In the decisions taken during the year ended 28 March 2020 the directors have always acted in good faith and in a way that they consider would be most likely to promote the success of the company. In making decisions concerning the business, the directors must consider a variety of matters including the interest of various stakeholders, the consequences of their decisions in the short and long term and the overarching reputation of the company.
Our relationship with stakeholders is based on ongoing dialogue as well as on maintaining cooperative relationships and establishing strategic partnerships that allow the Company to make progress on important issues such as achieving the Sustainable Development Goals and respecting and promoting Human Rights. To build these relationships, the group follows the principles included in various policies such as the Gender Pay Policy, Modern Slavery Act Transparency Statement, Anti Bribery Policy, among others.
A key part of our strategy is to ensure we have the appropriate retail store portfolio across each brand within TFG London, and across all countries that we trade within. Our aim is to operate from a balanced portfolio of stores and in order to achieve this on an ongoing basis, the Directors and key stakeholders regularly review and determine the optimal plan that aligns with the financial objectives of the business and key stakeholders. The directors consider a number of key factors, with engagement from relevant team members and business partners; consideration for new store opportunities, relocations in existing markets and closures of stores, where financial targets are not projected to be met.
We actively engage with our customers throughout the communities in which we trade, on an ongoing basis. We use our retail teams to act and reflect our core vision and values on a daily basis in engaging with our customers. We seek to use our social media channels, as an immediate and direct method to share our values. We take a responsible and considered approach in articulating socially pertinent and sensitive matters, namely Diversity and Inclusivity. We reflect our belief that all our customers are at the very heart of our business and each of our brands. We periodically engage with our customers, to undertake surveys on a specific subject matter. This provides invaluable insight, that allows us to shape our future customer proposition.
At TFG London we pride ourselves on having our people at the heart of everything we do. We take great interest in the well-being of our employees, enabling them to perform to the best of their ability at all times.
TFG London is an equal opportunities employer and as such is committed to promoting diversity in the workplace and prides itself on having a multinational workforce. We all have the right to be treated with dignity and respect in an environment free from abuse, offensive behaviour, harassment, bullying or prejudice. Our recruitment, selection, development and promotion processes for all applicants and employees are a reflection of this and ensure everyone is treated fairly and without discrimination.
Employees are kept informed of matters of concern to them in a variety of ways, including newsletters circulated to stores, head office town halls and conferences. These communications help achieve a common awareness among employees of the financial and economic factors affecting the performance of the company. The company is also committed to providing employees with opportunities to share their views and provide feedback on issues that are important to them. It is important to us that we encourage and maintain effective communication and consultation between employees and their direct managers. Employees are also provided with briefings by senior management on important issues such as our strategy, performance and health, safety and environmental matters. The policy of the company is to consult and discuss matters with employees and resolve any problems in this manner. The company has developed good labour relations with employees and any matters have always been conducted in accordance with relevant legislation. The company is committed to employment policies which follow best practice, based on equal opportunities for all employees, irrespective of gender, race, colour, disability or marital status.
Annually the directors consider and approve the gender pay gap report which can be found at individual brands’ websites. We also review annually our whistleblowing policy, which together with all our employment and compliance policies, are published in the Employee Brand Book. Shortly after completion of the financial year, the Hobbs central team completed an office move to 183 Eversholt Street. We took the opportunity to consult widely with the team and with each department within the central team in order to determine how best to set up and lay out the new office space. To assist, we worked with an external agency to fully engage with the team and to gather feedback about what was held to be important and these results were instrumental in the subsequent design and layout of the new office. This independently gathered data was also played back to the central team and a working party was then set up to steer the final design, layout and materials used. New technology was also brought to bear with the move and rolled out across the team to enable more effective and agile working and team collaboration. The subsequent move, completed in October 2020 has been a successful one as a result, and overall the feedback has been extremely positive.
We value all our suppliers and work collaboratively on a long-term basis, jointly analysing and planning all aspects of production, delivery and quality control. We expect our suppliers to maintain the same codes of conduct as we do, throughout their business, so that they are aligned with our own corporate social responsibility commitments. The directors discuss payment terms with management at high level to make sure they are in line with industry and market benchmarks. The directors are also kept informed about the company's payment performance which is published every six months. The directors review annually the Modern Slavery Statement which explains the activities we have undertaken during the year to demonstrate our commitment to seeking to ensure that there is no slavery, forced labour or human trafficking within any part of our business or in our supply chains. This report can be found at individual brands’ websites.
This can be evidenced by the steps the Group has taken to reinforce its liquidity and financial flexibility as a result of COVID-19 including negotiations with landlords for reduced and deferred lease payments and working with our suppliers to reduce product buys and temporarily lengthen payment terms.