Shareholder engagement

The board believes that open and regular dialogue with investors provides the foundation for a long and trusted relationship.

The Chairman is responsible for ensuring that appropriate channels of communication are established between directors and shareholders and that all directors are aware of any issues and concerns that major shareholders may have.

Regular engagement provides investors with an opportunity to discuss particular areas of interest and raise any concerns. The group is eager to ensure that it understands shareholders’ views and that it is able to effectively communicate its strategy. The group engages effectively with shareholders through its regular communications, the AGM and other investor relations (IR) activity.

Key themes discussed with shareholders in 2015

Provident Home credit

  • Levels of disposable income and confidence in the customer base.
  • The point at which the contraction in customer numbers and receivables stabilises following completion of the repositioning of home credit into a smaller, better quality, more costefficient business.
  • Next stages of development for the business.

Satsuma Loans

  • Development of underwriting at Satsuma and glo.
  • Competitive environment in online short-term credit and impact on business volumes.
  • Impact of regulation on High-Cost Short‑Term Credit.
  • Progress with glo and rationale behind decision to roll-out in 2016.


  • Growth in new business volumes.
  • Development of product proposition and distribution channels.
  • Progress in building an infrastructure to support growth in the business.

Vanquis Bank

  • Medium-term growth targets.
  • Competitive environment.
  • Focus and outcome of the FCA credit card review.

IR programme

The group has a comprehensive IR programme through which the Chief Executive, Finance Director and Head of IR engage regularly with the company’s largest shareholders on a one-to-one basis to discuss strategic and other issues as well as to give presentations on the group’s results. The effectiveness of the group’s IR programme has been recognised in the UK PLC Awards for three consecutive years. The group won the award for ‘Best Investor Communications’ in 2012 and was included in a shortlist of four in 2013 and 2014. The group has also been awarded the ‘Excellence in Financial Reporting in the FTSE 250’ for two consecutive years at the PwC Building Public Trust Awards. Further communication is achieved through:

  • The annual report – this is the most significant communication tool, ensuring that investors are kept fully informed regarding developments in the group. Management continually strives to produce an award-winning, clear and transparent annual report which provides shareholders with a complete picture of the group.
  • Our corporate website – provides investors with timely information on the group’s performance as well as details of the group’s corporate responsibility (CR) activities. In 2015, a full refresh of the website was undertaken to improve its look and feel and to ensure that the website was fully accessible from either a PC, tablet or smartphone without the need for a separate mobile app.
  • Investor days – inviting institutional shareholders and sell-side analysts to an on-site facility or an external location to provide them with a more detailed insight into the group. The most recent investor day took place at Vanquis Bank’s London headquarters on 16 April 2015 and was very well attended. The next investor day is likely to be held in spring 2017, subject to newsflow.