For Serco, governance is not an exercise in compliance, it is an essential part of our public service ethos and how we manage our impact as a public company. Governance
For Serco, governance is not an exercise in compliance, nor is it a specific form of management. It is an essential part of our public service ethos and how we manage our impact as a public company – seeking to protect shareholder interests by managing our business in a way consistent with the broader interests of society.
We strive to achieve this through our commitments to:
Our Values are the bedrock of our culture. Providing a commonly understood base that can be consistently applied across our organisation, they shape our individual behaviours and hence how the Company behaves. They help us work through any challenges we may face and guide us in our dealings with each other and our stakeholders.
We have zero tolerance for corruption and any activities that break any law relating to human rights, and seek to compete legally, fairly and ethically. We strive to live and manage our business by our Values, and behave with integrity and treat people with respect – within the bounds of expected individual and corporate behaviour, with regard for relevant laws and regulatory requirements, with sensitivity to local cultures and with respect for human rights.
We focus as much on the preservation and growth of the business as on the maximisation of shareholder value. We believe that in a free market system the two will automatically coincide in the long term, even if there is some short-term divergence. Delivering sustainable, profitable growth is therefore central to appropriate delivery of shareholder returns, and our performance framework is structured accordingly.
We strive to ensure a balanced performance framework that recognises value must be delivered to our shareholders as well as customers and employees; align remuneration and incentive arrangements to long-term, sustainable value creation; and achieve our purpose of becoming a trusted partner of governments, delivering superb public services that transform outcomes and make a positive difference for our fellow citizens.
We are committed to transparency, recognising that it is integral to our success. We strive to maintain open, meaningful dialogue with all stakeholders – using a variety of means to update them on performance and gain insight into their views; be fair, balanced and understandable in our reporting and provide meaningful insight into our strategy, results and prospects; and base our approach to executive remuneration on a clear rationale in which the alignment of interests is recognisable and understandable.
Governance, risk and assurance control and a strong corporate culture are central to the Company. We have a comprehensive corporate governance framework and approach, with clearly defined responsibilities and accountabilities to help safeguard long-term shareholder value. Below this our overarching management framework, the Serco Management System, describes what needs to be done, and by whom, while our Code of Conduct defines how we expect it to be delivered.
We strive to maintain an effective system of internal compliance and assurance control and risk management that promotes business growth whilst ensuring we operate safely and ethically and deliver quality services, and that safeguards the best interests of our stakeholders, assets and reputation.