92 ITV plc Annual Report and Accounts 2023 ITV plc Annual Report and Accounts 2023 93 G OUR COMMITMENT TO SECTION 172(1) O VE R NAN Set out below are a couple of examples of some of the key strategic issues considered by the Board during the year and in reaching their The Directors consider that they have acted, in good faith, in a way that C decision, how the Directors have had regard to the S172 factors of: E is most likely to promote the success of the Company for the benefit of its members and stakeholders as a whole, having regard (among other maers) ITVX to the maers set out in Section 172(1)(a-f) of the Companies Act 2006. The Board regularly considers stakeholder groups and their most significant issues, views and interests as well as the financial and long‑term To promote the success of The Board identified that Following extensive analysis, To ensure that ITVX impact of key actions throughout its decision‑making process. The Board also undertakes a formal assessment on an annual basis of whether ITV, the Board carries out digital viewing continues to modelling and careful continued to deliver the the key stakeholders identified remain appropriate. frequent market reviews, grow at the expense of live consideration, which included desired outcome post launch, keeps abreast with emerging linear viewing. To adapt to the financial implications and the Board kept close review trends and where judged these viewing habits, the impact on key stakeholders, on the technology and necessary, will modify the Board transformed M&E customers, investors and product plans for its Strategy in order to deliver its strategy to be streaming-led, colleagues, the Board continued rollout. It noted plan and safeguard the and evolved Content strategy recognised that ITVX, an the increased engagement long-term business impact to grow engagement with integrated AVOD/SVOD with clients, partners and Long‑term impact Interests of Fostering business Impact on Maintaining Acting fairly and the interests of its ITV’s streaming service. platform, would best customers needed to colleagues relationships community reputation for high between members members and stakeholders. compliment the evolved promote awareness and and environment standards of strategy, address the ongoing ensure the product’s success. business conduct changes in viewing habits, Internal deep dive sessions and accelerate the delivery of were held to understand ITV’s strategic priorities and ITVX’s performance long-term value. ITV’s new throughout the year and The below table outlines other areas of this report which detail how the Directors have had regard to the S172 factors streaming service ITVX was challenges it encountered. launched at the end of 2022. Where deemed necessary, S172 Factor Further Information Can Be Found S172 Factor Further Information Can Be Found activities were tailored in order to ensure its delivery A B and safeguard the long-term Business Model: Business Model: The likely pages 2 to 3 Interest of employees pages 2 to 3 success of ITV. consequence of any decisions in the long Our Strategys: Stakeholder Engagement: term pages 10 to 13 pages 84 to 91 Stakeholder Engagement: People and Culture: ITV TOGETHER pages 84 to 91 pages 40 to 41 and 96 to 99 Remuneration Report: pages 117 to 142 C D Business Model: Business Model : Fostering the pages 2 to 3 Impact of operations pages 2 to 3 In 2022, the Board approved The Board believe that The Board received regular The Board were then kept Company’s business on the community and ITV Together, a global collaborative and connected updates during and after the apprised throughout the year relationships with Stakeholder Engagement: environment Stakeholder Engagement: transformation programme digital ways of working launch period taking into on the project’s development suppliers, customers pages 84 to 91 pages 84 to 91 to evolve the way ITV worked, delivered by ITV Together will consideration the impact on and implementation plan. It and others Our People: TCFD Report: bringing in a simpler, modern deliver and have a positive colleagues and the disruption received regular updates on and connected way of long-term impact to the to the business as existing management communication pages 40 to 41 pages 65 to 71 working in a simplified business and safeguard the systems were migrated onto and engagement plans with technology landscape. interest of its shareholders. the Oracle Fusion system. colleagues, partners and Accordingly, following an suppliers. Feedback from E F in-depth analysis of the colleagues were sought to Business Model: Business Model: Maintaining a pages 2 to 3 Acting fairly between pages 2 to 3 readiness of programme improve functionality. When reputation for high members of the it approved the launch of the Board became aware of standards of business TCFD: Company Stakeholder Engagement: Wave 1 of the programme certain challenges being conduct pages 65 to 71 pages 84 to 91 in April 2023. faced by colleagues, Risk Management: Remuneration Report: implementation plans were revised and communicated to page 112 pages 117 to 142 the Group. This demonstrated Audit Commiƒee Report: the Board’s commitment to pages 106 to 116 keep in forefront, interest of the colleagues as well as its other stakeholders.