Governance

We are committed to water-tight corporate governance at every level to ensure that Princess Yachts complies with all statutory obligations, while protecting the integrity and long-term sustainability of the company.

PRINCIPLES OF GOVERNANCE

Princess Yachts has adopted the Wates Corporate Governance Principles as the preferred mechanism for monitoring and complying with corporate governance considerations. They are specifically designed for large private companies to enable them to comply with the corporate governance statement requirements under the Reporting Regulations 2018.

Over the last few years, Princess Yachts has undertaken a number of strategic projects aimed at growing governance knowledge across the business and embedding a positive culture from the top level down.

The company has undertaken a full-scale review of its risk management processes and engaged the services of a third-party professional service to assist in the introduction of a bespoke risk-management system. This project continued through 2021, despite the pandemic, and although the anticipated completion date was adjusted, it will be concluded during 2022. The initial focus of the project was to introduce a system that ensures inherent and emerging risks are identified and managed appropriately and in a timely manner, and ensures a coherent approach to risk identification,
classification and mitigation. A full Board Meeting took place at the end
of 2021 to discuss the Company strategy and final steps to complete the project initiation. The follow-up to the risk and strategic review will
be rolled out in the business throughout 2022. It is essential for
Princess Yachts to design systems and controls that enable
management, rather than elimination, of risk.

Good corporate governance is important to enable the Board of Directors to comply with their statutory obligations to protect the integrity and long-term sustainability of the company. In order for the business to meet its strategic objectives and create value for its shareholders, customers and suppliers, a set of processes and standards have been developed that combined, provide an internal control framework. This also includes our accreditations for ISO 45001, 14001 & 9001. The Company has adopted a broad and full strategy in order to tackle its responsibilities around Environment and Sustainability topics. On a practical level this has manifested itself this year with the commissioning of the BioMass facility at the South Yard site and the impending roll-out of solar panels across the estate.

The importance of good governance and effective communication is recognised by the Board and Senior Management at Princess Yachts. The last couple of years has shown that continued efforts to communicate with all our stakeholder community including Shareholders, customers, employees, suppliers and the local communities in which we operate is critically important for the day-to-day running of the business and the need to protect the Company’s brand, reputation and relationships.

The Company plays a full and active role in supporting the business community both in the South West and nationally. This works to help spread best practice and continue business and economic growth to the benefit of our employees, and community in general. Members of the Board sit on the Regional Council and the Manufacturing Council of the Confederation of British Industry, the Plymouth Growth Board, British Marine, the Maritime Enterprise Working Group and the Plymouth Employment and Skills Board. The Company is also a patron of the Devon & Plymouth Chamber of Commerce.

Reduce waste to land fill and hazardous waste by 15% and increase our recycled waste by 15%.

Introduction of sustainable materials for H2 orders.

Reduce Energy Consumption by 15%.

KPIs

Princess Yachts is accredited to the quality standard ISO9001:2015

ISO9001 certification is an internationally recognised standard for quality and our compliance to this standard demonstrates our commitment to quality and continuous improvement.

The ISO 9001 standard provides a framework to deliver the core business principles that include customer focus, leadership, engagement of people, continuous improvement, evidence-based decision making, and relationship management.

Implementation of these principles provides a structured management system of procedures and processes, focused on the customer, and value-added activities. This focus ensures the key drivers of continuous improvement are quality, delivery and cost.

PYL’s sustained compliance to this standard demonstrates our ability to provide and serve all of our nominated interested parties.

ISO (International Organization for Standardization)

Princess Yachts Limited (PYL) has been a member of ISO (International Organization for Standardization) for many years and we are committed to driving continual improvement, fulfilling legal obligations and achieving requirements through the three standards in which we proudly hold certificates.

ISO 14001

ISO 14001:2015 international standard specifies requirements for an Environmental Management System (EMS). Under the EMS, PYL is required to proactively manage environmental impact through a commitment to pollution prevention, legal compliance and continual improvement through a systematic approach in order to contribute to the environmental pillar of sustainability. PYL achieved the recertification (transition) from ISO 14001:2004 to ISO 14001:2015 on the 8th January 2019. ISO 14001:2015 puts a greater emphasis on the company proactively improving environmental performance and embedding environmental management within the organisation's strategic plans. On the 8th January 2022 the company was awarded the three-year recertification certificate after a successful two-week audit that highlighted positive improvements and collaborative working from across the organisation.

What is International Organisation for Standardisation (ISO)45001?

ISO 45001 is a global standard for occupational health and safety management, improving
employee safety, reducing workplace risks and creating better, safer working conditions.

The standard demonstrates an organisation’s commitment to controlling its health and
safety risks by implementing processes and procedures to reduce the risk
of work-related incidents.

The standard helps to ensure that a systematic approach is provided to engage
employees, contractors and others in preventing ill-health, harm and injuries at work.
An occupational health & safety (OH&S) management system helps ensure that
our organisation complies with any contractual requirements as part
of supply chains. ISO 45001 certification provides a framework for our
occupational health and safety management approaches to help our
rganisation to:

• Provide an effective process for improving workplace health and safety.
• Control the risk of accidents in the workplace.
• Ensure compliance with relevant health and safety regulations.
• Enable the organisation to embed continuous safety and risk practices.

What is International Organisation for Standardisation (ISO)45001?

What are the benefits of ISO 45001?

ISO 45001 certification allows our organisation to improve its occupational health and safety by developing and implementing an OH&S policy and OH&S objectives. It establishes systematic processes that consider risks, opportunities, and legal requirements. By undertaking external audits, we ensure that there is an independent eye constantly auditing our OH&S performance, both practically and within our management system. The findings of these audits provide opportunities for continuous improvements to be made.

Why do we utilise ISO standards?

ISO 45001 follows the high-level structure approach applied to other ISO management system standards, such as ISO 9001 (quality) and ISO 14001 (environment). In developing the standard, consideration has been given to the content of other international standards.

By adopting the standards, we ensure our systems are consistent with the other standards. This allows us to align and integrate with the
requirements of other ISO management system standards into our organisation’s overall management processes.

ISO 45001 certification allows our organisations to:

Determine the hazards and OH&S risks associated with activities, seeking to eliminate them or putting in controls to minimise potential effects.

Establish operational controls to manage OH&S risks, legal concerns and other requirements.

Increase awareness of OH&S risks.

Ensure workers take an active role in OH&S matters.

Evaluate its OH&S performance and seek to improve it by taking appropriate actions.

Improve its ability to respond to regulatory health and safety compliance issues.

Reduce the overall costs of work-related incidents.
Reduce the cost of insurance premiums.

Reduce downtime and the costs of disruption to operations.

Reduce absenteeism and lower employee turnover rates.

Improve reputation for having achieved an international benchmark.