regular feedback from the shareholders.

Stakeholder and social responsibilities

The Board takes into account wider stakeholder and social responsibilities and their implications for long-term success. The wider stakeholder community has been identified as the employees, customers, suppliers and regulators.

Health and Safety

The Board remains committed to the effective management and monitoring of health and safety and to providing a safe working environment for all employees and partners and to keeping members of the public with whom the Company comes into contact free from harm. Health and Safety remains a key strategic priority to further enhance the Company’s performance and to develop the leadership skills and behaviour required to achieve a positive and high performing culture. 

Employees

The Board recognises the importance of engaging employees to help them make their fullest contribution to the business, which is fundamental to achieving the Company’s strategy and long-term objectives.  Hyperoptic uses a variety of media to inform employees about the Company’s development and prospects and seeks and listens to employees’ views and opinions.

The Company’s annual “Kick off Meeting”, which is open to all employees, is the forum by which the Chief Executive informs and updates staff on the Company’s performance plans and future outlook and provides employees with an opportunity to provide feedback, ask questions, or to seek clarification, on the Company’s purpose, goals and direction. 

There is a quarterly “pulse” survey to check employee engagement and satisfaction, which is reviewed by the Board and senior leadership team to produce action plans to address areas of concern and improve staff retention.

The Company is committed to improving the skills of employees through training and development and through nurturing a culture in which employees feel valued for their contribution and motivated to achieve their full potential.

Customers

The Company aims to treat its customers fairly and do business with them in a sustainable way.   It constantly strives to exceed its customers’ expectations and it monitors customer satisfaction and feedback using Trustpilot surveys.  On occasions where the Company falls short it offers reasonable compensation (including automatic compensation in line with Ofcom guidance) and has a comprehensive complaints code published on its website.

Suppliers

The Company aims to treat its suppliers fairly and do business with them in a sustainable way. It also has a responsibility to make sure that its suppliers operate with high ethical standards.

The Company has therefore established a procurement department to work closely with its supply base and to ensure it understands the way in which those businesses operates. The Company has conducted relevant business continuity planning in relation to significant risks, to minimise business disruption from its supply base.

The Company is committed to doing all it can to assist in the eradication of slavery and human trafficking. It has a zero-tolerance approach to any slavery or human trafficking activity within its business or in its supply chain.

Regulators and industry forums

The Company operates under General Conditions of Entitlement (the "GCs") (established by Ofcom in accordance with the Communications Act 2003).  There are three broad sections of the GCs: Network Functioning Conditions; Numbering and Technical Conditions; and Consumer Protection Conditions.  The directors have established policies to ensure that the Company complies with these obligations as well as other requirements from voluntary codes.  As requirements evolve or new ones are established, the Company reviews them and kicks off work streams to ensure that processes are amended accordingly.

The Company is engaged with policy and regulatory development at many levels.  This ranges from the CEO having meetings with the Secretary of State, other Ministers and the Chair of Ofcom to the policy team interfacing at senior and working levels with DCMS, Ofcom and the Office of the Telecoms Adjudicator ("OTA").  The OTA are independent of Ofcom and primarily deal with major or strategic issues affecting the rollout and performance of Openreach products and services.