Behaving ethically is an essential part of working for our Group, fundamental to how we do business and vitally important to the reputation and success of our Group. Our Code of Conduct applies to all employees and sets out our commitment to:
1
Behave ethically
2
Comply with relevant laws and regulations
3
Do the right thing
Our Code of Conduct also confirms that we respect and uphold internationally proclaimed human rights principles as specified in the International Labour Organization’s Declaration on Fundamental Principles and Rights at Work (‘ILO Convention’) and the United Nations’ Universal Declaration of Human Rights.
In addition, we have an Anti-Slavery and Human Trafficking Policy for suppliers and a separate one for employees.
Training is provided to all employees on issues of modern slavery in conjunction with the Code of Conduct e-learning module. We have a zero-tolerance approach to modern slavery, are committed to acting ethically and with integrity in all our business dealings and relationships, and to implementing and enforcing effective systems and controls to ensure modern slavery is not taking place anywhere in our own business or in any of our supply chains.
We also have Anti-Bribery and Corruption, Competition Law and Whistleblowing Policies that incorporate the Group’s key principles and standards, governing business conduct towards our key stakeholder groups.
We believe we should treat all of these groups with honesty and integrity. Our Anti-Bribery Policy is supported by clear guidelines and processes for giving and accepting gifts and hospitality from third parties.
Our Whistleblowing Policy is supported by an external, confidential reporting hotline which enables employees of the Group to raise concerns in confidence. Any reported issues are reported to the Audit Committee and, where appropriate, remedial actions taken.
Our Group is guided by our purpose to help households save money. We believe that our business makes a valuable contribution to UK society and we are proud that MSM and Quidco have helped 13.8m active users, as defined on page 51, to save an estimated £2.9bn on their household bills in 2024 by finding a better deal on their insurance, energy and banking products.
Alongside this, we want to make our contributions to the communities that our customers live in by paying the right amount of tax, at the right time. In 2024, we paid £30.4m in corporation tax (see page 142) and over £37.1m in other taxes (including VAT and employer’s National Insurance). This does not include taxes collected on behalf of individuals in the form of PAYE and employees NI. We are committed to acting with integrity and transparency in all tax matters. We will not support proposals to reduce our tax cost through implementing artificial structures, but we will seek to structure commercial transactions in an efficient and legitimate way.
A copy of our tax strategy is available here.
Our Code of Conduct also confirms that we respect and uphold internationally proclaimed human rights principles as specified in the International Labour Organization’s Declaration on Fundamental Principles and Rights at Work (‘ILO Convention’) and the United Nations’ Universal Declaration of Human Rights. In addition, we have an Anti-Slavery and Human Trafficking Policy for suppliers and a separate one for employees. Training is provided to all employees on issues of modern slavery in conjunction with the Code of Conduct e-learning module. We have a zero-tolerance approach to modern slavery, and are committed to acting ethically and with integrity in all our business dealings and relationships, and to implementing and enforcing effective systems and controls to ensure modern slavery is not taking place anywhere in our own business or in any of our supply chains.
In determining the level of dividend in any year in accordance with the policy, the Board also considers a number of other factors that influence the proposed dividend through its annual and strategic planning processes and the scenario planning described below in our viability review section, which includes: the level of available distributable reserves in the Parent Company; future cash commitments and investment needs to sustain the long-term growth prospects of the business; potential strategic opportunities; a prudent buffer; and the level of dividend cover.
MONY Group PLC, the Parent Company of the Group, is a non-trading investment holding company, which derives its distributable reserves from dividends paid by subsidiary companies. The Board reviews the level of distributable reserves in the Parent Company biannually, to align with the proposed interim and final dividend payments. The distributable reserves of the Parent Company approximate to the balance on the profit and loss account reserve, which at 31 December 2024 amounted to £110.0m (2023: £117.7m) (as disclosed in the Company balance sheet on page 162). The total external dividends relating to the year ended 31 December 2024 amount to £65.5m (2023: £63.4m).
The Group is well positioned to continue to fund its dividend, which is suitably covered by cash generated by the business. The distributable reserves are sufficient to pay dividends for a number of years as, when required, the Parent Company can receive dividends from its subsidiaries to increase its distributable reserves. Details on the Group’s continuing viability and going concern can be found on pages 63 to 64 and 53.
The ability of the Board to maintain a future dividend policy will be influenced by a number of the principal risks identified on pages 58 and 59 that could adversely impact the performance of the Group.