Governance and management
Our commitment to managing our CR impacts and to embed this commitment into the fabric of our business activities, comes from the very top of the company. Our commitment to deliver value to our customers, shareholders and other stakeholders in a responsible and sustainable way is enshrined in our mission and values.
Provident Financial is a financial services group specialising in the provision of personal credit products for consumers in the UK non-standard lending market.
Mission and values
Our mission is to be the leading non-standard lender in our chosen markets, acting responsibly in all our relationships and playing a positive role in the communities we serve.
To assist in the delivery of our mission, we have a number of core values that are embedded in the business. These values help us to run our business in a sustainable, responsible way, to the benefit of our customers, our shareholders and our stakeholders.
FairWe are fair and reasonable in our dealings with stakeholders.
ResponsibleWe conduct our business dealings responsibly and ensure that we have a positive impact on the environment and communities we serve.
AccessibleWe provide our customers with access to products that meet their needs.
StraightforwardWe are straightforward, open and honest in all our dealings.
ProgressiveWe anticipate and respond to the challenges of a changing world.
How we govern and manage CR
Overall responsibility for our CR programme rests with Peter Crook our Chief Executive. Reports, which include CR and community affairs sections, are presented at every board meeting and enable the board to assess the materiality of environmental, social and governance (ESG) matters to the group.
Our CR activity is reviewed by our management committee, which is authorised by the board and includes the executive directors, other directors and is chaired by Peter Crook. This committee is supported by a number of working groups, which are responsible for ensuring that our subsidiary businesses embed our CR strategy within their operations, products and services.
These working groups include:
- Corporate responsibility working group – This works to ensure that human resources and supply chain management issues are factored into our corporate responsibility programme.
- Environmental working groups within the CCD and Vanquis Bank – These groups contribute to the strategic direction of our environmental management programme.
- Vanquis Bank active community programme board – This board provides oversight to how the Bank’s community involvement activities are managed and evaluated.
- Head office travel plan steering group – This steering group co-ordinates the ongoing delivery of our head office travel plan.
Day-to-day management of the CR programme is undertaken by Provident’s CR Manager, Community Affairs Manager and Community Affairs Executive.
To understand whether we are delivering against our mission and living our values, and ensure our CR programme deals with the right issues, we engage with our key stakeholders on an ongoing basis. We have identified six main stakeholder groups that have an interest in, or are affected by our activities and we continue to develop positive relationships with all of them. They are: customers, communities, employees, suppliers, shareholders and regulators.
Our stakeholder engagement activities include:
- Conducting regular surveys with customers to obtain feedback on the products and services we provide to determine their levels of satisfaction with them, for example.
- Continuing to engage with our community partners and employee volunteers in order to enable us to evaluate the efficacy of our community involvement programme.
- Engaging with government and regulators through meetings and by responding to consultation exercises. This helps us to understand how changes to national and supranational legislation will impact on our businesses and ensure that our views are understood by them.
The structures we have in place guarantee that, despite economic uncertainty, CR remains a core part of our business.